Financial Regulation
Commentary
Why #OccupyWallStreet?
History Repeats Itself on Financial Reform
Cry Wolf Quotes
You are right to be indignant. The fact is the system is not working right. It is not right when we have so many people without jobs... It is not right that we are throwing people out of their houses when we have so many homeless... [Our financial markets are] supposed to allocate capital, manage risks. But they misallocated capital, and they created risk. We are bearing the cost of their misdeeds. There's a system where we've socialized losses and privatized gains. That's not capitalism; that's not a market economy. That's a distorted economy, and if we continue with that... we won't succeed in creating a just economy.
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.
We have wandered too far off the path envisioned by our Founding Fathers of a government with few and defined powers. Government was supposed to be about doing only a few things; today government is about doing nearly everything. It has intruded in our business and personal lives in ways unimaginable to the wise men who gathered in Philadelphia in the sweltering summer of 1787. And to increasingly little positive benefit.
The legislation introduced by these Senators today rightly recognizes that the Fed’s rule will cause significant and immediate harm to community banks, consumers and the broader economy.
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.
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.
