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  • Dodd-Frank

    Guest Blog: Rep. Ed Royce on Dodd-Frank, One Year Later

    Upon passage of the financial reform bill, then-Speaker Nancy Pelosi (D-CA) said, “This is the next critical step forward in an effort to rebuild our economy.” This type of political hubris is reminiscent of what economist Friedrich Hayek referred to as the fatal conceit. Unemployment still stands above 9 percent, … More

    Washington in a Flash: Dodd-Frank Anniversary No Cause for Celebration

    The Senate Banking Committee welcomes Rep. Barney Frank (D-MA) to testify on the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The financial regulation bill has contributed to higher unemployment by imposing needless regulation on small and large financial institutions. It has deterred investment by imposing … More

    Video: JPMorgan's Dimon Takes on Fed Chairman Bernanke

    The U.S. economy continues to drag, but why’s the recovery going so slowly? The 13.9 million unemployed Americans aren’t the only ones who want to know. Yesterday, following a speech by Federal Reserve chairman Ben Bernanke (who described the economic recovery as “frustratingly slow”), JP Morgan Chase CEO Jamie Dimon … More

    Bernanke on Dodd-Frank Fallout: Debit Card Fee Caps Threaten Small Banks

    Federal Reserve chairman Ben Bernanke has delivered yet another ominous prediction about Dodd–Frank fallout, telling the Senate Banking Committee last week that government dictates on debit card fees “could result in some smaller banks being less profitable or even failing.” Although not the first to recognize the problem, the Fed … More

    One Clap for House Effort to Curb New Financial Bureau’s Power

    A House subcommittee on Wednesday approved legislation to modify the new Consumer Financial Protection Bureau (CFPB). Spawned by the vast Dodd–Frank financial regulation statute, the CFPB (as originally structured) enjoys sweeping powers over all manner of consumer credit—without adequate accountability. Yesterday’s action is a welcome start to taming the CFPB, … More

    Financial Report Reflects Ideology More Than Facts

    The release of the final report(s) of the Financial Crisis Inquiry Commission (FCIC) brings to mind the story of several blind men trying to describe an elephant. One felt the legs and decided an elephant was like a forest, while another felt the trunk and decided that elephants are like … More

    The Regulatory Tsunami Headed Your Way

    When the Dodd-Frank financial-overhaul bill was passed last summer, it was done so with much of the fanfare and self-congratulation that has come to typify Washington. Then-Speaker of the House Nancy Pelosi (D-CA) called it the “toughest set of Wall Street reform in generations.” But the bill’s hype was not … More

    Dodd-Frank Already Failing Consumers

    The Wall Street Journal reports today: Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards’ conventional revenue streams. And what exactly is to blame for … More

    Morning Bell: The Dodd-Frank Bailout is Already Here

    On July 21, when President Barack Obama signed the Dodd-Frank financial regulation bill, he promised: “There will be no more taxpayer-funded bailouts. Period.” How long will this Obama promise last? Well, The New York Times reports today that  “the Obama administration on Wednesday pumped $3 billion into programs intended to … More

    Dodd-Frank Lets Fannie and Freddie Deadbeats Slide

    As President Obama today signed into law the Dodd-Frank financial regulation bill, two words were left unspoken: Fannie and Freddie. Yet they not only played a major role in creating the housing bubble that led to the meltdown of 2008, they stand today as the primary remaining bailout debtors to … More