The judgment of politicians can be clouded by fixes that sound good, but miss the target. The governments' desire to punish financial services companies is impeding the economic recovery.
Government intervention in the interchange system might boost profits for giant retailers, but it harms the interests of American small businesses and many minority entrepreneurs.
The blunt truth is that the decision-making ranks of the agencies responsible for regulating our financial system are disproportionately, sometimes shockingly, white.
Decades ago, regulators drew a sharp distinction between "core" deposits and "brokered" deposits. With Internet deposits effectively replacing brokered, why have they not drawn scrutiny?
We don't understand all the angst. The public/private hybrid of Fannie and Freddie should be abolished, their existing business sold or liquidated, and the mortgage market privatized.
Executives at the "three F's" are now hunkered down in the trenches, hands clamped over ears, waiting for the shelling to stop and the criticism to abate.
There are many trade associations for banks, but none explicitly for the top five. With the continued calls for the dismemberment of the biggest banks, new representation is needed more than ever before.
Consider the 2007 fiasco when JetBlue Airways left passengers stranded on the runway for 11 hours during an ice storm at JFK. Less than a week later, JetBlue created its own customer bill of rights.
As Occupy the SEC detailed in our recent comment letter, the agencies' proposed implementation of the Volcker Rule strays from Congressional intent in several big ways.
