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    SEC Continues Clash with Financial Stability Oversight Council

    The 2010 Dodd–Frank Act is a colossal regulatory mess that gave us, among other things, a new set of turf battles among regulators. The latest fight is between the Securities and Exchange Commission (SEC) and, well, basically all the other financial regulators. The Wall Street Journal notes: Luis Aguilar, a … More

    Johnson–Crapo Housing Finance Reform Misguided

    Senators Tim Johnson (D–SD) and Mike Crapo (R–ID) recently released their new housing finance reform bill. As expected, the new bill makes the bad features of its Senate companion even worse. >>> Check Out: Johnson–Crapo Housing Finance Reform Misguided The core of both this bill and the one introduced by Senators … More

    Volcker Rule Gets Stuck on Reality

    Slate seems to have picked up on a classic regulatory problem that relates to the (still being finalized) version of the new Volcker Rule. The problem? Regulations often sound reasonable but are practically impossible to implement. Officially, the 2010 Wall Street Reform and Consumer Protection Act (known as Dodd–Frank) required … More

    Critics Resort to Canned Rhetoric in Goldman Sachs Attack

    Goldman Sachs and other big banks have been accused of costing American consumers more than $5 billion over the past three years through its dealings in the obscure business of warehousing aluminum. These dealings were the subject of a Senate hearing on July 23. The rhetoric level was high, exemplified … More

    $150,000 in the Bank and Drawing Income from Social Security’s SSI

    An individual with $150,000 in the bank received Supplemental Security Income (SSI), a program intended for blind, disabled, or elderly individuals with limited financial resources, revealed the Government Accountability Office (GAO) in a recent report. SSI, though administered by the Social Security Administration (SSA), is funded by general tax revenue. … More

    Too Big to Fail: Some Questions for the House Financial Services Committee

    Tomorrow, the House Finance Committee, chaired by Representative Jeb Hensarling (R–TX), is holding a hearing on one of the most damaging legacies of the 2008 financial crisis: the “too big to fail” doctrine. Simply put, the doctrine holds that some firms are so essential to the functioning of the U.S. … More

    Too Big to Fail: Brown–Vitter Swings and Misses

    In an unusual left–right pairing, Senators Sherrod Brown (D–OH) and David Vitter (R–LA) last week introduced legislation to increase capital requirements on large banks. Calling it the “Terminating Bailouts for Taxpayer Fairness” or TBTF Act, the legislation is aimed at ending another TBTF: the doctrine of “too big to fail.” … 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