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  • Dodd-Frank

    Countrywide Gave VIP Loans to Top Policymakers, Regulators

    The now defunct Countrywide Financial Corp. issued hundreds of discounted loans to government officials and Fannie Mae employees in order to build clout with influential policymakers, a new House report shows. The report, issued by the House Oversight and Government Reform Committee, details several Countrywide VIP loans that were given … More

    Tales of the Red Tape #30: FTC Sticks It to Appliance Makers

    The Dodd–Frank financial strangulation statute transferred a portion of the duties once performed by the Federal Trade Commission (FTC) to the new Consumer Financial Protection Bureau. That’s left the FTC to tap its $292 million budget and 1,176 full-time employees for devising stricter regulation of…appliance labels. Specifically, the agency intends … More

    Freeze Red Tape to Warm the Economy

    The House Judiciary Committee, by a vote of 15–13, recently approved a proposed moratorium on new regulations in order to spur job creation. The Regulatory Freeze for Jobs Act, introduced by Representative Tim Griffin (R–AR), would freeze all new “significant” regulations from being proposed or finalized until unemployment nationally falls … More

    Chart of the Week: Obama Tops Bush With More, Costlier Major Regulations

    President Obama famously declared in this year’s State of the Union: “I’ve approved fewer regulations in the first three years of my presidency than my Republican predecessor did in his.” Heritage’s James Gattuso and Diane Katz have run the numbers. And Obama shouldn’t be bragging. Obama’s comparison encompassed all regulations, including … More

    Geithner Draws Wrong Dodd-Frank Lessons and Forgets Fannie Mae

    There were plenty of lessons to learn after the financial crisis of 2008. Unfortunately, neither Congress nor the Obama Administration was willing to take the time to learn them. Instead, they acted before they understood the causes of the crash or what to do to avoid similar bailouts in the … More

    Durbin Amendment Damage Grows

    Remember when last September Senator Dick Durbin (D–IL) claimed that his contribution to the Dodd–Frank financial regulation statue—“the Durbin Amendment”—would benefit consumers? Well, more evidence has surfaced that his price-control regulation is costing consumers more and more money. According to a study by Javelin Strategy and Research reported by Bloomberg … More

    Morning Bell: 'Buying' House Votes for Unpopular Legislation

    An examination of “administrative earmarks” around the time of congressional votes on key pieces of President Obama’s agenda suggests the White House used its power to fund local projects as a means to “buy” votes for major legislative efforts. Administrative earmarking refers to the federal government’s allocation of funds from … More

    Sen. McConnell: Americans Don't Approve of Anything Obama Has Done

    In an exclusive interview with The Heritage Foundation, Senate Minority Leader Mitch McConnell (R-KY) sharply criticized President Obama for engaging in class warfare and accused him of shifting the focus away from his own failed policies in advance of next year’s election. “My view is he’ll have a hard time … More

    Blame Dick Durbin for Bank Fees

    Bowing to competitive pressures, Bank of America yesterday scrapped plans to impose a monthly debit card fee. The proposed charge antagonized customers and provoked vitriol from politicians all too eager to deflect blame for the dumb regulations that prompted the fee in the first place. But as much as one … More

    House Members Ask DOJ to Investigate Bank Fees -- Will the Trail Lead Back to Them?

    When Bank of America announced a new $5 debit card fee in late September (along with a slew of other banks), President Barack Obama condemned it, and yesterday some Democrat Members of Congress called on Attorney General Eric Holder to launch an investigation. Unfortunately, they’re setting their sights on the wrong target. Instead … More