Financial crises are inevitably followed by legislation to restructure the banking system, and the ongoing problems with bank stability are likely to be no exception.
Crises fueled by bank runs, starting with the Great Depression, have had something in common: Unexpected changes spur bank failures, followed by general panic and then large-scale economic distress.
The president recently nominated a new permanent director to take over the Consumer Financial Protection Bureau. With the CFPB doing a fraction of the work it did under Obama, what kind of agency will she lead?
Mick Mulvaney has only been in charge of the Consumer Financial Protection Bureau for two months, but he’s already made many decisions that will leave consumers worse off.
Republicans are hoping to eliminate or at least defang the only federal agency tasked solely with protecting consumers from financial abuses. What would we miss if they succeed?
Instead, we need to burn the entire system of financial regulation to the ground and replace it with something that supports investing the way it’s done today.
The US wants to repeal controls imposed seven years ago on the trade of some Congolese minerals. The president’s reasons might be all wrong. But the law was badly put together in the first place.