The American Consumer Wins By Dismantling Dodd-Frank

On May 4, the House Financial Services Committee advanced The Financial CHOICE Act, a bill by Chairman Jeb Hensarling (R-TX), which eliminates price fixing and repeals anti-consumer measures in Dodd-Frank. The legislation eliminates the Durbin Amendment, which has saved big retailers nearly $42 billion since its passage in 2010, with little savings to consumers. Hensarling’s bill is a step in the right direction to protect American consumers and small businesses from higher prices and onerous government regulations.

Senate Majority Whip Dick Durbin (D-IL), who introduced the amendment just after the height of the financial crisis in 2010, boasted in an official Senate statement that his bill would give “customers a real chance in the fight against the outrageously high ‘swipe fees’ charged by Visa and MasterCard.”

“By requiring debit card fees to be reasonable, and by cleaning up Visa’s and MasterCard’s worst abuses, small businesses and their customers will be able to keep more of their own money,” Durbin continued, before claiming that his legislation would “restore common sense and fairness to this broken system.”

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Wall Street Completely Owns The Trump Administration

While America’s corporate press remains singularly obsessed with unproven and likely fabricated Russia-collusion conspiracy theories, Wall Street’s well on its way to getting away with financial murder thanks to an army of cronies embedded within the Trump administration. Indeed, Goldman Sachs running Donald Trump’s economic policy is perhaps the most concerning aspect of his Presidency when it comes to negative impacts on average citizens, yet it’s almost never placed at the forefront of the corporate press narrative.

Many of you probably recall headlines in recent weeks about how Trump might be in favor of “bringing back Glass-Steagall” as well as breaking up the big banks. These are two things I think are extraordinarily necessary and important, but it turns out Trump has no intention of actually doing any such thing….continue reading

 

Dodd-Frank Has Crippled Our Economic Recovery. This Bill Will Unleash Real Growth Again.

Have you noticed that free checking accounts are now nearly nonexistent, and locally owned stores are increasing the $5 minimum charge on debit cards?

These are not the result of some financial conspiracy. They are a direct result of Dodd-Frank regulations.

After the financial crash of 2008, President Barack Obama decided to increase the role of the federal government in the economy and impose massive new regulations on banks. As one might assume, this hasn’t worked out so well.

Included in the over 3,500-page Dodd-Frank bill are rules restricting access to credit for investors and homebuyers, raising lending costs for entrepreneurs, and making it harder for small businesses to get capital to start or grow….continue reading

 

The Secret Goldman Sachs Tapes

Probably most people would agree that the people paid by the U.S. government to regulate Wall Street have had their difficulties. Most people would probably also agree on two reasons those difficulties seem only to be growing: an ever-more complex financial system that regulators must have explained to them by the financiers who create it, and the ever-more common practice among regulators of leaving their government jobs for much higher paying jobs at the very banks they were once meant to regulate. Wall Street’s regulators are people who are paid by Wall Street to accept Wall Street’s explanations of itself, and who have little ability to defend themselves from those explanations.

Our financial regulatory system is obviously dysfunctional. But because the subject is so tedious, and the details so complicated, the public doesn’t pay it much attention.

That may very well change today, for today — Friday, Sept. 26 — the radio program “This American Life” will air a jaw-dropping story about Wall Street regulation, and the public will have no trouble at all understanding it.

The reporter, Jake Bernstein, has obtained 46 hours of tape recordings, made secretly by a Federal Reserve employee, of conversations within the Fed, and between the Fed and Goldman Sachs. The Ray Rice video for the financial sector has arrived…

via The Secret Goldman Sachs Tapes – Bloomberg View.

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