law-regulation

During Congressional testimony this week, Fed Chair Janet Yellen was sharply questioned about remarks made by Fed General Counsel Scott Alvarez expressing mild concern about a provision of Dodd-Frank. Yellen didn't defend Alvarez Â-- or note that his comments actually reflected the view of the board.

By prosecuting executives responsible for banks' misdeeds, the DOJ can curtail illegal activity and restore public trust in big banks Â-- and in the law itself.

There's nothing wrong with big banks gaining market share because they offer the products and services that customers want. But there's a problem when big banks can beat off their smaller rivals with a club fashioned by legislators and regulators.

The Subsidy Reserve Act of 2015 could solve "too big to fail" and level the playing field for smaller banks by requiring the largest financial institutions to accumulate capital equal to the amount of the market subsidy they receive.

Right now, financial institutions are not required to know the identity of the living, breathing person behind accounts owned by legal entities. The beneficial ownership rules proposed by Fincen would help expose money launderers, tax evaders and criminals.