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 …
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 …
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 …
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 …
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 …
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 …
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 …
