Bank Of America’s No-Bid Prison Contract Facing Criticism In Congress

By: Friday October 10, 2014 10:38 am

The prison banking industry is really taking off with an assortment of small time players on the state level snatching all the taxpayer and prisoner money they can. But one of the Too Big To Fail Wall Street banks has it locked up on the federal level. And surprise surprise they have friends at Treasury [...]

Obama Considering Ruth Porat For Deputy Treasury Secretary Despite Dodd-Frank Lobbying

By: Tuesday January 15, 2013 7:29 am

Optics-obsessed Washington’s latest issue is a lack of women in high profile positions in the Obama Administration. The issue for Obama previously was not a lack of women but their treatment in his administration. Regardless, the President has now floated two women for positions within his administration. From Bloomberg: President Barack Obama is considering two [...]

Treasury About to Embark on Measures to Hold Nation Back from Debt Limit Temporarily

By: Wednesday December 12, 2012 9:15 am

The Treasury has begun its “extraordinary measures”to fend off the reaching of the nation’s debt limit.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 7:02 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.

Treasury’s Perfect, Impossible-to-Pass Debt Limit Plan

By: Wednesday December 5, 2012 11:33 am

Jenni LeCompte at the Treasury Department fleshes out the permanent debt limit de-fanging proposal that Tim Geithner offered as part of the initial White House term sheet on the fiscal slope. She adds the nice touch of calling it the McConnell proposal, since the Republican Senate leader offered a version of it, which actually went [...]

Today in Our Completely Captured Financial Regulatory Apparatus

By: Thursday November 29, 2012 11:40 am

Adding to the spate of delays on finalizing rules from the Dodd-Frank financial reform law, the final Volcker rule will probably not get finished until 2013. This is at least six months past due, as the original law called for a final Volcker rule in July. Five separate government agencies – the FDIC, the Federal [...]

Treasury Declines to Label China a Currency Manipulator

By: Wednesday November 28, 2012 7:45 am

The Treasury Department once again declined to label China a currency manipulator, despite arguing that the yuan “remains significantly undervalued” and should rise further. They basically patted themselves on the back and tried to show that their policy of engagement with China has worked to this point. China “has substantially reduced the level of official [...]

Reports: Bowles Rules Out Treasury Secretary Job

By: Friday November 16, 2012 8:30 am

Erskine Bowles told Maria Bartiromo last night that he would not serve as the nation’s next Treasury Secretary. This apparently happened off-air, but it has been confirmed in local papers in North Carolina, Bowles’ home state: Bowles reportedly confirmed to host Maria Bartiromo off-air that he would not serve as the next Treasury secretary, according [...]

Reminder: Executive Branch Can Delay Impact of Most Fiscal Slope Items

By: Wednesday November 14, 2012 7:45 am

I just want to add on to what Dean Baker says here. It’s not just that the people trying to hype the fiscal cliffas a scary, terrifying prospect shouldn’t be trusted given their track record. It’s that the short-term impact, say one month, of expiring measures really does approach zero. Here’s Dean’s base case as [...]

Don’t Look Now, But Here Comes the Debt Ceiling

By: Thursday November 1, 2012 8:30 am

The Treasury Department estimates that the US will reach its debt ceiling by the end of this year. However, they still have an array of extraordinary measures that gave them about three months of headroom after hitting the limit in 2011. The Treasury said Wednesday it could take “extraordinary measures” to juggle the nation’s finances [...]

Freddie Mac Resisted Mass Refinancing Programs

By: Monday October 29, 2012 12:27 pm

I’m glad Jesse Eisinger went back and examined why one of the GSEs failed to offer mass refinancing for years, until the federal government basically insisted. But I think this is a story that attempts to set up a binary ideological dynamic where Occam’s razor suggests a lot of bipartisanship in neglecting homeowners. To start, [...]

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