Imagine a world where banks can appeal to the highest office in the land for help if some pesky financial regulator tries to tell them what to do… In fact, there is a bill slouching its way through the Senate right now that would give the president of the United States the power to slam the brakes on new regulations that banks find insufficiently lenient…
A Senate committee may be preparing to approve a bill to impose White House cost-benefit review on a group of formerly independent regulatory agencies, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Consumer Financial Protection Bureau.
U.S. Banks Push Consumer Bureau to Postpone Rule on Remittances 2012-08-16 18:56:17.327 GMT By Carter Dougherty Aug. 16 (Bloomberg) — U.S. banks are lobbying the consumer finance bureau to delay rules on international money transfers, saying they can’t meet a Feb. 7 deadline for disclosing
In a little noted speech to his constituents in May, Paul Ryan decried the “crony capitalism” that he said, prompted the big bank bail-outs of 2008 (though he himself voted for the TARP, and he himself gets massive campaign contributions from big financial firms).
AFR’s Policy Director, Dr. Marcus Stanley, appeared on CNBC to discuss the benefits of regulation for consumers on CNBC.
Banks are finding it harder to fight proposed reforms of the $300 trillion U.S. privately traded derivatives market because of outrage over JPMorgan’s credit derivatives losses. By Karen Brettell NEW YORK | Mon Jul 16, 2012 Lobbying efforts continue, nonetheless, as many important rules have not been hammered
In New Rules to Shine Light on Derivatives, Regulators Also Allow Exemptions New York Times By Ben Protess July 10, 2012 The rules, stemming from the Dodd-Frank financial regulatory law, will give regulators more control over the $700 trillion derivatives industry, an opaque business that was
JPMorgan Builds Vast Web of Staff, Financial Ties to Lawmakers American Banker By Kevin Wack JUN 12, 2012 Lisa Donner, executive director of Americans for Financial Reform, which is often on the opposite side of the policy debate from JPMorgan, nonetheless expressed an upbeat view about
By Carter Dougherty Bloomberg News The Federal Deposit Insurance Corp. plans to investigate claims that U.S. banks are offering products resembling so-called payday loans faulted by regulators for taking advantage of lower-income borrowers. “The FDIC is deeply concerned about these continued reports,” Martin Gruenberg, the
Huffington Post By Robert Weissman At the time the bill was under consideration, critics (including Public Citizen) suggested the JOBS Act was basically pro-fraud legislation. “The legislation is premised on the dangerous and discredited notion that the way to create jobs is to weaken regulatory