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  • financial regulation

    Obama Confirms Fears About New Financial Regulator

    The newly created Consumer Financial Protection Bureau (CFPB) took a step forward today to getting its first director, as the Senate Banking Committee voted 12–10 to confirm Richard Cordray in the post. Even before the vote, however, President Obama raised the stakes. Referring to Bank of America’s decision to impose … 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

    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

    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

    The Uncertainty Certainty

    The left just can not come to grips with the fact that their hyper-aggressive policy agenda is a major factor causing unemployment. Witness Mother Jones trying to debunk “The Uncertainty Meme” after reading USC business professor Ayse Imrohoroglu identify uncertainty as a confidence killer. On inflation Drum writes: Interest rates … 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

    Morning Bell: The Lawyers and Lobbyists Full Employment Act

    Without spending a single dime, the Obama administration did more yesterday to create jobs for the U.S. economy than it has throughout its entire existence. With the single stroke of a pen, President Barack Obama signed the Dodd-Frank financial regulation bill that set in motion 243 new formal rule-makings by … More

    The Dodd-Frank TARP Raid: Using Yesterday's Bailout to Pay For Tomorrow's

    After the last-second addition of another $20 billion in new taxes shattered their original coalition for passage, the majority in the Senate went back to the drawing board to identify a new way to pay for the Dodd-Frank “orderly liquidation” fund. The result of their leftist brainstorming session? Using the … More