The Federal Reserve has heard plenty from U.S. banks about what’s wrong with various proposed pieces of Dodd-Frank rulemaking. Now, according to Kate Davidson of Politico Pro (April 15), the Fed is “getting an earful from foreign banks and their regulators, too.”
Ever since the passage of the Dodd-Frank Act, “the financial industry has been spending billions of dollars on lawyers and lobbyists,” all of them “charged with one task: weaken the thing.”
Ignoring the Senate report on JPMorgan’s “London Whale” debacle, House members “take bank contributions and vote to advance a bill that would allow taxpayer bailouts of too big to fail banks.”
Bank fees charged on structured notes tied to stocks climbed to a three-year high in the first quarter of 2013,
The Commodity Futures Trading Commission has decided to exempt so-called inter-affiliate swaps deals from its Dodd-Frank-mandated derivatives rules.
“[I]t has taken federal regulators nearly three years since the passage of Dodd-Frank… to define which nonbank companies, if they were to fail, could threaten the integrity of the country’s financial system.”