Yesterday the Financial Stability Oversight Council (FSOC) put hardworking taxpayers at greater risk of being forced to fund yet another Wall Street bailout.
Under their Dodd-Frank authority, the FSOC took preliminary steps to designate several non-bank financial institutions, including AIG, Prudential Financial and GE Capital, as “systemically important financial institutions” (SIFIs).… Read more »
On Wednesday the Capital Markets & GSEs Subcommittee will hold our only scheduled hearing for the week examining the market power and impact of proxy advisory firms.
But don’t get too comfortable. Next week we’ve scheduled four hearings, including a full committee hearing on alternative housing finance models as part of our effort to forge a sustainable housing finance system.… Read more »
Phil Gramm and Steve McMillin: The Debt Problem Hasn’t Vanished
President Obama has raised the national debt by nearly $6.2 trillion, the equivalent of $78,385 per family of four. It is true that projected deficits recently have been reduced…But unless the economy soars, or a significant budget agreement is reached, the most lasting legacy of the Obama presidency will be a $10… Read more »
During the first term of the Obama administration, our nation racked up four straight years of trillion dollar-plus deficits and as much debt as was accumulated in our first 200 years. Under President Obama, our national debt has increased by more than $6 trillion – the largest increase under any president in history.
But according to President Obama's Treasury Secretary, Jack Lew, it’s… Read more »
Yesterday's Monetary Policy & Trade Subcommittee hearing showed a heartbreaking example of the unintended consequences of uninformed legislative action.
Congressman Mick Muvaley explains in the video above how a provision buried deep within the 2,300-page Dodd-Frank Act is hurting the very people it was supposed to help in the war-torn central African nation of the Congo.… Read more »
Chairman Jeb Hensarling joined Fox Business's Neil Cavuto last night in advance of today's hearing with Treasury Secretary Jacob "Jack" Lew. Today's hearing is Secretary Lew's first appearance before the House Financial Services Committee.
The scandal at the IRS is an issue that should rise above partisanship. It hits at the heart of who we are as a people, and why we fight for… Read more »
By Phil Gramm and Steve McMillin
President Obama has raised the national debt by nearly $6.2 trillion, the equivalent of $78,385 per family of four. It is true that projected deficits recently have been reduced. April tax filings increased 28% from 2012, but much of this was thanks to a one-time rush at the end of 2012 to report income before rates rose in January. The second… Read more »
Tomorrow, Treasury Secretary Lew will deliver his annual report on the Financial Stability Oversight Council (FSOC). Here’s three things you need to know about FSOC:
1. The FSOC is failing to effectively monitor and mitigate systemic risk
The Government Accountability Office (GAO) noted in an audit report to Congress in September 2012, the FSOC has “not developed a structure that… Read more »
Five hearings -- including Treasury Secretary Lew’s first testimony before a House committee since the IRS scandal -- make for another busy week at the House Financial Services Committee. Be sure to check back here on the Bottom Line Blog -- and subscribe to our email lists -- for updates throughout the week.
Here’s what’s happening:
On Tuesday the Financial Institutions… Read more »
Wall Street Journal: How to Let Too-Big-To-Fail Banks Fail
Dodd-Frank does not end the threat of taxpayer bailouts. A reform to the bankruptcy code will do the trick.
The Hill: Implementing the vision of financial reform
There are three distinct phases of leadership when attempting to implement change: vision, structure and implementation. This same process can be applied… Read more »
