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  • financial regulation

    How To Create Bailouts Forever

    Treasury Secretary Timothy Geithner stumps for Sen. Chris Dodd’s (D-CT) finance reform bill in today’s Washington Post: As the Senate bill moves to the floor, we must all fight loopholes that would weaken it and push to make sure the government has real authority to help end the problem of … More

    Morning Bell: Dodd Bill Creates Permanent TARP and You Can Quote That

    In mid-October 2008, at the height of the Presidential campaign, Heritage Foundation analyst Rea Hederman began receiving emails alerting him that he was a star in a new multimillion-dollar ad campaign for then-candidate Barack Obama. The ads claimed that Hederman believed the middle class would be better off under the … More

    Dear Obama Treasury Department: Dodd Plan, Increases, Not Decrease Chance of Future Bailouts

    Speaking yesterday to the U.S. Chamber of Commerce’s Fourth Annual Capital Markets Summit, Deputy Secretary of the Treasury Neal S. Wolin made the case for Sen. Chris Dodd’s (D-CT), including this: This should not be a partisan or ideological debate. As David John of the Heritage Foundation has said, “Taxpayers … More

    Senate Financial Regulation Bill: How Fast Can You Read 1,336 Pages?

    At 1,336 pages, the Dodd financial services regulation bill proposal, which the Senate Banking Committee will begin to consider today, includes language that could create a permanent bank bailout. It is also filled with other significant issues, any one of which could cause serious damage to the economy or consumers … More

    Senate Needs Firm Assurances from Bernanke for Second Term

    Yesterday, President Obama announced his intention to nominate Ben Bernanke to a second four-year term as Chairman of the Federal Reserve Board. Bernanke’s tenure coincided with the most chaotic and painful period in modern financial history. Bernanke has overseen a previously unimagined expansion in the range of Fed programs, and … More

    Obama Financial Regulation Plan: Empowering Regulators, Not Consumers

    After months of internal debate, President Obama today released his much-anticipated plan for reforming the nation’s financial regulatory system. The 85-page document is nothing if not comprehensive, containing a grab bag of changes covering almost every aspect of the troubled financial industry. Taken as a whole, the changes would trigger … More

    The Cloakroom: June 8 - June 14

    Senate Floor · FDA Tobacco Regulation – S982 · Supplemental Appropriations for Iraq and Afghanistan – HR2346 · Creation of a non-profit to increase tourism in the United States – S1023 Major Senate Committee Action · Foreign Relations Committee – Arms Control Nomination hearing  · Energy and Natural Resources Committee … More

    Bad Regulation, Not Deregulation, Caused Financial Crisis

    Harvard University professor Niall Ferguson writes in the New York Times: Human beings are as good at devising ex post facto explanations for big disasters as they are bad at anticipating those disasters. It is indeed impressive how rapidly the economists who failed to predict this crisis — or predicted … More

    Seizure Plan Seizes Up: Frank Delays Financial Institution Receivership Plan

    The Obama Administration tried to portray the plan as no big deal, akin to simply filling in a loophole. The idea was to provide the FDIC with authority to seize failing “non–banK” financial institutions such as holding companies, insurance firms and hedge funds, similar to the powers they already have … More