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 costs to customers and might have to exit the business.
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 out. The industry pushback against proposed regulations mandated under the