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A website forum in which senior fellows of the Peterson Institute for International Economics discuss and debate their responses to global economic and financial developments as they occur each day and offer insights that others might overlook.
The bank lobbyists, it turns out, missed one. They and their congressional allies were able to gut the Volcker Rule, the Lincoln Amendment, and almost everything else that could have had a meaningful effect on the industry.
But, as I point out in a Bloomberg column on July 9, they couldn’t get at [...]
The House-Senate reconciliation process is still underway and some details will still change. But the broad contours of “financial reform” are already completely clear; there are no last minute miracles at this level of politics. The new consumer protection agency for financial products is a good idea and worth supporting—assuming someone [...]
Richard Fisher, president of the Dallas Fed, has long been a proponent of serious financial sector reform. As a former commercial banker, he sees quite clearly that the legislation now headed into “reconciliation” between House and Senate versions amounts to very little. He also knows that pounding away repeatedly [...]
The Securities and Exchange Commission (SEC) under Mary Shapiro is trying to escape a difficult legacy. Over the past two decades, the once proud agency was effectively captured by the very Wall Street firms it was supposed to regulate.
The SEC’s case against Goldman Sachs may mark a [...]
In Politico, I question whether the president should really be seen as “centrist” or “moderate” with regard to financial reform. His staff goes to great lengths to make this claim, including both the specific quotes and general tone in the Financial Times on Tuesday (May 18, p. 7).
Treasury Secretary [...]