Keyword: dodd

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  • No. 2 Senate Dem: 'We've got a problem' if Dodd-Frank rider stays

    12/12/2014 2:00:20 AM PST · by Libloather · 34 replies
    The Hill ^ | 12/11/14 | Rebecca Shabad
    Senate Majority Whip Dick Durbin (D-Ill.) on Thursday morning slammed a provision in the pending spending bill that would repeal a piece of the Dodd-Frank financial reform law and expressed doubt that enough Democrats could support the package if that rider remains. “I just spoke to Nancy Pelosi. The Democrats believe this is an odious provision that should not be included. Many of us feel the same way,” said Durbin, the No. 2 Democrat in the Senate, on MSNBC’s “Morning Joe.” “[Speaker John Boehner (R-Ohio)] can take it out in the bat of any eye, and I hope he will....
  • Guess Who Makes More Than Bankers: Their Regulators

    04/22/2014 7:22:47 AM PDT · by SeekAndFind · 2 replies
    Wall Street Journal ^ | 04/22/2014 | PAUL KUPIEC
    Long before George Bailey wrestled with Mr. Potter in "It's a Wonderful Life," the public decried the pay of top executives in large financial institutions. Overpaid bank executives are the villains in regulatory morality tales and feed distorted public perceptions about bankers' pay. It is true that the very top bank executives make more in a year than most of us make in a lifetime, but compensation of this magnitude is rare. Most banks in this country are small businesses and pay employees modest salaries. The Bureau of Labor Statistics reports that the average annual salary of a bank employee...
  • Consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages

    01/29/2014 10:15:43 AM PST · by Errant · 35 replies
    Washington Examiner ^ | 29 January 2014 | Richard Pollock
    Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts. It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
  • Dodd-Frank Spies on You, Too

    09/16/2013 3:56:50 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | September 16, 2013 | Michael Schaus
    Say hello to Big Brother. . . Again. As if the information collected through the NSA, IRS, and FBI weren’t enough, the newly formed Consumer Financial Protection Bureau (does that Orwellian named entity not give you the full body shivers?) has decided that government does not have a stranglehold on the spending habits of enough Americans. As a result, the Bureau, which was created as part of Dodd-Frank, is planning on monitoring up to 80 percent of all debit and credit card purchases – roughly 42 billion transactions. (Ironically, the agency has not released how much this data mining program...
  • The FSOC Expands 'Too Big To Fail'

    07/22/2013 6:54:49 AM PDT · by george76 · 9 replies
    American Enterprise Institute. ^ | July 18, 2013 | Peter J. Wallison
    The FSOC’s decision to expand the too-big-to-fail designation to nonbank firms will be seen as the most damaging action taken under Dodd-Frank. It was no surprise that the Financial Stability Oversight Council (FSOC) decided last week to cite a number of nonbank firms as systemically significant, placing them in line for greater regulatory scrutiny by the Federal Reserve. What was a surprise is that — in the midst of a huge outcry in Congress about banks that are too big to fail (TBTF) — neither Congress nor the administration asked the FSOC to stop the designation process until the too-big-to-fail...
  • Examining How the Dodd-Frank Act Hampers Home Ownership (Allow MORE Subprime?)

    06/18/2013 10:16:29 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 06/18/2013 | Anthony B. Sanders
    The Subcommittee on Financial Institutions and Consumer Credit held a hearing today on “Examining How the Dodd-Frank Act Hampers Home Ownership.” The hearing was about the Consumer Financial Protection Bureau (CFPB) and Qualified Mortgages (QM). The fear of Dodd-Frank and the CFPB is that the rules are so severe that it could hamper home ownership. Even though the current rate of home ownership remains above the 1994 rate of 64.2%. On May 29, 2013, the CFPB adopted a number of amendments to the QM rule that were proposed concurrently with the final rule in January. The amendments would (1) exempt...
  • President Obama to Nominate Rep. Mel Watt as FHFA Director

    05/01/2013 4:14:55 AM PDT · by haffast · 8 replies
    Politic365 ^ | 4:21am May 1, 2013 | Lauren Burke
    President Obama will nominate Rep. Mel Watt (D-NC) today to be the Director of the Federal Finance Housing Finance Agency (FHFA). Many have called for the firing of the agency’s current director, Ed DeMarco. DeMarco has headed the agency since 2009 and was a Bush appointee. Watt’s nomination is subject to Senate confirmation. Watt played a key role in the he Dodd–Frank Wall Street Reform and Consumer Protection Act that is now law and has been an advocte for minority lending institutions. Watt is 67 and a graduate of Yale Law School. He has served in Congress since 1993 and...
  • Afghan War vet who helped injured spectator at Boston Marathon bombing comes forward

    04/19/2013 12:33:26 AM PDT · by ConservativeStatement · 7 replies
    NEW YORK DAILY NEWS ^ | April 17, 2013 | Victoria Taylor
    A college student injured by the finish line during the first Boston Marathon blast wanted to thank an Afghanistan vet who helped calm her down in the aftermath. She only knew his first name, but, thanks to a plea from friends in high places, that was enough to find him. During his Tuesday afternoon news conference, Massachusetts Gov. Deval Patrick spoke about meeting a Northeastern University student named Victoria who was being treated for serious shrapnel wounds at Tufts Medical Center.
  • Eight Steps to Eliminate Fannie Mae and Freddie Mac—Permanently

    04/17/2013 2:16:54 PM PDT · by Slyfox · 13 replies
    Heritage Foundation ^ | April 10, 2013 | David C. John
    It is time to close both Fannie Mae and Freddie Mac—the government-sponsored mortgage giants. Both entities distort the country’s housing finance market by issuing mortgage-backed securities with subsidized government guarantees that the mortgages will be repaid. If guarantees are necessary, they should be priced and issued by the private sector, not by the state. Financial institutions expert David C. John details specific steps to achieve this shutdown carefully and methodically without further upsetting the delicate housing market—and without making the situation worse.
  • Grumpy Cat: Consumer Confidence Plunges Along With Retail Sales, Dodd-Frank Goes Nuclear

    04/12/2013 8:37:14 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 04/12/2013 | Anthony B. Sanders
    I hate days like this when all economic indicators are negative. Retail sales and consumer confidence plunged. Mama said there’d be days like this. Not only did the University of Michigan Consumer Confidence plunge from 78.6 to 72.3, it plunged compared to an expectation of a 78.6 print. This was not only a 9 month low in the index, but more importantly the biggest miss to expectations since the index was created. Retail sales were down across the board, the biggest decline since June. Note that big swing and a miss versus the expectations of retail sales. Of course, energy...
  • Dodd Praises Former Klansman

    04/21/2004 5:39:16 PM PDT · by Temple Owl · 12 replies · 175+ views
    County Press (suburban Philadelphia) ^ | 4/21/04 | William W. Lawrence
    http://www.countypressonline.com/site/news.cfm?BRD=2549&dept_id=514258&newsid=11351857&PAG=461&rfi=9 EditorialSecond Thoughts By: William W. Lawrence 04/20/2004The "powerful" Delaware County Republican machine is throwing its full support behind Arlen Specter. This "powerful" gang could not deliver the county for Dubya or his father. Let's make certain they cannot do it for Specter.All real Republicans should vote for Pat Toomey.***So George Soros, an anti-American, anti-Bush billionaire, is funding Arlen Specter's senate campaign and has been a Specter supporter since 1996. Let's send the "powerful" Delco GOP machine and Soros a message. Vote Pat Toomey, Tuesday.***Remember Rick Santorum and Dubya have to support Specter. It's not as though they want to....
  • Black Leadership Group Says Dodd Must 'Face the Music and Resign'

    04/13/2004 6:43:14 AM PDT · by Fierce Allegiance · 42 replies · 233+ views
    Talon News | April 13, 2004 | By Jimmy Moore
    WASHINGTON (Talon News) -- Members of a black leadership group are asking Sen. Christopher Dodd (D-CT) to resign from his position in the United States Senate because of recent comments he made regarding Sen. Robert Byrd (D-WV). Talon News was one of the few national media outlets that reported on this story last week about Dodd's remarks about Byrd made on the floor of the Senate on April 1 (read previous story). "I do not think it is an exaggeration at all to say to my friend from West Virginia that he would have been a great senator at any...
  • Black Organization Urges Dodd to Resign Over Insensitive Comments

    04/09/2004 6:49:31 PM PDT · by wjersey · 27 replies · 144+ views
    U.S. Newswire ^ | 4/9/2004 | David W. Almasi
    WASHINGTON, April 9 /U.S. Newswire/ -- Members of the African- American leadership network Project 21 are asking U.S. Senator Christopher J. Dodd to resign his seat in the wake of inappropriate comments he made commemorating fellow senator Robert C. Byrd's 17,000th Senate vote. Senator Dodd said: "I do not think it is an exaggeration at all to say to my friend from West Virginia that he would have been a great senator at any moment. Some were right for a time. Robert C. Byrd, in my view, would have been right for any time." "How could Senator Dodd have made...
  • House Ethics closes Countrywide probe without taking action

    12/28/2012 12:42:26 PM PST · by ColdOne · 31 replies
    thehill.com ^ | 12/27/12 | Peter Schroeder
    The House Ethics Committee has decided to close its investigation into preferential mortgages doled out under a controversial VIP program without taking any action. The panel said it was not taking any action on members who received more affordable mortgages under the program, instituted by the now-defunct Countrywide Financial because while allegations surrounding the program and lawmakers involved "serious matters," they largely fell outside its jurisdiction. For example, many of the allegations pertain to actions outside the Ethics Committee's statute of limitations — greater than three Congresses ago — and many of those accused are no longer working in Congress...
  • Hacktivist's Mom Has a Few Questions for Anonymous

    03/15/2012 8:48:25 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | March 16, 2012 | John Ransom
    When hacktivist Jeremy Hammond was arrested last week in Chicago as a part of a wide government investigation in the online group Anonymous, his mother, Rose Collins, called him a genius without any wisdom. “Again?” she asked when informed by the Chicago Tribune that her son had been arrested for hacking. “I love my son, but he is a genius with no brain. He has a 168 IQ, but he has no wisdom.”  In an attempt to educate the world at-large about the dangers of Anonymous, Rose Collins reached out to Townhall Finance and spoke about Jeremy and Anonymous. She ended by asking a...
  • Answerable to No One (Consumer Financial Protection Bureau)

    11/17/2012 10:39:47 AM PST · by what's up · 11 replies
    Washington Post ^ | Nov 16, 2011 | George Will
    There can be unseemly exposure of the mind as well as of the body, as the progressive mind is exposed in the Consumer Financial Protection Bureau (CFPB), a creature of the labyrinthine Dodd-Frank legislation. Judicial dismantling of the CFPB would affirm the rule of law and CongressÂ’s constitutional role. The CFPBÂ’s director, Richard Cordray, was installed by one of Barack ObamaÂ’s spurious recess appointmentswhen the Senate was not in recess. Vitiating the SenateÂ’s power to advise and consent to presidential appointments is congruent with the CFPBÂ’s general lawlessness. The CFPB nullifies CongressÂ’s power to use the power of the purse...
  • ACLU sues Morgan Stanley over risky mortgages

    10/15/2012 7:46:22 AM PDT · by Oldeconomybuyer · 32 replies
    CNN Money ^ | October 15, 2012 | By Chris Isidore
    The American Civil Liberties Union sued Morgan Stanley on Monday, charging the Wall Street firm discriminated against African-American homeowners and violated federal civil rights laws by providing funding for risky mortgages. The suit, filed in U.S. District Court in New York, is the first that connects racial discrimination to the process of bundling subprime loans into mortgage-backed bonds that were then sold to institutional investors and pension funds. The lawsuit was filed behalf of five Detroit residents, and asks the court to certify the case as a class action. It argues as many as 6,000 black homeowners in the Detroit...
  • Happy Birthday to the Dodd-Frank Rule That Killed Free Checking!

    10/02/2012 6:11:01 PM PDT · by Altariel · 13 replies
    Reason ^ | October 1, 2012 | Katherine Mangu-Ward
    One year ago today, the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act went into effect. Designed to protect consumers from high fees on debit card transactions, the new rules inadvertently put an end to free checking as we knew it. After the new rules kicked in, the banks started looking for ways to make up for the lost revenue, experimenting with $5 monthly changes on low balance checking accounts and other maintenance fees.In honor of this inauspicious anniversary, John Berlau of the Competitive Enterprise Institute writes: According to the just-released annual survey of Bankrate.com, only 39...
  • DODD-FRANK: Still Wrong for America

    09/09/2012 11:31:57 AM PDT · by Son House · 6 replies
    Heritage Foundation ^ | July 18, 2012 | Heritage Foundation
    Hijacking the Financial Sector: The Dodd–Frank statute represents a regulatory hijacking of the financial sector, spanning 2,300 pages delineating at least 400 separate rulemakings by 11 federal agencies. Doesn’t Fix the Problem: Most of the provisions of the act have little or no connection to the financial crisis that provided the excuse for their creation. More Bailouts, Not Less: Dodd–Frank does not end bailouts to big banks. Under the act, the Federal Deposit Insurance Corporation is permitted to purchase the assets of a failing firm, guarantee the obligations of a failing firm, take a security interest in the assets of...
  • And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back

    07/27/2012 5:37:12 AM PDT · by reaganaut1 · 70 replies
    The American Spectator ^ | July 27, 2012 | William Tucker
    Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • Texas bank challenging Dodd-Frank, consumer bureau in court

    06/22/2012 6:57:22 AM PDT · by smokingfrog · 2 replies
    The Hill (On the Money) ^ | 21 June 2012 | Peter Schroeder
    A Texas community bank and two advocacy groups are filing suit in U.S. District Court to challenge the constitutionality of the Dodd-Frank financial reform law. In particular, the suit will contend that the Consumer Financial Protection Bureau (CFPB), created by the law, lacks sufficient checks and balances and, in the words of the CEO of State National Bank, is "simply unconstitutional." “No other federal agency or commission operates in such a way that one person can essentially determine who gets a home loan, who can get a credit card and who can get a loan for college,” said bank head...
  • Friends of Obama Allowed to Opt Out

    06/04/2012 6:56:14 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | June 4, 2012 | Lurita Doan
    Emigrant Bank was recently identified to receive a waiver that would allow the bank to opt out of rigorous Dodd-Frank requirements. These of course are the same new rules and regulations that Barack deems essential to the nation. Yet when the bank’s owner, Howard Milstein, who is a close friend and was a bundler for President Barack Obama’s 2008 campaign, protested that the new rules would seriously crimp operations of his bank, the Obama Administration worked with members of congress to grant him a waiver from the new rules. Other financial institutions and banks have consistently and vehemently argued that...
  • A Hedge or a Bet? Trade Highlights Ambiguity in Volcker Rule(Dodd-Frank)

    05/12/2012 7:02:16 AM PDT · by Son House · 7 replies
    Wall Street Journal ^ | May 11, 2012 | VICTORIA MCGRANE And KRISTINA PETERSON
    Regulators have a July deadline to finish the rule, but officials have said it appears unlikely they will meet it. The October draft rule issued by the Fed, the Securities and Exchange Commission and other regulators permits what is known as "portfolio hedging," or buying and selling in order to reduce the risk of a portfolio of securities held at the bank. Messrs. Merkley and Levin say regulators inserted a "loophole" into the rule's draft. The Dodd-Frank law says banks can conduct hedging activities related to "individual or aggregated positions." It is unclear whether that includes buying or selling to...
  • Libya Taps Nicaraguan as Its Envoy at the U.N.

    03/30/2011 9:03:51 PM PDT · by Ooh-Ah · 8 replies
    NYT ^ | March 30, 2011 | Dan Bilefsky
    UNITED NATIONS — A former Nicaraguan foreign minister who once called President Ronald Reagan “the butcher of my people” has been appointed to represent Libya at the United Nations after its delegate was denied a visa, the Nicaraguan government said on Wednesday. Nicaragua said the former minister, Miguel D’Escoto Brockmann, 78, an outspoken critic of the United States and a Catholic priest, would replace the Libyan diplomat Ali Abdussalam Treki, who had been unable to obtain a visa to enter the United States. Libya’s ambassador to the United Nations, Abdurrahman Mohamed Shalgam, defected in late February after denouncing Col. Muammar...
  • (Tax-cheat Timmy) Geithner: Dodd-Frank critics are toying with another financial meltdown

    02/03/2012 2:56:02 AM PST · by Libloather · 6 replies
    The Hill ^ | 2/02/12 | Peter Schroeder
    Geithner: Dodd-Frank critics are toying with another financial meltdownBy Peter Schroeder - 02/02/12 04:55 PM ET Treasury Secretary Timothy Geithner swung back at critics of the Dodd-Frank financial reform law Thursday, arguing that those detractors are pushing for a repeat of the financial crisis. Both in Congress and on the campaign trail, the Obama administration's reforms have come under fire. Lawmakers are pushing several bills that would repeal portions of the law, and every major Republican candidate has vowed to kill it as one of their first acts in office. But Geithner said such a rollback would merely make the...
  • SOPA and PIPA Backlash Delightfully Continues

    01/23/2012 9:23:27 AM PST · by Altariel · 14 replies
    Reason ^ | January 18, 2012 | Lucy Steigerwald
    Maybe you're sick to death of all the to-do over SOPA (the Stop Online Piracy Act and its Senate buddy the Protect Intellectual Property Act or PIPA) or you just really needed your Wikipedia fix today (don't worry, you can still read their SOPA page!). But really, isn't it awesome that people won't shut up about something actually important for once? Reason didn't participate, but don't take that as any sort of endorsement of nosy government activities. Nick Gillespie reported earlier today on the protest and how it has drawn support from all sides of the political spectrum. What's interesting...
  • Consumer group accuses Hollywood of 'threatening politicians'(Won't support obozo)

    01/21/2012 3:56:24 PM PST · by dynachrome · 13 replies
    The Hill ^ | 1-20-12 | Brian Sasso
    Consumer group Public Knowledge on Friday accused the Motion Picture Association of America (MPAA) and its head, former Sen. Chris Dodd, of trying to intimidate lawmakers into supporting a pair of controversial anti-piracy bills. In recent days, Dodd and other top Hollywood figures have threatened to cut off campaign donations to politicians who do not support their effort to crackdown on online copyright infringement. "Those who count on quote 'Hollywood' for support need to understand that this industry is watching very carefully who's going to stand up for them when their job is at stake. Don't ask me to write...
  • MPAA Directly & Publicly Threatens Politicians Who Aren't Corrupt Enough To Stay Bought

    01/20/2012 7:44:18 PM PST · by Kieri · 17 replies
    Techdirt ^ | 01/20/2012 | Mike Masnick
    from the sickening dept Reinforcing the fact that Chris Dodd really does not get what's happening, and showing just how disgustingly corrupt the MPAA relationship is with politicians, Chris Dodd went on Fox News to explicitly threaten politicians who accept MPAA campaign donations that they'd better pass Hollywood's favorite legislation... or else: "Those who count on quote 'Hollywood' for support need to understand that this industry is watching very carefully who's going to stand up for them when their job is at stake. Don't ask me to write a check for you when you think your job is at risk...
  • Left and Right Unite Against Hollywood's Failed SOPA Overreach

    01/19/2012 6:45:49 AM PST · by transducer · 12 replies
    Big Hollywood ^ | January 18, 2012 | Larry O'Connor
    The Google logo has been blacked out today. Wikipedia, reddit, Mozilla and Twitpic are all blocking access to content. Even Star Trek icon George Takei has blocked his site. The moves are displays of cyber-protest against the heavy-handed and ill-conceived Stop Online Piracy Act (SOPA). From a political and public relations standpoint, this has already been a complete and utter failure for Hollywood and their formerly formidable lobbying arm, the Motion Picture Association of America. Former Sen. Chris Dodd became the new CEO of the MPAA after he realized he would never be re-elected in his home state of Connecticut...
  • Fannie and Freddie Helped Spawn the Mortgage Crisis, and So Did Affordable Housing Mandates

    01/10/2012 10:01:40 AM PST · by WOBBLY BOB · 19 replies
    open market ^ | 1-9-12 | Hans Bader
    Former Fannie Mae executive Ed Pinto, who worked at the mortgage giant before it began buying up risky mortgages, has also described Fannie Mae’s key role in buying up and promoting risky sub-prime mortgages, which Fannie Mae did on a large scale, despite having a capital cushion that was tiny compared to private banks, resulting in its later insolvency and massive taxpayer bailout. A recent book about the causes of the crisis by New York Times business reporter Gretchen Morgenson and financial analyst Josh Rosner, “Reckless Endangerment,” chronicles how “it was Fannie Mae and the government housing policies it supported,...
  • DOJ Steers Countrywide Settlement Cash to Leftist Groups With Dem Ties

    01/06/2012 9:39:54 AM PST · by Nachum · 21 replies · 1+ views
    Big Government ^ | 1/6/12 | Tom Fitton
    The untold story of the Obama Administration’s widely reported, $335 million discrimination settlement with Countrywide Financial Corporation is that, under a secret Justice Department program, a chunk of the money won’t go to the “victims” but rather leftist groups not connected to the lawsuit. The Department of Justice (DOJ) will determine which “qualified organizations” get leftover settlement cash and Democrat-tied groups like the scandal-plagued Association of Community Organizations for Reform Now (ACORN) and the open-borders National Council of La Raza (NCLR) stand to get large sums based on the
  • Ron Paul’s Soros Defense Plan

    01/02/2012 8:38:41 AM PST · by mnehring · 89 replies
    It was recently observed that Ron Paul was to the left of Obama on national security and the best evidence for that statement can be found when one year ago Ron Paul joined forces with Barney Frank​ on a proposal to gut national defense via a panel of experts, quite a few of whom were tied to George Soros​. In July 2010, Barney Frank and Ron Paul co-authored a Huffington Post article rolling out their Sustainable Defense Task Force. The Task Force “consisting of experts on military expenditures that span the ideological spectrum” would recommend a trillion dollars in defense...
  • [CA] sues for answers from Fannie Mae, Freddie Mac on housing meltdown

    12/21/2011 1:08:11 AM PST · by Cincinatus' Wife · 19 replies
    Los Angeles Times ^ | December 21, 2011 | Alejandro Lazo
    California Atty. Gen. Kamala D. Harris is suing Fannie Mae and Freddie Mac to force the mortgage giants to answer questions about their role in California's housing meltdown. In two suits filed Tuesday in San Francisco County Superior Court, Harris seeks to compel the companies to respond to subpoenas from her office that have been ignored so far. Harris is seeking information about the practices by Fannie and Freddie in California as part of her ongoing investigation into the mortgage industry. The suits ask a judge to order the two companies to answer a set of 51 questions served in...
  • No worries for Dodd and Frank

    12/08/2011 12:09:13 PM PST · by Graybeard58 · 3 replies
    Waterbury Republican-American ^ | December 8, 2011 | Editorial
    "Barney Frank: I've destroyed the economy, my work here is done." — Washington Times headline, Nov. 29 It was quite a confluence of news last week when in the span of hours came Rep. Frank's retirement announcement, a report on declining housing prices and home-ownership rates, and a poll belaboring the obvious about Americans' fears about the housing and stock markets. With his fellow Democrat, former Sen. Chris Dodd of Connecticut, Rep. Frank, D-Mass., shoulders much of the blame for today's economic catastrophe and the fiscal crises plaguing governments at all levels. They spent years pushing policies that ultimately required...
  • Gingrich on Inauguration Day: Repeal Obamacare, Sarbanes-Oxley, Dodd-Frank

    12/08/2011 5:28:16 AM PST · by Libloather · 37 replies
    US News ^ | 12/07/11 | Mallie Jane Kim
    Gingrich on Inauguration Day: Repeal Obamacare, Sarbanes-Oxley, Dodd-FrankBy Mallie Jane Kim December 7, 2011 If former House Speaker Newt Gingrich is elected president, he has a busy first day planned. At his speech at the Republican Jewish Coalition's 2012 Republican Presidential Candidates Forum this afternoon, Gingrich urged attendees to help vote a large Republican majority into the House and Senate in 2012 so Congress could immediately pass repeals of the Affordable Care Act and the financial regulations Sarbanes-Oxley and Dodd-Frank. They should do so early in January, "before I am sworn in," he said. "Bring it out during the inaugural...
  • Bye Bye Barney

    11/28/2011 11:24:43 AM PST · by CaroleL · 8 replies
    TalkingSides.com ^ | 11/28/11 | CaroleL
    In January of 2010, then-Senators Christopher Dodd (D-Connecticut) and Byron Dorgan (D-North Dakota) announced they would not be seeking re-election that year. The New York Times reported on the sudden retirements saying they "signaled that President Obama is facing a perilous political environment that could hold major implications for this year's midterm elections and his own agenda." We now refer to those major implications as what Mr. Obama himself called the "shellacking" of his party in those elections. Does today's announcement that 16-term Congressman Barney Frank (D-Massachusetts) will not seek re-election send a similar signal about 2012?
  • Banks Quietly Ramping Up Costs to Consumers

    11/14/2011 4:00:12 AM PST · by Cardhu · 40 replies
    NY Times ^ | November 13th 2011 | Eric Dash
    Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Need to replace a lost debit card? Bank of America now charges $5 — or $20 for rush delivery. Deposit money with a mobile phone? At U.S. Bancorp, it is now 50 cents a check. Want cash wired to your account? Starting in December, that will cost $15 for each incoming domestic payment at TD Bank. Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to...
  • Carrie Fisher: Ted Kennedy once asked me if I’d have sex with Chris Dodd

    11/10/2011 4:24:29 PM PST · by Nachum · 44 replies
    Hot Air ^ | 11/10/11 | Allahpundit
    Can we really trust her on this? It sounds … so unlike him. In a week filled with accusations about skeevy behavior by politicians around women, it’s only right that we pay tribute to the master. “So, [in 1985,] having recently graduated completely healed and normal from my first stint in a rehab, and appearing in an almost perfectly respectable piece of work, I found myself driving from Baltimore to Washington, D.C., to have dinner with Chris Dodd, this senator who I knew virtually nothing about. Nor did Senator Dodd — like most people, then, now and always — have...
  • Dodd-Frank — The Jobs Bill No One Talks About

    10/28/2011 9:01:21 AM PDT · by fightinJAG · 4 replies
    CNBC ^ | Oct. 28, 2011 | Reuters
    President Barack Obama may be smarting because his sweeping jobs bill has mostly stalled in Congress, but the Dodd-Frank bill—much maligned as a job killer—could boost the kind of work Democrats find hard to tout. The Dodd-Frank financial reform overhaul last year aimed to curb the excessive Wall Street risk-taking that nearly leveled the financial system. It subjected the $600 trillion global derivatives market to regulation, increased banking oversight and created a new consumer protection bureau, among other measures. And a debate has raged ever since over the impact of Dodd-Frank, with Republicans asserting the costs and uncertainty created by...
  • There is currently $600 trillion in derivative positions on a global economy of $60 trillion

    10/25/2011 4:54:18 AM PDT · by alexmai · 23 replies
    There is currently $600 trillion in derivative positions on a global economy of $60 trillion. Not a problem eh? The “cause” is the BANKS lootin and pillaging.­They deliberate­ly helped Greece hide its debt. The “problem ” was the US allowed the banks to defraud the western world. Finance Superstars Talk About the Massive Fraud in Our Economic System Nobel Prize-winn­ing economist Joe Stiglitz stated how reducing transparen­cy and hiding informatio­n was an essential element to the crisis. Stiglitz concluded, “Innovatio­n was regulator and tax arbitrage Wall Street and the banks deliberate­ly added opacity and complexity to confuse clients and consumers....
  • This Is The Stuff That Sarah Is Right About

    Senator Chris Dodd has a problem with all these over the counter contracts that trade around the globe without a central clearing place. He would love to see that all contractual transactions have a central clearing house. It protects the counter-party, right?So, the Chicago Mercantile Exchange is in the business of clearing futures transaction. They would be a great fit for clearing OTC [over the counter] transactions. It would be good for the counter-parties, it would be good for the CME [Chicago Mercantile Exchange]. Oh, and it would be good for the people that sit on the Board of Directors....
  • Barney Frank: The Community Reinvestment Act Was a ‘Republican Failure’

    10/12/2011 10:59:56 PM PDT · by neverdem · 58 replies
    NATIONAL REVIEW ONLINE ^ | October 12, 2011 | Jim Geraghty
    In today’s Wall Street Journal: Asked who was to blame for the 2008 financial crisis and whether any bankers should have been prosecuted, Mrs. Bachmann and former House Speaker Newt Gingrich put the onus on the federal government, with Mr. Gingrich suggesting that former Senate Banking Chairman Chris Dodd and Rep. Barney Frank, former chairman of the House Financial Services Committee, should both be jailed.“It was the federal government that pushed the subprime loans . . . that pushed the community reinvestment act,” said Mrs. Bachmann, citing what she considered the causes of the housing meltdown.Mr. Frank released an emailed...
  • You Won't Believe Who Newt Gingrich Wants To Throw In Jail For The Financial Crisis

    10/12/2011 7:40:25 AM PDT · by SeekAndFind · 85 replies
    Business Insider ^ | 10/12/2011 | Zeke Miller
    Former Speaker of the House Newt Gingrich got worked up when asked about the Occupy Wall Street protests at last night's Bloomberg-Washington Post debate. Gingrich first sought to tie the protests to "left-wing agitators" before calling for the firing of Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner. He then doubled down, calling on former Sen. Chris Dodd and Rep. Barney Frank to be thrown in jail, not anyone on Wall Street. Asked if he actually meant for them to do prison time, Gingrich said he did, alluding to past ethical scandals. Watch the video below: CLICK ABOVE LINK...
  • Citi hikes fees on checking accounts (Thank You, Dick Durbin!)

    10/05/2011 10:07:22 AM PDT · by tcrlaf · 12 replies
    CNNMoney ^ | 10-5-11 | Jessica Dickler
    NEW YORK (CNNMoney) -- The fees keep coming. Citi is the latest big bank to slap customers with a round of fee hikes. This time, on its checking accounts. Starting in December, customers who hold its mid-level Citibank Account will be charged $20 a month if they fail to maintain a minimum balance of $15,000 in their combined accounts. Previously, account holders had to carry a minimum balance of $6,000. At the same time, customers who have the bank's EZ Checking account will start being charged $15 a month if they don't carry a minimum balance of $6,000. Citi says...
  • The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.

    10/03/2011 10:04:02 AM PDT · by SeekAndFind · 28 replies
    National Review ^ | 10/03/2011 | The Editors
    Hold on to your wallet: The Durbin Amendment goes into effect Saturday. The once-obscure amendment to the Dodd-Frank financial-reform bill limits “interchange fees,” which banks charge to merchants for providing the service that allows stores to accept debit-card payments. The fees were cut by some 80 percent, which makes it less profitable for banks to offer debit-card services. So the banks have done the natural thing and begun to transfer the fee from merchants to their customers, with Bank of America announcing a new $5-per-month fee for debit-card users. Naturally, the amendment’s author, Sen. Dick Durbin (D., Ill.) is in...
  • Remember the “Durbin Fee” while using your debit cards

    10/03/2011 8:31:10 AM PDT · by Hojczyk · 14 replies
    HotAir ^ | October 3,2011 | Ed Morrissey
    Government imposes new price controls on an industry. Industry raises prices elsewhere to make up for the artificial cap on cost recovery. Government expresses shock, shock at the development. For those of us old enough to remember the 1970s, this seems like deja vu all over again, as Yogi Berra once said. For those either too young or too “dim,” as the Washington Examiner puts it, the surprise should be a learning experience, even for a “dim bulb” like Dick Durbin During the debate over the Dodd-Frank financial reform bill, when Democrats controlled Congress, Durbin insisted on including an amendment...
  • Debit Durbin

    09/30/2011 9:22:41 AM PDT · by WOBBLY BOB · 10 replies
    American Spectator ^ | 9-30-11 | John Berlau
    As I detailed here in February in "Dick Durbin Is Stealing Your Free Checking," thanks to price controls on debit card transactions from the Durbin Amendment of the 2010 Dodd-Frank "financial reform" law, free checking is going the way of the dodo bird. The Durbin price controls on interchange fees -- the so-called "swipe fees" that retailers pay to bank and credit unions that process debit card transactions, go into effect this Saturday, October 1, and are already showing more dire effects than originally predicted. Not only is free checking disappearing at a rapid pace -- a new Bankrate.com survey...
  • Dodd-Frank Act, Aka The 2010 Full Employment Act For Lawyers, Accountants, And Consultants

    09/16/2011 7:59:41 AM PDT · by Maelstorm · 5 replies
    http://www.dailymarkets.com ^ | September 9, 2011 | By Mark Perry
    “Call it Dodd-Frank Inc. A year after Congress passed the broadest financial overhaul since the Great Depression, the law has spawned a host of new businesses to help Wall Street comply — and capitalize — on the hundreds of new regulations. Besides the lawyers, there are legions of corporate accountants, financial consultants, risk management advisers, turnaround artists and technology vendors all vying for their cut.” “It is a full-employment act,” said Gregory J. Lyons, a partner at Debevoise, where a team of a half-dozen lawyers has drafted 30-plus comment letters in the last six months. “The law is passed, but...
  • Home Depot's Bernie Marcus Calls Dodd-Frank Regulations The "Bonnie & Clyde Bill"

    09/16/2011 7:53:47 AM PDT · by Maelstorm · 18 replies · 1+ views
    http://townhall.com ^ | 9/15/2011 | Greg Hengler
    The Dodd-Frank Act goes on for 2,319 pages. Like Nancy Pelosi's "pass it to find out what's in the O'care Bill" statement, Senator Dodd said, "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done." The Wall Street Journal reported on July 14, 2010, just one week before Obama signed Dodd-Frank into law that it will "unleash the biggest wave of new federal financial rule-making...