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The Durbin Amendment, part of the Dodd-Frank Financial Reform Bill, has led to price distortions that benefit retailers at the expense of community banks, credit unions, and other financial institutions. Ultimately, it hurts the very consumers it was supposed to help. ....
Progressives are mad at Biden for his potential pick for banking regulator. Michael S. Barr, center, was a trusted deputy of former Treasury Secretary Timothy Geithner and is the leading contender to be comptroller of the currency.Credit.Bill O Leary/The Washington Post, via Getty Images Jan. 25, 2021 Michael S. Barr, a law professor and former official in the Obama administration, is President Biden’s leading choice to become comptroller of the currency, a highly influential post that regulates banks. As an assistant Treasury secretary under President Barack Obama, Mr. Barr helped shape the Dodd-Frank Financial Reform law, a sweeping regulatory act that subjects financial firms to stricter government oversight, a résumé bullet point that appears to certify him as a reformer. ....
Financial collapse which was awful. but congress passed dodd-frank financial reform. we are good to go now, right? toure is laughing. i can t laugh because i m too outraged. what dodd-fringe missed was the one thing that would have solved or gone the most solving this problem we have and that s breaking up the big banks. because if you are concerned about democracy, you ought to be concerned about the concentration of wealth and power in the biggest banks in wall street. the political system is owned by the banks. whatever happens will always be best for the banks ask not for us. that s what the perpetuation of the bailouts has done to our democracy and country now. we do need strong banks in this country. the big banks, strong banks, need a strong america as well. and we haven t had that balance. you talk in the book about how some on wall street used complexity to get away with wrongdoing and you also mention breaking up the banks. then there are folks that say ....
One is that bankers have to go to prison. when they are reckless, we have not had a single major banker go to prison in the wake of the financial crisis. and i think there was substantial wrongdoing. so there has to be a real risk ri. but you couple that with an ability to make disclosures. you can create something of a grand bargain here where you swept away a lot of the redundant regulation in exchange for saying you have to disclose your risks in meaningful ways that a sophisticated smart layperson but a layperson nonetheless could understand. isn t that what the naive question is the consumer protection bureau does? where does what the obama administration has put in place to protect consumers square with what you found? right. well, what happened was, i increasingly think that the dodd-frank financial reform ....