The Myth of Financial Market Deregulation heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
In July, the U.S. Senate introduced a plan to offset new highway spending by reducing the dividend that the Federal Reserve pays to member banks. While it is still unclear exactly where this idea originated, an anonymous Democratic staffer recently referred to the dividend as “an unnecessary and wasteful subsidy.”[1] It now appears that the dividend reduction will go forward even if it offsets outlays other than highway spending.
House Financial Services Committee Chairman Jeb Hensarling (R–TX) has released a discussion draft of a major regulatory reform bill called the Financial CHOICE Act.[1] This legislation would replace large parts of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. Key sections of the bill would reduce the risk of future financial crises and bailouts, and would allow investors and consumers to prosper by freeing them from centralized regulation and micromanagement.