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  • Congress to Mega Banks: It Was All Your Fault—Pay No Attention to the GSEs

    Last week, Chairman Dave Camp (R–MI) outlined a new reform proposal that included a punitive tax on some of the largest banks in the U.S. The Chairman should be commended for tackling the complex issue of reforming our tax system, but it’s not at all clear what imposing an arbitrary … More

    Pawlenty Joins the Fight to End Fannie and Freddie

    Two Financial Services Roundtable executives, former Governor Tim Pawlenty (R–MN) and former Navy Secretary John Dalton, have penned an article that highlights the key points in the housing finance reform debate. In particular, the article pointedly calls for an end to the government guarantees of government-sponsored enterprises (GSEs) Fannie Mae … More

    How to Free the Housing Market from Government—and Lower Your Mortgage Payments

    President Obama said something truly great in his State of the Union Address this year. He told Congress: [S]ince the most important investment many families make is their home, send me legislation that protects taxpayers from footing the bill for a housing crisis ever again, and keeps the dream of … More

    Forget Obamacare. Get Worried About ObamaLoans.

    The U.S. government is simultaneously trying to shut down a legitimate industry and replace it with a taxpayer backed version. Pretty much everyone has heard of Obamacare by now, but what about ObamaLoans? No, this is not a joke. Section 1205 of Dodd-Frank included a provision that turned a local … More

    Congress Is Right to Keep the Housing Trust Funds Closed

    Affordable housing groups are hoping that new Federal Housing Finance Agency (FHFA) director Mel Watt will reverse course and finally fill two national housing trust funds with money. But, in a preemptive move, Representative Ed Royce (R–CA) has introduced the Pay Back the Taxpayers Act of 2014 (H.R. 3901) that … More

    Sorry, Janet Yellen, We Can’t Spend Our Way to Prosperity

    In spite of aggressive expansionary Federal Reserve policies and several rounds of fiscal stimulus since 2007, the U.S. economy has yet to take off. Nonetheless, some officials are refusing to give up and even explaining to the public exactly how these Keynesian stimulus policies will (eventually) work. In a Time … More

    Bankruptcy Is Better Than a Bailout

    Today Senators John Cornyn (R–TX) and Pat Toomey (R–PA) introduced the Taxpayer Protection and Responsible Resolution Act to begin repairing some of the damage caused by the Dodd–Frank regulations. The 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act increased regulations on virtually every aspect of the financial sector and … More

    The Fed at 100: Why Do We Have a Central Bank?

    The Federal Reserve, the U.S. central bank, is surrounded by as much controversy today as it was at its creation 100 years ago. The Fed has never been short on critics, but the anti-Fed movement has even gained traction inside Congress, according to a recent National Journal article. The Fed’s … More

    Revisionist History: Absolving Fannie Mae and Freddie Mac

    A newly released book, The Mortgage Wars, aims to rewrite history and absolve Fannie Mae and Freddie Mac of having any part in the financial crisis. Written by former Fannie Mae Vice Chairman and CFO Tim Howard, the book blames the crisis on Alan Greenspan and Larry Summers. According to … More

    The Volcker Rule: Three Years and Nearly 1,000 Pages Later

    Five financial regulatory agencies have completed the final rules to implement the Volcker Rule, a regulation required by the Dodd–Frank bill that is supposed to protect taxpayers by restricting banks’ financial activity. The rule would prohibit banks from engaging in what’s known as proprietary trading—that is, making risky investments solely … More