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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

    Housing Finance Nominee: Expect Big Government Housing Policies Doomed to Fail

    President Obama nominated Representative Mel Watt (D–NC) as new chief regulator to the Federal Housing Finance Agency (FHFA), replacing the current acting director Edward DeMarco. Watt has strong support from liberals in both the House and the Senate as a longtime member of the House Financial Services Committee and advocate … More

    Cyprus Rejects Draconian EU Bailout Plan

    The parliament of Cyprus today emphatically rejected a European Union (EU) bailout plan that would have taxed private bank deposits. The plan did not garner a single vote in support, while 36 members voted against the plan; 19 parliamentarians abstained and one was absent for the vote. The deeply unpopular … More

    Krugman Still Wrong on Federal Spending and the Economy

    A not-so-small cottage industry has grown up refuting liberal economist Paul Krugman’s public pronouncements. It’s not a hard industry to join, and there’s plenty of work, but it can be repetitive. Even so, Krugman’s recent writings opposing federal spending cuts for the sake of the economy are sufficiently troubling to … More

    Fiscal Cliff: Is Heritage Inconsistent?

    Menzie Chinn took to the blog Econbrowser last Thursday to accuse conservative economists in general – and The Heritage Foundation in particular – of being inconsistent, since we did not share his optimism about the benefits of the 2009 stimulus, but we’ve warned of the danger of the fiscal cliff. … More

    Congressman: Export-Import Bank Is a Case of Corporate Welfare

    House leaders have reportedly struck a deal to vote on reauthorization of the Export-Import Bank next week despite strident opposition from conservatives. Heritage’s Bryan Riley has called it the “Fannie Mae for exporters.” The Export-Import Bank provides taxpayer-subsidized loans to U.S. exporters. The bank’s charter will expire at the end … More

    Two Promising Starts towards Ending Fannie Mae and Freddie Mac

    After more than a year of delay, the House Financial Services Committee is finally starting work on legislation that will hopefully end Fannie Mae and Freddie Mac, the two housing finance giants that helped to make the housing crisis worse. Both essentially failed in September 2008 and have been in … More

    Obama’s Plan: Fannie Mae and Freddie Mac Go, but What Replaces Them?

    Given the task of producing a plan to develop a new housing finance system after the crisis of 2008 and the failure of both Fannie Mae and Freddie Mac—a task that everyone agrees will be extremely complex—the Obama Administration decided to punt. Rather than one detailed plan, it produced brief … 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