Update 186 — Fin Reg Agency Review: Wrecking Crew for Administrative State? This morning, Chris Giancarlo appeared before the Senate Agriculture Committee for his confirmation hearing to lead the Commodities Futures Trading Commission. At this juncture, the ideological profile of the administration’s nominees and appointees to serve on the financial regulatory agencies is gaining an unmistakeable hue. We …
Update 185 — Ryan, GOP Tax Hopes Still Spring Eternal as Summer Starts This afternoon, Speaker Ryan delivered a widely anticipated speech on tax reform before the National Association of Manufacturers. Ryan maintained that 2017 is the year for comprehensive tax reform based on principles of simplification, territoriality, and permanence. He decried America’s relatively high statutory corporate …
Update 184 — Yellen Stays the Course; The Fed in Search of the New Normal The Fed’s broadly anticipated 25 basis point increase in the Fed funds rate announced this afternoon represents a continuation of its once-a-quarter pace of “normalization policy” implementation. Janet Yellen has adhered to the policy since her installment as Fed Chair …
Update 183: Treas. Report Score: Mnuchin 1, Bannon 0 Systemic Risk Report Due in October The administration’s first Treasury Report on financial regulatory policy was released last night and contained a few surprises. Instead of advocating a Bannonidtic dismantlement of the Dodd-Frank Act (DFA), it left many of the most important and controversial systemic risk components in …
Treas. Report Score: Mnuchin 1, Bannon 0 (Jun. 13) Read More »
Update 182: House Passes CHOICE Act; Ball is in Senate Banking’s Court Now A couple of hours ago, the U.S. House adopted HR 10, Financial CHOICE Act of 2017, by a vote of 233-186 — without a single Democrat — in the opening bid on the most sweeping financial (de)regulatory bill in the 115th Congress. No one expects a bill …
Update 181: House OLA Repeal Vote; Hensarling’s Bid to Reform Dodd-Frank Tomorrow, House Financial Service Chair Jeb Hensarling will get his vote on HR 10 — the Financial CHOICE Act of 2017, a measure to undo much of Dodd-Frank, with little support beyond fellow House Republicans. After heated debate within the party, the GOP last week …
Update 180 — Lights, Camera, Inaction Now Playing: No Country For Tax Reform Lost in the din and clatter of all things Russia last week was a House Ways & Means hearing that showcased the coming attractions of a feature-length Congressional GOP tax production. But no mention was made of a release date beyond “this …
Update 179 — Trump’s FY18 Plan: The Skinny on a Skinny Budget The scale of the media coverage of the Trump administration’s FY18 budget proposal released today belies the future on the Hill for the plan, which is more message than legislative matter. The scale of domestic spending cuts in the proposal is staggering and unprecedented — $3.6 trillion over …
Update 178: This Week in Senate Banking Mnuchin Rule & DFA Regs Debated The ongoing if not metastasizing Russian cluster continues to draw the oxygen out of Washington, leaving little room for the forgotten economy. But despite mounting signs the Trump economic policy agenda may be legislatively stillborn, especially on the big-ticket economic items, there …
This Week in Senate Banking Mnuchin Rule & DFA Regs Debated (May 20) Read More »
Update 177 — Hensarling’ CHOICE: A Reckless Response Though many of us are distracted by the Comey cluster, we also know there’s likely to be a vote in the House this month that would repeal and replace almost all of the the systemic risk provisions of Dodd-Frank. Last week, the House Financial Services Committee spent three …
Hensarling's CHOICE: A Reckless Response (May 9) Read More »
