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    Sequestration “Meat Cleaver” Is Really a Scalpel

    In his speech yesterday, President Barack Obama referred to sequestration as a “meat cleaver” again, when news reports in fact show that the cuts have been much more targeted and much less devastating than he claims. “Then, rather than reduce our deficits with a scalpel, by cutting out programs we … More

    Consumer "Watchdog" Tailing Consumers

    Many Americans are understandably unsettled by news reports about the National Security Agency’s widespread monitoring of telephone and Internet traffic. Attracting far less attention is the rampant snooping of a more personalized nature carried out daily by the Consumer Financial Protection Bureau (CFPB). The two-year-old agency created by the Dodd–Frank … More

    New Red Tape Rising Report: Regulation in Obama’s First Term

    Congress and the White House have been focused for much of this year on the federal budget—rightfully so, given perennial deficits and unsustainable levels of U.S. debt. However, federal spending accounts for only a portion of the burden placed on Americans by the government. Regulations impose huge additional costs, hindering … 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

    Dodd-Frank: Dismal Findings on Rulemaking

    Two recent reports document anew the failure of federal agencies to meet the extensive rulemaking requirements of the Dodd–Frank statute. The regulatory backlog highlights how unworkable the law is for both bureaucrats and businesses. As of February 1, a total of 63 percent of the rulemaking deadlines have been missed, … More

    Morning Bell: Administration Ignores Law, Delays Exposing New Regulations

    After three years of hyper-regulation, the Obama Administration has noticeably slowed its rulemaking in recent months. A variety of major rules have been parked in prolonged “review” by the White House, while the regulatory agenda required by statute has failed to materialize—twice. This flouting of the law is disturbing enough, … More

    Free Checking No More: Thanks, Dodd–Frank!

    Free checking accounts, once considered common, are becoming increasingly rare as the enormous costs of new regulations hit banks’ bottom lines. According to the just released 2012 Checking Survey by Bankrate, Inc., a publisher of financial information, only 39 percent of banks continue to offer free checking accounts, a sharp … More

    JPMorgan Chase Losses: No Reason for More Regulation

    JPMorgan Chase’s announcement that it has lost $2 billion in a failed hedge strategy sent shock waves through the financial world yesterday. And in Washington, the reaction has had a political tone, with calls to accelerate adoption of the “Volcker Rule” limiting investments by banks. But policymakers should take a … 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

    PODCAST: New Debit Card Fees Thanks to the Durbin Amendment

    In this week’s Heritage in Focus, regulatory fellow Diane Katz discusses a provision in the regulatory reform bill, also known as Dodd-Frank, that is leading banks to increase debit card fees. Listen here. The provision, known as the “Durbin amendment,” limits the amount banks can charge retailers when consumers swipe … More