Do the risks from the Federal Reserve’s trillion-dollar annual stimulus program justify the rewards? That was the central question at Tuesday’s Senate Banking Committee hearing featuring Fed chairman Ben Bernanke. Bernanke worked hard to defend the Fed’s quantitative easing policy, but he appears to oversell the rewards by a mile …
The uncertainty caused by Taxmageddon—the one-year $494 billion tax increase that looms on January 1, 2013—is strong enough to slow the economy months before it actually strikes. In fact, it is already doing so. Highly knowledgeable and highly influential market observers have been warning Congress of this for weeks. Their …
Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency. Sen. …
Today marks the Obama administration’s debt deadline, and lawmakers in both parties are rushing to comply. The House hurriedly passed the Budget Control Act yesterday on a vote of 269 to 161. Sixty-six conservatives broke ranks. The Senate is expected to vote today; several conservatives have already voiced their opposition. Meanwhile, transparency …
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 …
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 …
