Blogs: Curbing Wall Street

When President Obama asked a group of senior executives for suggestions on streamlining government, it's unlikely that any of them suggested layers of new bureaucracy, vague marching orders, or management by committee. Yet Sen. more »

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When President Obama asked a group of senior executives for suggestions on streamlining government, it's unlikely that any of them suggested layers of new bureaucracy, vague marching orders, or management by committee. Yet Sen. more »

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Senate Banking Committee Chairman Christopher Dodd, D-Conn., unveiled his latest financial reform proposal on Monday, and the stakes for the new legislation couldn’t be higher. more »

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Eighteen former members of the Federal Reserve’s Consumer Advisory Council (CAC) strongly endorsed the idea of an independent Consumer Financial Protection Agency in a letter released last week . Draft legislation released yesterday by Sen. Chris Dodd would instead place the CFPA in the Fed, an idea that the former CAC members specifically rejected.

The letter says that "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy." It singles the Fed out for special criticism in its handling of consumer issues under both Democratic and Republican administrations: "In 1994 Congress gave the Federal Reserve the power to outlaw unfair and deceptive practices in the mortgage market. The Federal Reserve waited until 2008 to issue their rule, long after the problem had become a crisis and after the market had collapsed. During that time, we and other consumer protection experts issued reams of comment and testimony calling on them to exercise their authority to protect consumers."

The full text of the letter is below: more »

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Democracy requires vigorous public debate in an open forum, conducted by leaders willing to take a public stand and face the consequences. Today's proposal on banking reform from Sen. Dodd is the product of backroom negotiation and holds nobody accountable. It allows Senators to dodge one of the most critical issues of the day: the financial security of the American public. more »

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Democracy requires vigorous public debate in an open forum, conducted by leaders willing to take a public stand and face the consequences. Today's proposal on banking reform from Sen. Dodd is the product of backroom negotiation and holds nobody accountable. It allows Senators to dodge one of the most critical issues of the day: the financial security of the American public. more »

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With word that Six Senators were expressing opposition to putting direct lending in the budget bill reconciliation -- which only requires sixty votes to pass the Senate -- Rep George Miller, Chair of the House Education and Labor Committee, and Tom Harkin, Chair of the Senate Education Committe, got to work. more »

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Senators Webb and Sanders have signed letter urging President Obama to fill empty seats on Federal Reserve Board with nominees who will help balance the Institution. Notably they urge the Pres to find nominees who would break up the big banks, ban usurious interest rates, enforce consumer protections, allow an audit of the fed's bailout operations, put a lid on executive compenstaion. more »

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After more than a year of closed-door negotiations, the President and other Democrats have finally appropriated a Republican phrase by calling for "an up or down vote" on the resulting health reform legislation. Great idea - so great, in fact, that we should do even better on financial reform.

This time, let's have an up-or-down vote on each of the vital policy planks that constitute meaningful reform. Instead of having politicians do their horsetrading in private and leaving the public vote until the end, let's have a public show of hands on the vital economic issues of our time.. more »

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After more than a year of closed-door negotiations, the President and other Democrats have finally appropriated a Republican phrase by calling for "an up or down vote" on the resulting health reform legislation. Great idea - so great, in fact, that we should do even better on financial reform.

This time, let's have an up-or-down vote on each of the vital policy planks that constitute meaningful reform. Instead of having politicians do their horsetrading in private and leaving the public vote until the end, let's have a public show of hands on the vital economic issues of our time.. more »

More »»