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 »
Update 175: Hensarling Bill Gains Weight Unexpected Hrg. on Bill this Wednesday When Congress returns next week from its two-week recess of town halls and special elections, its attention will turn to the tasks of extending the current FY 17 CR or risk a government shutdown when the CR expires at midnight on Thursday. Less attention …
Update 173: Hensarling Aims at DFA New Bill Expands Reach of CHOICE Act Yesterday, Jeb Hensarling, Chair of House Financial Services, announced that he had beefed up his Financial CHOICE Act to eliminate not only key Dodd-Frank, but also Sarbanes-Oxley, even JOBS Act regulations. Hensarling 2.0 proposes major structural changes to the CFPB and the SEC. The …
Update 163 — The Mnuchin Rule The Senate voted tonight to confirm Steven Mnuchin, mostly voting by party line. West Virginia Sen. Manchin crossed the aisle and cast his vote in favor of the ex-Goldman Sachs partner to head Treasury, making it 53-47. As Trump prepares his “phenomenal” tax plan for release later this month, …
Until last Friday, little of the Trump administration’s policy rollout thus far had much to do with issues of economic recovery and stability, financial regulation, bank lending or even jobs. Then came two Executive Orders (EOs) that put those issues front and center. We will have a look at the Order targeting the Fiduciary Rule …
Yesterday, word went out from senior House GOP members of Financial Services — chair Hensarling and Reps. Luetkemeyer and Duffy — that the Committee would take up legislation to roll back much of the Dodd-Frank Wall Street law of 2010 (DFA). In “mid-February,” as Duffy repeated at a Chamber of Commerce speech yesterday. This, despite the fact that JP Morgan …
The House will vote tomorrow on H.R. 6392, the “Systematic Risk Designation Improvement Risk of 2016,” a bill to repeal Title I of the Dodd-Frank Act, thereby removing over $4 trillion in bank assets from heightened Fed supervisory scrutiny. The bill, while unlikely to pass this Congress, is a harbinger of efforts and arguments and eventually …
Mike & Co., The mandate that President-elect Trump claims he has on banking regulations is to “dismantle” the Dodd-Frank Act. Whether this is a credible threat, hyperbole, or something in-between depends entirely on what the new administration sends Congress. But we have baseline legislation comprised of significant Dodd-Frank revisions that already have the support of the …
Mike & Co., Among the many ironic aspects of the election outcome last week was the fact that only one person elected in 2000 saw the popular vote winner lose the presidential election that year and immediately proposed a reform of the electoral college: that year’s Senator-elect from New York, Hillary Clinton. As many of …
Mike & Co. — Far from the media carnival at center stage most of the electoral season, a number of fiscal and financial policy developments have slipped under the radar this recess. Before Congress adjourned for the election, political coverage focused on whether Congress would pass a CR. The developments since include a major bank’s restructuring, a …
