One might be forgiven for believing that the Republicans have a death wish. No longer able to run on a credible national security platform, they appear to be positioning themselves on another four losing propositions: * refusing to lift the debt ceiling, even though business leaders as prominent as Jamie Dimon have deplored the...
On Wednesday, October 3, the day after the midterm elections, I spoke with Nancy Marshall Genzer of Marketplace Radio. Nancy asked me what impact the new Republican majority in the House of Representatives might have on the financial reform process. Given that only two short quotes of mine appear in the final broadcast, I...
According to ABC News, President Obama is about to appoint Elizabeth Warren to a position reporting directly to the President and residing in the Treasury Department. Her role will be setting up the new Consumer Financial Protection Bureau. This is a brilliant move. Rather than getting into a fight over her nomination as permanent...
The Obama Administration has been steadily losing its luster in many areas, but perhaps nowhere more so than in the field of financial regulation, where leadership is more urgently needed than anywhere else. Today’s American Banker (proprietary content, unfortunately) carries a story, appropriately entitled “White House backs itself into a corner letting CFPB remain...
Today Bloomberg has published a major story on the rapidly growing practice by life insurance companies of providing “retained asset accounts” to beneficiaries instead of paying them out with a check or depositing the funds into an FDIC-insured bank account. Beneficiaries have an account opened in their name, but not the actual funds. They...
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