By Rep. Lynn Westmoreland
On Wednesday, the House Financial Services Committee held a hearing on H.R. 3461, a bill to improve the examination of depository institutions, and featured testimony from representatives from the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the National Credit Union… Read more »
By Paul Sperry, for Investor’s Business Daily
http://news.investors.com/ArticlePrint.aspx?id=593669
Job-killing bank regulations threaten to wipe out all the gains in private-sector employment since the recovery began, the industry warns. Washington, however, is hiring thousands more bureaucrats to enforce the rules.
… Read more »
The Committee on Financial Services held a field hearing on “Regulatory Reform: Examining How New Regulations are Impacting Financial Institutions, Small Businesses and Consumers in Illinois” earlier today.
At this hearing, representatives from community financial institutions and small businesses explained how new financial regulations are affecting the ability of financial… Read more »
With 14 million Americans out of work and the Obama Administration issuing regulations at a rate of one new rule every 2 hours and 20 minutes, it’s a question that must be asked.
For the Obama Administration, the answer to the question is a resounding “No!” Dr. Jan Eberly, Assistant Secretary for Economic Policy at the Treasury Department, writes in a blog post that the massive… Read more »
The Consumer Financial Protection Bureau would be strengthened – not weakened – if its leadership structure were changed to a bipartisan commission, argues Roland E. Brandel in the American Banker.
Calling the vesting of the bureau’s enormous power in a single person a “serious flaw,” the highly acclaimed consumer financial services lawyer writes:
“A single director, no matter how… Read more »
Obama Administration officials are frantically trying to convince the public that the 400 new regulations tucked inside the 2,300-page Dodd-Frank Act are having absolutely no impact on small town and mid-sized banks. None. Whatsoever. So just move on, OK? Nothing to see here.
But, what are community bankers saying? A much different story in congressional testimony and… Read more »
Treasury Secretary Timothy Geithner offered a revealing insight into the Obama Administration’s attitude about regulations on Thursday when he testified before the Financial Services Committee.
After Oversight and Investigations Subcommittee Chairman Randy Neugebauer told the Secretary he is worried about the cumulative impact that the Dodd-Frank Act’s 400 regulations will have on… Read more »
Outside Washington, D.C., there is growing concern about the regulatory burden imposed by the Dodd-Frank Act and the harmful effect it will have on jobs.
Cynthia Richards, New Mexico’s Financial Institutions Division director, tells the Albuquerque Journal that the Dodd-Frank Act is “onerous,” “costly,” “confusing,” and “difficult to implement.”
“When we see this act fully implemented… Read more »
Today’s American Banker includes a dead-on piece about how the Dodd-Frank Act, with its 2,300 pages and more than 400 regulations, is “regulatory overkill” with unintended consequences that hurt consumers and the economy.
“It's a fool's mission for our government to try to micro-manage our financial system — and for all the lip-service paid to balancing regulation and markets,… Read more »
