The Dodd-Frank Wall Street Reform and Consumer Protection Act marks its 15th anniversary this week. This milestone is an opportunity to reflect on the critical role of effective financial regulation in creating a fairer economy that allows people and communities to flourish. We need it to protect people from day to day abuses that make it harder for families to make ends meet, live in affordable housing, or save for retirement. And we need it to prevent systemic misalignments that give Wall Street free rein to increase profits by extracting wealth at our expense—while increasing the likelihood of devastating financial crises.
The tools for monitoring systemic risk are only effective if regulators are willing to use them. Right now, it looks like they’re putting them back on the shelf. On June 11, the Securities and Exchange Commission (SEC) quietly postponed a long-delayed and critical deadline to monitor shadow banking. The agency delayed—for the second time—the compliance date for its updated Form PF rule, giving large private fund advisers a few more months to begin reporting the kind of basic data regulators need to monitor systemic risk. This isn’t a mere scheduling hiccup; it’s a strong signal that the rule—and the transparency it aims to deliver—is under real threat.
Wall Street Wants Your Retirement SavingsPrivate equity does badly for investors. Now it wants to do the same for retirement savers. By Oscar Valdés Viera “If you’re looking to leave a worthless corporate carcass, your easier marks are retail day traders and index funds [in retirement plans] holding public shares,” said Gary Sernovitz, a 20-veteran
Bills would reward these 25 crypto billionaires (including Trump) while the rest of us get fleeced by Patrick Woodall The crypto barbarians are at the gates. According to congressional Republicans, this week is “crypto week.” That’s code for their shameless plan to pass legislation expanding the wealth of 25 crypto billionaires while putting the rest
Trump Is Opening the Door to Scams Targeting Military FamiliesThe administration gutted the federal office that protects military families from abusive lenders, debt collectors, and other scams. By Chloe Rogers The Trump administration could really lend a hand to veterans and servicemembers. Instead, it’s opening the door for scams targeting military families. Trump is dismantling
Private Equity Barons Defend Tax Breaks from the Shadows By Dustin Duong As lawmakers continue to crunch the budget on Capitol Hill, the private equity (PE) industry is trying to protect its coveted carried interest tax loophole, which rewards its extractive risk-taking and exploitation of workers, communities and the public. These Wall Street billionaires have
