With Johnson Retiring Wall Street’s Nightmare May Come True With Brown Taking Gavel

By: Tuesday March 26, 2013 7:05 am

Bad news for Wall Street. A Senator Tim Johnson announces his retirement the Senate Banking Committee Chairmanship may fall to one of Wall Street’s biggest enemies, Senator Sherrod Brown of Ohio. Chairman Tim Johnson (D-S.D.), who has led the Banking Committee since 2011, will announce Tuesday he does not plan to seek reelection, according to [...]

Volcker Rule Deadline Comes and Goes

By: Wednesday August 8, 2012 6:13 am

After JPMorgan Chase revealed their Fail Whale trades, there was a debate over whether those trades would have been stopped by the Volcker rule, which was supposed to prevent proprietary trading by the mega-banks. Jamie Dimon called the trade a hedge, the authors of the Volcker rule disagreed with him, they leaned on the regulators [...]

Bachus Propping Up Primary Campaign With Big Bank Cash

By: Tuesday March 13, 2012 10:00 am

In addition to Presidential primaries in Alabama and Mississippi today, there are primary elections for Congress as well. We saw in Ohio with Jean Schmidt that incumbents are in no way safe in what feels like an anti-incumbent environment. And a new SuperPAC devoted to beating incumbents has a few more races in their sights [...]

STOCK Act Passes House as Bachus Insider Trading Investigation Begins

By: Friday February 10, 2012 7:35 am

The House passed a watered-down version of the STOCK Act, the bill that would ban insider trading among members of Congress. Democrats supported it in order to get the bill to a conference committee, as it has already passed the Senate. So the final vote was 417-2. The two major changes to the bill made [...]

With Obama Endorsement, Insider Trading Ban for Congress Likely

By: Thursday January 26, 2012 8:55 am

One part of the State of the Union I forgot to mention is that the President formally backed legislation that wold ban insider trading among members of Congress. If the Administration has been serious about anything related to financial fraud, it has been insider trading, where they have engaged in multiple criminal prosecutions. And the [...]

60 Minutes Loses Credibility on Congressional Insider Trading Story

By: Monday November 14, 2011 8:57 am

I found last night’s 60 Minutes story on insider trading in Congress to be uneven, partially underwhelming and at times outright misleading. That Congress has access to insider information and does not have to sequester off their stock trades in ways that would allow them to profit from this information is beyond dispute. The simple [...]

House Republicans Deliver Nonsense Letter to Elizabeth Warren

By: Thursday March 31, 2011 8:39 am

So Spencer Bachus and Shelley Moore Capito are really upset with Elizabeth Warren. In a letter from the two leaders on the House Financial Services Committee, they demand that Warren correct her testimony to the committee from March 16. See, when asked about the mortgage servicer settlement and CFPB’s role in it, Warren said that [...]

Continuing Resolutions Make Implementation of Dodd-Frank Nearly Impossible

By: Monday December 20, 2010 1:52 pm

Ezra Klein has gone into opposition over the spending bill and the likelihood of deep cuts next spring. He’s right to an extent, that Democrats have spent a lot more time on big bills than the regular annual spending measures (though Republican obstruction of both had a hand in that), and as a result we’re [...]

Serving the Banks: A Good Description of Recent Public Policy

By: Monday December 13, 2010 10:49 am

If you want to rally boil down the work of the US government in the 2009-2010 period, it has been to systematically ensure that banks still rule the world. If that’s the prism through which you view their work, you have to conclude that they were wildly successful. Wall Street’s biggest banks, rebounding after a [...]

New Financial Services Chair Bachus Wants to Dismantle Dodd-Frank

By: Thursday November 4, 2010 12:04 pm

Political observers are gearing up for the battle over repealing health care, which could lead to a government shutdown. And we all know that cap and trade is dead, and whatever progress gets made on energy in the next two years will happen on the nuclear/clean coal/natural gas side of the ledger. But what about [...]

The Next Two Years: Government Shutdowns, Failed Opportunities Expected

By: Tuesday November 2, 2010 8:32 am

We know that the result of the 2010 elections will be gridlock, because the federal government is just wired that way. Even if Democrats manage to by some miracle keep the House and Senate, they’ll lose some seats in the upper chamber, enough to enable a successful filibuster of any initiative worth passing. And I [...]

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