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    New Fannie Bond Issue Elevates Need for Higher G-Fees

    As Congress contemplates legislation to end Fannie Mae and Freddie Mac, the government agency running their operations is trying to make that task easier. However, the Federal Housing Finance Agency (FHFA) seems to have run into trouble with Dodd–Frank regulatory issues, thus making the task of winding down the companies … More

    Another Subprime Idea from Obama

    The Obama Administration is reportedly pushing banks to increase mortgage lending to people with relatively weak credit in hopes of boosting home sales. But the very same policy under Presidents Clinton and Bush contributed mightily to the housing bubble that ultimately devastated millions of families in mortgage default. Credit is … More

    No-More-Bailouts Bill Springs a Leak: Fannie and Freddie Ask for More

    Supporters of Sen. Chris Dodd’s financial regulation bill say it will end financial bailouts. In fact, the Senate — anxious to reassure Americans on that fact — even added an amendment last week with a stated purpose “[t]o prohibit taxpayers from ever having to bail out the financial sector.” But … More

    President Obama and Wall Street: Good Goals, Bad Plan

    President Obama went to Wall Street today to make the case for financial regulation. Putting aside the bank-bashing rhetoric employed just a few months ago (“…if these folks want a fight, it’s a fight I’m willing to have“), this time he was measured in his rhetoric, making the case for … More

    Financial Reform: Blocking Innovation, Not Meltdowns

    One of many bureaucratic boondoggles in the Senate financial “reform” legislation is a “Bureau of Consumer Financial Protection Protection.” Just how exactly would the proposed new bureaucracy protect consumers? The same way bureaucrats do everything: with more paperwork and fewer choices. A few years ago, a TV commercial showed a … More

    Obama: Read My Lips, No More Bailouts (But Let's Keep $50 Billion Around Just in Case)

    President Obama met today with members of Congress to jawbone them on the pending financial reform bill. A key part of his message: “we must end taxpayer bailouts.” Few statements are less controversial than that. Nobody wants to see more bailouts. But wait a second. Doesn’t the very legislation he’s … More

    Missing the Important Issues on Derivatives Reform

    Senator Chris Dodd’s monstrous 1336-page financial reform draft includes a whopping 217 pages devoted to “improving” over-the-counter derivatives markets. Dodd the derivatives section may be replaced by a yet-to-be-released bipartisan compromise from Senators Jack Reed and Judd Gregg. But the Dodd draft suggests that legislators are focused on bureaucratic imperatives … More

    Senator Dodd and Financial Regulation: New Plan, Old Problems

    There’s more going on in Washington this week than health care reform. Giving up on efforts to get a bipartisan deal on financial regulation, Senate Financial Services Committee chair Chris Dodd today released his own plan – sans GOP support – for “fixing” the financial system. The goal, according to … More

    Consumer Financial Protection: Thinking Outside the Boxes

    Is a congressional compromise on financial services regulation in the works? Steven Pearlstein of the Washington Post today reports the answer is “yes,” citing progress in negotiations between Democratic Sen. Chris Dodd of Connecticut and GOP Sen. Bob Corker of Tennessee. Specifically, Pearlstein points to a breakthrough on one of … More

    The AIG (And Everyone Else) Bill: Counterproductive and Unconstitutional

    Whom It Really Targets The Hit List: H.R. 1586 retroactively taxes AIG employees who are due deferred compensation and would tax that compensation at a 90% rate. A Much Broader Sweep: Going forward, the bill also imposes a 90% federal tax rate on anyone employed by a company receiving $5 … More