Dodd-Frank

Mike & Co., Yesterday, the 2016 Republican Platform was approved at the RNC in Cleveland.  As expected, the document’s language on economic policy reflects positions taken by Donald Trump.  Mostly.  But the Party surprisingly endorsed a reinstatement of the Glass-Steagall Act of 1933.  This is an unforeseen stance, following years of disinterest in Glass-Steagall by the GOP. Below …

GOP Platform Counterprogramming Glass-Steagall (July 19) Read More »

Mike & Co. — Late this afternoon, the Federal Reserve announced the results of its second round of stress tests – the CCAR.  These tests authorize the banks that pass them to move forward with their plans to raise dividend payments or buy back stock. Earlier in the day, the FSOC announced  that GE Capital will be the …

DFA Making Gains on TBT (June 29) Read More »

Mike & Co. — The renewed interest in the meaning of MetLife followed word yesterday that Sen. Elizabeth Warren and other Democrats including Chris Dodd and Barney Frank submitted amicus briefs arguing in favor of the government’s appeal.  Meanwhile, the Fed announced the results of its most recent round of U.S. bank stress tests ‪Thursday, finding that the 33 banks tested have …

Stress Tests: the Banks' 2016 Report Cards (June 24) Read More »

Mike & Co. — It’s all over but the shouting tonight — de facto, de jure, including superdelegates, excluding them, counting raw vote or states won — by any reasonable measure, at long last, the contest is over.  It’s easy to believe, it’s hard to believe, but it is undeniably a historic moment. From the sublime …

SIFI Rules for Insurers (June 7) Read More »

Mike & Co., President Obama took Donald Trump’s proposals to weaken Wall Street reforms to task and defended his own economic record in a speech Wednesday in Elkhart, Indiana — RV capital of the world and the first city he visited as president in 2009 The speech is notable as roadmap for Democrats touting the recovery …

The Case for the Recovery (Jun. 3) Read More »

Mike & Co. — Yesterday, the Senate Banking Committee reported a set of five nominees out –- next they’ll face a Senate confirmation, perhaps through an expedited process. The Democratic rebellion at the SEC nomination hearing in Committee last month, during which Sens. Warren, Schumer, Markeley, and Menendez blocked these very nominations in protest against …

The Conspicuous Contradiction (May 20) Read More »

Mike & Co. — Last week Treasury Secretary Jack Lew wrote an opinion piece in the Wall Street Journal explaining why he is leading the FSOC to take a look at asset management firms for SIFI designation.  He had a larger purpose in mind.   In light of the MetLife v FSOC ruling it was seen …

The Meaning of (Met)Life (Apr. 26) Read More »

Mike & Co. — Here at the end of a quiet recess, the dust is still settling following the D.C. Federal District Court ruling against the FSOC on Wednesday in the MetLife case, with regulators and businesses speculating about the case’s ultimate disposition, scope, and the implications for TBTF designations going forward.  From a systemic risk perspective, …

MetLife's De-Designation, Pt. 2 (Apr. 1) Read More »

Mike & Co.  — Practically without warning, a U.S. District Court Judge in Washington issued a ruling this morning that would impose the greatest limitation to the scope of Dodd-Frank in the law’s five-year history.   MetLife had challenged the authority of the  Financial Stability Oversight Council (FSOC) to designate the firm a SIFI (systemically …

MetLife's De-Designation, Pt. 1 (Mar. 30) Read More »