The Agencies

Naming Names…Slowly

Update 560 — Naming Names…SlowlyStatus of Economic Policy Nominations To date, the administration has nominated candidates for about a third of the executive branch appointments that require Senate confirmation. Around a third of those have been confirmed. This applies to economic, fiscal, financial policy positions, to departments like Treasury, and agencies like the SEC. The nominations …

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Treasury Nominee Yellen

Update 491 — Treasury Nominee YellenWould Face Vast, Daunting Policy issues Yesterday, President-elect Biden announced plans to nominate former Federal Reserve Chair Janet Yellen, 74, for Secretary of the Treasury. Yellen is phenomenally well-qualified for the position, especially given the economic conditions she will confront. Admired and trusted by commentators, progressives, and moderates, Yellen has …

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Third Rail Alive and Well

Update 457– Third Rail Alive and WellSo Social Security Insolvency is Soluble  For all of Donald Trump’s disruptions of economic norms, from tariffs to monetary policy, he has stayed far away from entitlement reform. George W. Bush attempted the last structural reform in 2005 when he proposed privatizing a third of Social Security. No hearings …

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Maxine Takes Helm at House Financial Svcs. (November 30)

Update 315:  Rough Waters Ahead for Banks? Maxine Takes Helm at House Financial Svcs.   The gavel passing from retiring Rep. Jeb Hensarling (R-TX) to Rep. Maxine Waters (CA) at the House Financial Services Committee augurs one of the clearest sea changes in policy and style a U.S. House Committee will see in the 116th …

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Trump’s Financial Regulators: One Year in and Changing the Game Already (Feb. 28)

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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Fin Reg Agency Review (Jun. 22)

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 …

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What's up with the SEC? (July 11)

Mike & Co., Last week, tersely-worded letters from prominent Senators brought the SEC back into focus.  Issues with the SEC’s proposed regulations have been raised before by Sens. Warren and Brown, who have gone so far as to challenge Chair White’s leadership abilities and intentions. Issues at the SEC are further complicated by the continued vacancies of two seats on the five-member …

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The Warner-Warren Derivatives Reform Bill (July 6)

Mike & Co., Last week, Sens. Warner and Warren, along with Rep. Elijah Cummings, announced the Derivatives Oversight and Taxpayer Protection Act (S. 3188, H.R. 5592), , a bill to strengthen the CFTC’s power to regulate derivatives transactions and increase the agency’s budget by changing the source of its appropriations. Yesterday, the bill’s three sponsors followed up …

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