Treasury Secretary Steven Mnuchin was pressed for his views on housing finance reform, what a “modernized” version of the Glass-Steagall Act would look like and a two-tiered regulatory system.
Sen. Jon Tester, D-Mont., and Sen. Jerry Moran, R-Kan., introduced legislation Wednesday that would raise the stress testing threshold for small and community banks to $50 billion of assets.
A House Republican bill would allow lax lending standards to creep back into the financial system by gutting the CFPB, according to a letter from 158 law professors and scholars.
Democrats in the House and Senate introduced a bill Tuesday that would get rid of an obscure legislative process that has handcuffed rulemakings from the Consumer Financial Protection Bureau and other regulators.
Restricting banking organizations’ lines of business would hurt their ability to compete in a constantly evolving financial system and to serve as sources of strength.
Without powers granted by the Dodd-Frank Act to unwind failing financial firms, a central and known problem that contributed to our last financial crisis would become a core problem of our next one.
Charles Munger, the vice chairman at Warren Buffett's Berkshire Hathaway, said the leaders of his political party risk going too far in their efforts to reduce oversight of banks.
The House Financial Services Committee approved the Financial Choice Act by 34 to 26. While it has enough support to clear the GOP-controlled House, it is unlikely to gain traction in the Senate.
