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Dodd Frank Act

Schumer's Delicate Dance with Wall Street

Robert Kuttner | Posted 12.22.2014 | Politics
Robert Kuttner

Last week, I wrote a piece in this space lamenting the fact that so many Democrats had voted for a budget package that gutted a key provision of the Dodd-Frank Act. The so called swaps push-out provision, now repealed, required banks to separate their speculative business in derivatives from depository banking covered by government insurance and further protected by the Federal Reserve. The broader budget deal, technically a continuing resolution to keep the government funded through next September, also cut a lot of needed public spending and added several odious riders, including one that raises the ceiling on individual campaign contributions to party committees about tenfold. Had Democrats resolutely opposed the deal, I argued, it would have revealed Republicans as friends of Wall Street and enemies of Main Street -- a useful party differentiation between now and 2016.

The Budget Deal and the Run-Up to 2016

Robert Kuttner | Posted 12.16.2014 | Politics
Robert Kuttner

In principle, Saturday's vote to keep the government open should be the perfect curtain-raiser for the political debates between now and the 2016 election. As their price for averting a government shutdown, Republicans demanded and got a gutting of one of the most important provisions of the Dodd-Frank Act, preventing banks from speculating with government insured money. Agencies hated by Republicans such as the Environmental Protection Agency took big cuts, and a rider was inserted permitting "mountaintop removal" coal mining once again. Another extraneous provision demanded by conservatives permits massive increase in individual campaign contributions. Far worse will be directed at ordinary working families when the new Congress meets in January.

Sabrina Siddiqui

Government Stays Open As Congress Advances Poison-Pill Spending Bill

HuffingtonPost.com | Sabrina Siddiqui | Posted 12.12.2014 | Politics

WASHINGTON -- At least Democrats will have eggnog to wash down the poison pills they swallowed on Thursday as the House narrowly passed a government f...

Sabrina Siddiqui

John Boehner Claims There's No 'Wall Street Giveaway' In Omnibus Bill

HuffingtonPost.com | Sabrina Siddiqui | Posted 12.11.2014 | Politics

WASHINGTON -- House Speaker John Boehner (R-Ohio) scrambled Thursday to defend a plan to subsidize risky Wall Street derivatives trading. The controve...

Michael McAuliff

Deal To Fund Government On Verge Of Collapse

HuffingtonPost.com | Michael McAuliff | Posted 12.11.2014 | Politics

WASHINGTON -- Democrats and a handful of Republicans rebelled against the government funding bill Thursday, with a possible government shutdown loomin...

Wall Street Leading Washington Yet Again: What Was Obama Thinking?

Robert Kuttner | Posted 11.23.2014 | Politics
Robert Kuttner

If you want to understand what makes Elizabeth Warren so special in American politics, consider her nervy leadership of the campaign to block President Obama's foolish nomination of one Antonio Weiss to be the top Treasury official in charge of the domestic financial system, including enforcement of the Dodd-Frank Act. For most of his Wall Street career, Weiss has epitomized everything that reeks about financial abuses. As chief of international mergers and acquisitions for Lazard, Weiss orchestrated what are delicately known as "corporate inversions," in which a domestic corporation moves its nominal headquarters offshore, to avoid its U.S. taxes. And that's only the beginning. Many of the other deals orchestrated by Weiss resulted in operating companies being bought and sold by giant conglomerates, where the "savings" and "increased efficiency" came mainly from tax breaks and reduced worker compensation.

Ben Walsh

No, Regulation Is Not Keeping Banks From Making Money

HuffingtonPost.com | Ben Walsh | Posted 11.12.2014 | Business

Michael Bloomberg on Monday told a room full of bankers, traders, and investors that financial regulation was hurting their profitability and the U.S....

Paul Krugman: Obama's Record On Fighting Inequality Better Than You Think

The Huffington Post | Alexander C. Kaufman | Posted 10.08.2014 | Business

Banks may still be too big to fail, wages are still flat, and the income gap is still widening, but economist Paul Krugman nevertheless calls Presiden...

Zach Carter

How Chuck Schumer Accidentally Built The Wall Street Reform Caucus

HuffingtonPost.com | Zach Carter | Posted 08.04.2014 | Politics

DETROIT AND WASHINGTON -- They call him "Wall Street Chuck" on Capitol Hill. He has raised at least $70 million from the financial sector for the Demo...

Why I Love My Bank Regulator

Keith Mestrich | Posted 09.23.2014 | Impact
Keith Mestrich

Many financial sector executives are not fans of bank regulators -- to put it mildly. But I have a different perspective: I love my bank regulator. Here's why -- and why you should, too.

Zach Carter

Chris Dodd Warns That It's Not Just Leftists Who Hate The Banks Now

HuffingtonPost.com | Zach Carter | Posted 07.16.2014 | Politics

WASHINGTON -- The rise of anti-corporate conservatives is a significant threat to the American banking establishment, according to former Sen. Chris D...

Obama Says 'Further Reforms' Needed To Rein In Wall Street

The Huffington Post | Igor Bobic | Posted 07.03.2014 | Politics

President Barack Obama believes additional reforms are needed to rein in the excesses of Wall Street some six years after the financial crisis plunged...

Zach Carter

House Passes Bill To Aid Koch Brothers, Deregulate Wall Street

HuffingtonPost.com | Zach Carter | Posted 06.25.2014 | Politics

WASHINGTON -- The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the nation...

Zach Carter

How Democrats Are Accidentally Helping The Koch Brothers

HuffingtonPost.com | Zach Carter | Posted 06.10.2014 | Politics

WASHINGTON -- Over the past two years, House Majority Leader Eric Cantor (R-Va.) has repeatedly wrestled with factions of his own party as he tries to...

Zach Carter

How House Democrats Are Caving On Key Mortgage Rules

HuffingtonPost.com | Zach Carter | Posted 06.10.2014 | Politics

WASHINGTON -- House Republican leaders Eric Cantor and John Boehner are about to secure the passage of a bill that chips away at consumer mortgage pro...

Zach Carter

How The Congressional Black Caucus Went To War With Itself Over Wall Street

HuffingtonPost.com | Zach Carter | Posted 05.28.2014 | Politics

Gwen Moore does not seem like anybody's idea of a corporate stooge. The Milwaukee Democrat, a single mom who once survived on welfare, has sponsored e...

Zach Carter

How Warren Buffett Would Cash In On Mobile Home Deregulation

HuffingtonPost.com | Zach Carter | Posted 05.22.2014 | Politics

WASHINGTON -- Warren Buffett's Berkshire Hathaway conglomerate owns the two dominant lenders in the mobile home business -- 21st Mortgage Corp., and V...

VA Releases Interim Rule On Qualified Mortgages

Chris Birk | Posted 07.15.2014 | Business
Chris Birk

Under the interim rule, all purchase and refinance loans that receive a VA guaranty would be classified as safe harbor Qualified Mortgages, except for certain VA Streamline refinance loans.

A 10-Step Guide to Whistleblowing

Adam Resnick | Posted 04.20.2014 | Business
Adam Resnick

1. Shut up and get a good lawyer, fast. You can complain about the fraud internally, but we all know how that usually ends. Once you identify a fra...

Regulators Trim Portion Of Volcker Rule After Banks Complain

Reuters | Emily Stephenson | Posted 01.25.2014 | Business

WASHINGTON (Reuters) - Five U.S. bank regulatory agencies on Tuesday approved a tweak to the Volcker rule that would allow banks to keep interests in ...

What the New Qualified Mortgage (QM) Regulations Mean for VA Loans

Chris Birk | Posted 03.10.2014 | Money
Chris Birk

Service members, veterans and military families across the country are starting to worry about how these changes and how this new classification of mortgages might impact their ability to use their VA home loan benefits. Here's the good news: You have nothing to worry about.

Today's Bank Bailout Risk: Why Didn't We Stop This?

Janet Tavakoli | Posted 02.21.2014 | Business
Janet Tavakoli

The U.S. did not enforce existing securities laws, so no one should have confidence that new Dodd-Frank rules will have any meaningful impact. The U.S. banking system seems to have captured its regulators, Congress and the Treasury.

The Volcker Rule's Biggest Myth

The Huffington Post | Mark Gongloff | Posted 01.25.2014 | Business

They're already starting to complain about it, those banks and the people who love them: The Volcker Rule, the new restriction about to be slapped on ...

House Hands Banks Huge Victory

Reuters | Douwe Miedema and Emily Stephenson | Posted 10.31.2013 | Politics

WASHINGTON, Oct 30 (Reuters) - The U.S. House of Representatives voted on Wednesday to scale back a much-debated provision of the Dodd-Frank Wall Stre...

4 Reasons the SEC's New Ratio Test Will Not Decrease CEO Pay

Avi Sinensky | Posted 12.21.2013 | Business
Avi Sinensky

This proposal -- like some of the other rules implemented under Dodd-Frank -- will do little to accomplish the desired effect of narrowing the gap between employee compensation and executive compensation. If anything, it may have the opposite effect.