Update 253 — S. 2155 and Systemic Risk Or: The Big Banks’ Benefits under the Bill With S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, set to hit the floor tomorrow, attention is now turning to the least discussed and most abstract — and systemically most consequential — part of the bill. …
Update 252 — Trump’s Financial Regulators: One Year in and Changing the Game Already From consumer protection to regulation of firms, the financial regulatory landscape has changed markedly in some areas and is stillborn in others. Trump regulators have made a variety of decisions that has escaped broader notice. We take a tour of the …
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Update 251 — Treasury Report on OLA Leaves Key Pillar of DFA Tailored but Intact On Wednesday, the Treasury Department released a much-anticipated report with recommendations on Dodd-Frank Act’s Orderly Liquidation Authority (OLA), which provides for the resolution (closure) of non-bank firms in a crisis. In a surprise to most observers who expected the Trump Treasury …
Update 250– Carried Interest … now Codified? In a Series of Tax Cut Act Surprises and Ironies After everyone from Bernie Sanders to Jeb Bush to Hillary Clinton to Donald Trump campaigned to inter the carried interest loophole at long last, a funny thing happened to this decades-old but anomalous tax practice in the 2017 …
Update 249 — Blockbuster Budget Deal of 2018 Leaps Tall Sequester in a Single Bound Early this morning, President Trump signed the Bipartisan Budget Act funding the government through March 23. Negotiators agreed on a deal to end sequestration and increase defense and domestic spending levels for FY 18 and FY 19. Sequestration caps have …
Update 248: Yellen Years at the Fed All’s Well and it Ends with Wells With markets calmer now following a correction that gave back all of this January’s paper gains in three early-February trading sessions, we can take a longer-term look at a key transition in Washington crowded out by correction coverage. Janet Yellen concluded …
Update 247: CFPB Constitutional, per Court; Dissent More Hysterical than Historical This Wednesday, the U.S. Circuit Court of Appeals for the District of Columbia voted 7-3 to uphold the constitutionality of the Consumer Financial Protection Agency (CFPB)’s governance structure. The Dodd-Frank Act gave CFPB have a single, independent Director not subject to removal except for …
Update 246: The State of Disunion Speech Make a Mint on our SOTU Sweepstakes Some predictions for tonight: • This Update will be almost as long as tonight’s SOTU speech. Sad. • It will have exactly proportional coverage of domestic economic policy issues as Trump’s speech. Or the other way around. • Super Bowl halftime …
Update 245 — One Year in, Under the Radar: Administration Reshaping Fin. Reg. Regime A year into office, President Trump has made significant progress as his leading financial regulatory agency nominees are confirmed for office. To date, we have seen enough appointments of federal regulators with varying and generally ambitious deregulatory plans to describe the …
Update 244 — One 3-Week Step Forward: Dreamers Live to See Another Deadline, Feb. 8 Closing one of the shortest government shutdowns in memory, the Senate voted 81-18 vote to end debate on a stopgap FY 18 funding measure expiring February 8. Minority Leader Schumer extracted a concession from GOP Leader Mitch McConnell: a legislative …
