Financial Regulation

Financial Regulation

Commentary

Why #OccupyWallStreet?

October 07, 2011
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History Repeats Itself on Financial Reform

July 12, 2011

In the decades since the Great Depression, Americans acknowledged the necessity of having safeguards in place to prevent another crash of the financial markets, including the creation of the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC). When they were first introduced, Wall Street cried foul, according to the new report, “Industry Repeats Itself: The Financial Reform Fight,” found here. 

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The History of Consumer Protection Scares

September 09, 2009

By Tim Fernholz. The American Prospect. September 9, 2009.

The Chamber of Commerce and other business interests tried to kill the proposed Consumer Financial Protection Agency with 'death panel' tactics -- exaggerating the affects of the legislation and making it seem as though it would harm ordinary Americans. But these kinds of moves aren't unusual. In the 1970s, there was momentum toward creating a Consumer Protection Agency that would act, essentially, as a kind of clearinghouse for consumer complaints, rather than an actual regulator with enforcement powers. Its opponents also reacted with outrageous rhetoric.

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Cry Wolf Quotes

The real worry is that these new rules and regulations do not create a risk factor or a timidity that is so severe that... they sit on the sidelines worrying more about rules and regulations than they do about making money .. If we have to go to a book keeping system as opposed to an accounting system then we're going to strangle the American enterprise system.

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Thomas Donohue, President of the Chamber of Commerce
09/25/2002 | Full Details | Law(s): Sarbanes-Oxley Act

Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s "invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.

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Alan Greenspan
03/29/2011 | Full Details | Law(s): Wall Street Reform and Consumer Protection Act

The Sarbanes bill will hand American corporations back to the trial lawyers for summary execution.

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Thomas Donohue, President of the Chamber of Commerce
08/11/2002 | Full Details | Law(s): Sarbanes-Oxley Act

[It is a] collectivist [myth that business people] would attempt to sell unsafe food and drugs, fraudulent securities, and shoddy buildings….It is in the self-interest of every businessman to have a reputation for honest dealings and a quality product.

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Alan Greenspan, writing in Ayn Rand's Objectivist newsletter.
01/01/1963 | Full Details | Law(s):
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Related Laws and Rules

Backgrounders & Briefs

Industry Repeats Itself on Financial Reform

As the nation approaches the first anniversary of the Dodd-Frank financial reform law, opponents are claiming that the new measure is extraordinarily damaging, especially to Main Street. But industry’s alarmist rhetoric bears striking resemblance to the last time it faced sweeping new safeguards: during the New Deal reforms. The parallels between the language used both then and now are detailed in a report released today by Public Citizen and the Cry Wolf Project.

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Resources

Political Economy Research Institute is a think tank focused on a variety of subjects such as diverse financial regulation, living wages and environmental protection.

Consumer Federation of America defends the consumer interest in fields ranging from housing and financial services to food safety. 

The Service Employees International Union represents workers the public sector and a variety of industries in the United States.

The National Community Reinvestment Coalition works against unfair lending and banking practices, particularly those targeted towards low and middle income families.

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