Financial Regulation

Financial Regulation

Commentary

Why #OccupyWallStreet?

October 07, 2011
Read More

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. 

 Read More

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.

 Read More
More Commentary >

Cry Wolf Quotes

The national securities act of 1934, as proposed, would interfere in a vital way with the essential supply of capital to business.

-
George Houston, National Association of Manufacturers, Vice President
03/13/1934 | Full Details | Law(s): Security Exchange Act of 1934

If we have higher capital requirements than the rest of the world, now you are just putting the nail in the coffin.

-
Jamie Dimon, J.P Morgan CEO
03/30/2011 | Full Details | Law(s): Wall Street Reform and Consumer Protection Act

No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.

-
From a statement issued by the unnamed “directors” of the U.S. Chamber of Commerce
03/05/1934 | Full Details | Law(s): Security Exchange Act of 1934

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.

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

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.

More Briefs >

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.

More Resources >