• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Financial Transactions Tax Is Back - Again

    Two Members of Congress are reportedly trying again to impose an excise tax on certain financial transactions—i.e., the “Robin Hood tax.” A financial transactions tax can take several forms, but the version proposed by Senator Tom Harkin (D–IA) and Representative Peter DeFazio (D–OR) in the last Congress would have charged … More

    S&P Suit: No New Laws Were Needed for 2008 Collapse

    The Department of Justice’s (DOJ) civil suit against credit rating agency Standard & Poor’s (S&P) shows that laws that existed well before the financial crash of 2008 were more than sufficient to deal with its potential causes. While the specific charges in this suit will need to be litigated before … More

    Wells Fargo Mortgage Suit: Using Existing Powers to Confront Housing Problems

    Last week, Wells Fargo, the nation’s largest mortgage lender, was sued by the U.S. Attorney in Manhattan for allegedly defrauding the Federal Housing Administration (FHA). This is just the latest proof that additional regulation of major banks’ mortgage lending is not needed. As a series of recently filed lawsuits shows, … More

    Social Security Pays Benefits to Millionaires' Children

    Many aspects of Social Security date back to 1939 and reflect an America that is long gone. One of these pays Social Security benefits to minor children—even if the parents are millionaires. Case in point: the Social Security checks sent to the three younger children of Representative Pete Stark (D–CA). … More

    DeMarco Signals a Better Housing Policy by Putting Taxpayers First

    Ed DeMarco, the acting director of the Federal Housing Finance Agency (FHFA), got it right by putting taxpayers’ interests ahead of the Obama Administration’s wishes. DeMarco, whose agency controls Fannie Mae and Freddie Mac, says that the anticipated benefits of reducing loan amounts of underwater mortgages “do not outweigh the … More

    Senate Flood Insurance Compromise Will Reduce Taxpayer Cost of Disasters

    Further scrambling to pay for transportation projects and the subsidized student loan interest rate freeze, Congress is now debating to add a five-year flood insurance extension to the burgeoning bill. Revenue gained from higher premiums to the National Flood Insurance Program (NFIP) should begin to repay the $17.5 billion the … More

    Infographic: JP Morgan Chase and the Loss in Perspective

    JP Morgan Chase’s $2 billion loss on a hedging strategy doesn’t mean that the bank is in crisis, and it certainly does not mean the government needs to step in. JP Morgan Chase is a $2.3 trillion bank with a net worth of $189 billion. While the bank’s loss represents … More

    JPMorgan Chase Losses: No Reason for More Regulation

    JPMorgan Chase’s announcement that it has lost $2 billion in a failed hedge strategy sent shock waves through the financial world yesterday. And in Washington, the reaction has had a political tone, with calls to accelerate adoption of the “Volcker Rule” limiting investments by banks. But policymakers should take a … More

    DeMarco Warns of the Dangers of Large-Scale Forgiving of Mortgage Debt

    To hear certain parts of the press tell it, the acting director of the Federal Housing Finance Agency (FHFA), Ed DeMarco, announced that the agency is willing to consider wholesale write-downs of underwater mortgages in a recent speech on the subject. However, a closer reading of DeMarco’s speech and the … More

    Cantor JOBS Bill Would Help Small Businesses Grow

    In a move designed to make it easier for smaller businesses to raise money for expansion and job creation, House Majority Leader Eric Cantor (R–VA) has announced that he intends to package together six existing smaller bills into a bipartisan package. The combination, to be known as the Jumpstart Our … More