The United States has a rich history of bank crises. In fact, we’re number two in the world, with 13 all-time, just behind France with 15, and just ahead of the United Kingdom, with 12. Our first major banking regulation law, the National Currency Act, was passed in 1863 as a response to a bank failure rate of fifty percent. Each successive crisis, the Panic of 1907, the Great Depression, the Savings and Loan Crisis of 1982, the Housing Bust of 2007 (to name a few) triggered a new wave of financial regulation. Dodd-Frank, passed in early 2010, is the latest of these waves. There’s a saying in... Read More »
Economists at a prominent think tank based in Washington, D.C. last week reported that a full repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act would boost the economy by one percent and generate $340 billion in federal revenue over a 10 year period. Dodd-Frank, as it is called for short, was passed by the Democrat controlled Congress and signed into law by President Obama in 2010. At more than 2,000 pages, the law is the most sweeping financial regulation enacted since the Great Depression era. It was sold to the American public as a Washington crackdown on greedy Wall ... Read More »
The months following the 2008 financial crisis were devastating for many Americans. Hardworking men and women lost their jobs, their savings, their pensions, and their homes. But instead of taking steps to strengthen consumer protections and bring stability to the financial system, Congress and the Obama Administration responded with the Dodd-Frank Act. This piece of legislation and its associated financial regulations made an already complex regulatory environment even more complicated, made “too big to fail” the law of the land, and ultimately created new barriers for individuals and famili... Read More »
Eight years ago, the nation experienced the worst financial crisis in 80 years, which cost millions of Americans their savings, their homes, and their jobs. The response – one that was well-intended, but overly broad -- expanded the federal government’s footprint in our lives and inadvertently left us more vulnerable to the next crisis. Since the passage of the Dodd-Frank Act in 2010, regulators have promulgated thousands of pages of regulations, saddling America’s banks with compliance costs that have reduced the services they can offer and increased the fees they charge. The average America... Read More »
The economic downturn in 2008 cost Michiganians their jobs, families their savings, and some even their homes. In response to this seismic event, Democrats in Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. According to its supporters, Dodd-Frank was a panacea of regulatory solutions that would end “too big to fail” and prevent a future financial crisis. In reality, Dodd-Frank has made it even more difficult for struggling families across Michigan to secure a future for themselves and for their children. First, Dodd-Frank did ... Read More »
For seven years now, the Dodd-Frank Act has stifled the American Dream — for half of the country. Let me explain. After the 2008 financial crisis, the economy was in dire straits. Washington responded with the Dodd-Frank Act, a sweeping overhaul of the American financial regulatory system, implementing the strongest regulations seen since FDR's New Deal. Since 2008, some of America's large firms and large metropolitan cities have experienced positive post-recession recovery. Today's rising stock market figures indicate that our economy is prosperous and gaining strength with each day. It appea... Read More »
By Chairman Jeb Hensarling and Rep. Roger Williams Few Americans are familiar with the Consumer Financial Protection Bureau, but it is the most powerful and least accountable Washington bureaucracy in history and a perfect example of the political left’s dangerous belief that the ends always justify the means. While the agency has an important mission, it was purposefully designed by Democrats to evade checks and balances that apply to other regulatory agencies, including those responsible for consumer and investor protection. Its bizarre, unique and defective design is exactly why a panel of... Read More »
By Congressman French Hill (R-AR) Washington, D.C.'s idea of government may have changed, but the American people's has not. This is a significant observation I have made since returning to Washington after living and working for 25 years in central Arkansas. In Washington, accountability has gone from a focal point of governance to a relative afterthought. The rest of America doesn't approve of Washington's dismissal of accountability. When I'm home in Arkansas, I haven't met very many people--if any--who have told me they don't agree with the idea that our government needs to be accountable ... Read More »
p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 18.7px Calibri; -webkit-text-stroke: #000000} p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 14.7px Calibri; -webkit-text-stroke: #000000} p.p3 {margin: 0.0px 0.0px 0.0px 0.0px; font: 16.0px Calibri; -webkit-text-stroke: #000000} span.s1 {font-kerning: none} span.s2 {font: 16.0px Calibri; text-decoration: underline ; font-kerning: none; color: #0000ff; -webkit-text-stroke: 0px #0000ff} The CFPB began an investigation into Wells Fargo only after the bank contacted the agency and the Los Angeles city attorney had filed a civil complaint, according to d... Read More »
Los Angeles Times – Republicans Attack Consumer Financial Watchdog as They Push For His Firing Part of the GOP attack focused on the Wells Fargo case as they argued the watchdog agency “was asleep at the wheel” in identifying that the bank was creating unauthorized accounts and only got involved after the Los Angeles Times and Los Angeles City Attorney Feuer had uncovered the problems. Politico Pro – CFPB Was Late to Wells Fargo Probe, Letters Suggest The CFPB began an investigation into Wells Fargo only after the bank contacted the agency and the Los Angeles city attorney had filed a civil co... Read More »
