35 Burst results for "Dodd Frank"

Remembering Paul Volcker

Marketplace with Kai Ryssdal

05:39 min | 8 months ago

Remembering Paul Volcker

"Here's the thing about Paul Volcker the former chairman of the Federal Reserve arguably one of the most influential of Fed shares. Who died it yesterday at the age of ninety two? Yeah it's kind of an amazing story that's author and New York Times editorial board member beaming Applebaum on this show about a month or two ago. He used to cover the Fed for the Times. When Paul Volcker I started at the Federal Reserve he worked basically as a human calculator in an office deep inside the Federal Reserve? There Have Bank of New York in the early nineteen fifties and he told his wife one night that he didn't think he had a future at the Fed that as an economist he was always going to be consigned to being essentially. Actually you know A worker bee at this institution that was run by financial market types businessmen. Those even a Iowa Hog farmer there and he didn't think that he had much chance of getting ahead. Suffice it to say Paul Volcker got way ahead at the Federal Reserve. Jimmy Carter picked him to run the Central Bank in nineteen seventy nine with inflation and this is important headed toward almost fifteen percent. I ask Carter about that about the economic and political fallout from picking Volker when I interviewed the former president in two thousand ten so I went looking as I Picked up this book. I went looking for the name. Paul Volcker who You pointed to the Fed in nineteen seventy nine. You don't come across crosses name until page three hundred and forty something and it's really funny because it is dismissed in a sentence. Paul Volcker came in We decided we could work with him. And then the the next day bang you name to defend that was really the one of the most hotly debated things. I did because a lot of my political advisor. Said don't appoint Paul Volcker because he's going to tighten up on everything and you will have no control at all over the Fed anymore. You won't even have communication with him when Paul Volcker came. I was seeing the prospect of enormous inflation rates. And so I agreed with Paul Volcker in conversation that I would not interfere in what he did. I was prepared for him. To tighten up tremendously and drive interest rates and so forth up in order to control rampant in. It's funny actually because a little bit later in the book you basically say in this passage that you dictated at the time Volcker says he's going to have to tighten interest rates. And it's GonNa hurt me politically. I mean. You knew it was coming. I knew it was coming but I was prepared to take it. I thought that I could be reelected in spite of that as it turns out. Of course things didn't work out for President Carter about which I asked Paul Volcker in two thousand twelve if I read the see the recounting of that job interview correctly in this book. You basically said I want independence and I gotta do what I gotTa do. It was obvious why he wanted to see me. But I MR president and if you're thinking of appointing me Germany Federal Reserve. You have to know that I believe in somewhat entitled Monetary Policy and we have been following and my predecessor followed. Yeah you know I the next question I asked the president actually was Did you mind when he raised interest. He's like that and he said Oh no I I thought it was going to be good for the next presidential term. I thought that term was going to be mine. Not Raking No. He asked him why said I cost him the election. There's some people said and he had kind of Ri- smiled and he said well I think there were a few other factors as well after he left the Fed in nineteen eighty seven. Paul Volcker worked on on Wall Street for a while. Got Drafted back into government service every now and then most. Recently as the chairman of President Obama's economic recovery advisory board and as the namesake for the Volcker Carulli. The part of the Dodd Frank Financial Reform Bill that limited some of the kinds of trades. The Big Wall Street banks could make. But really when you think Paul Volcker. It's those years in the late nineteen seventies early nineteen eighties when the Fed pushed short-term interest rates up to a record twenty percent to get inflation back under control twenty percent went today the Fed's current short-term target rate is between one and a half percent and one and three quarters percent and it hasn't over five in more than a decade which makes double digit interest rates hard for most Americans below a certain age to even fathom so marketplace's Amy Scott takes us back in the early nineteen eighties and Owen managed a bank branch Boston to remember telling customers. They'd have to pay twenty one percent interest for a car loan today. The average is just over for four percent. They would get mad at the bank and many times they would just basically say I can't afford that. Oh and went on to become an economist at the Fed and now teaches at Hamilton College. She says those high interest rates had a purpose volcker was trying to slow down demand by making borrowing more expensive give. It made it difficult for people to buy houses by cars Credit card interest rates. Were extremely high. The economy did slowdown slowdown falling into two recessions. In one thousand nine hundred eighty two unemployment topped ten percent in protest homebuilders mailed. Chunks of two by fours is to Volker and members of Congress. Fred Napolitano is former president of the National Association of homebuilders. Just make a point to say this is what we do is is what we build you know with. The interest rate is hurting us. That pain eventually paid off. Robert King is a professor of economics at Boston University. Ultimately once people began to believe that inflation was gonNA come down it came down and interest rates tumbled and the economy recovered and and it's viewed as a major triumph at triumph. Nobody wants to have to repeat. I'm Amy Scott for marketplace. Paul Volcker did yesterday at at the age of ninety

Paul Volcker Federal Reserve President Trump Volcker President Carter Chairman Of The Federal Reserv Have Bank Of New York Times New York Times Volker Amy Scott Germany Federal Reserve Applebaum Editorial Board Member Political Advisor Robert King Iowa
Stockbrokers Face New Rules to Prevent Elder Abuse

Politics, Policy, Power and Law

06:01 min | 1 year ago

Stockbrokers Face New Rules to Prevent Elder Abuse

"I mean, there's long been a debate about whether brokers really are selling clients things that they should be selling them. You don't want to sell an annuity that expires in two years two or that has a. Like a twenty year lifespan to a ninety year old woman, and we've all heard rampant abuses of these things coming going on. You know, you, you get a call or, or someone you know markets, you something, very aggressively, and they give you a great pitch. And then it turns out to be a horrible investment. Now, what's, what sort of controversial about the rules for brokers is that they've long been held to the standard that they only have to make sure the, the, the security is suitable for the client, whereas money, managers, people who run mutual funds people who are registered investment advisers have to put their clients interests ahead of their own. Now, the fact that, you know, a lot of investor advocates are very angry that, there are these two separate codes of conduct. Because they say look customers, don't understand those distinctions those distinctions created by the industry. They're distinctions created by Wall Street. If you tell a seventy year old, you know, you're seventy year old mother or aunt or what have you? That, that her broker doesn't have to put her interest. I you know, she she's going to be at a loss on that. It makes no sense to her. And frankly, there's a lot of logic in that. I mean, I don't think it makes any sense. Okay. So the whole point of this would be to protect the interests of the clients would be to make sure the firms. Don't take take advantage of them, right him. That seems simple enough. Yes. So though, if it's that simple wise, it take hours longer to, to fix it. I mean, a lot of that, you know, I'm sorry to say, has has, you know, the, the, the story behind that is the same reason as lotteries that don't get solved. And that's because of aggressive industry lobbying the rule that the SEC is, is voting on next week, how it, doesn't it doesn't make brokers fiduciaries like fund managers are what it does is you, you have to be much more aggressive in disclosing conflicts that you have, for instance, if a broker is getting paid. By a company to sell it stock or something like that. That's got to be told to the client if they have some internal practice at their firm where look we really want to sell a lot of company XYZ's bonds. So we want you to push those on the client's, perhaps that has to be disclosed, although there is some discretion about what has to be slows and on top of that you have to do a better job just making sure that the client understands what their in store for. Okay. Let me ask you this. We know that it's taken ten years or more to get to this point. What Rubicon did we cross to get to where this is about to become regulation, or have we gotten quite there yet? Well, so this all actually stems from the Dodd Frank act, which I'm sure your listeners are familiar with there, was there was, there was a lot of people Democrats in particular that wanted the Dodd Frank act stipulate. That brokers are fiduciaries. They're held to the same terms as investment advisors. Now there was some vote rolling and and aggressive lobbying. So that was watered down and dodd-frank to the SEC has to study this issue in make determination about whether brokers should be fiduciaries. So ten years later after a lot of debate now the now ruining a little bit, again, the SEC during the Obama administration basically punted on this issue too controversial didn't want to step in the mud. You know, couldn't figure out a way to sort it out in a way that made everyone happy, which, you know, they should have known that you're never gonna make anyone happy. But so the, the Obama, the bomb the White House, instructed the Labor Department to tackle this and the Labor Department deals with pensions, that's sort of their jurisdiction in his face. And they passed a very aggressive rule, then Obama than Obama was gone, and Trump won the election and that rule went down in flames. James and, and the SEC is now fixing that by coming up with a new standard. A new standard that Wall Street is basically content with, because it is an aggressive as the Obama era rule. Okay. Well, then ask you this, and you sort of answered it, but we're going to circle back and clarify it. How much of this is definitely political, because Wall Street folks are pretty generous with campaigns. Yeah. I mean, I, I would say having sat through a lot of hearings on this issue that Democrats are pro tougher standards for, for brokers and Republicans. I've heard a lot of questions especially on the house side, from Republicans, you know, beating up the SEC when it's tried to tackle this issue before going after the fiduciary rule when the Obamas Labor Department was passing it. So, yeah. Like everything this town is pretty political. I mean, it's hard to sort out a lot of times whether lawmakers have opinions because they genuinely hold those opinions or because someone has, you know. Paid them off to have a certain opinion. I will make a judgment on that, just tell you what I've seen it hearings. Okay. Well, let me ask about the reaction that you are seeing investor advocates, the folks that they are trying to protect are they happy with this. Did these rules? Go far enough to not go far enough where what would they like to see happen? They are not happy. Yeah. They are not having this far and they're still unhappy. Well, because they because it's not they, they want a single standard for brokers and investment advisers. They, they repeatedly argued that consumers do not understand these distinctions consumers have no idea that when someone knocks on your door, or phones, you or sometimes even you sign a contract with that. They have a different duty of conduct to you based on what their title is.

SEC Barack Obama Dodd Frank Labor Department Rubicon White House Obamas Labor Department James Fiduciary Donald Trump Seventy Year Ten Years Ninety Year Twenty Year Two Years
Fed proposes easing post-crisis rules for big banks

Afternoon News with Tom Glasgow and Elisa Jaffe

02:12 min | 1 year ago

Fed proposes easing post-crisis rules for big banks

"Trump. The Federal Reserve Board has proposed easing key post-crisis regulations for the country's biggest banks despite concerns from one member that the proposal goes too, far Washington Post financial reporter, Renee Merle is following the story and spoke with komo's Bill O'neil. This proposal would require the big banks to submit their plans for potential closure during an economic crisis. Every four years as opposed to every year. Exactly. What are they chief responses of congress after the financial crisis was the past financial regulation Dodd Frank and those regulations required the big banks to every year by what's known as a living will which basically outlined how the Bank could be closed without causing harm to the economy or to taxpayers, so smaller banks also wouldn't be under such intense scrutiny. Either would they with two hundred and fifty billion in assets are less than two hundred fifty billion doesn't sound like a small Bank. But in the US, it is and those banks would no longer have to file their so called living wills congress. And the regulators decided that being those at that size are no longer as much of a threat to the economy that what is the thinking behind this plan in what to critics have to say about it? Behind the plan is that the financial system in the banks or much healthier now than they were ten years ago. And so the industry doesn't need name level close scrutiny that it did back then. But the critics warned that you know, things can change it a Bank significantly in four years, while a Bank might not change in one over four years of Bank could move aggressively into new risky areas that they could change their capital level levels significantly. And so they could develop serious problems within four years that regulators should be more on top of those potential changes. Now, the proposal, of course, is out there where does all of this go from here. Reserve is likely to vote on this by the end of the year since the the Reserve Board a proposed this most of the members endorsed a proposal is likely to get past. But the public has the next ninety days to comment on the proposal. And so there's chances where it's also be revised to be changed

Bank Federal Reserve Board Congress Reserve Board Renee Merle Washington Post Komo Reporter United States Dodd Frank Four Years Ninety Days Ten Years
Shares of Disney gain in after-hours trade after earnings beat

The Opening Bell

00:32 sec | 1 year ago

Shares of Disney gain in after-hours trade after earnings beat

"Last weekend. And they were location in Atlanta. And in back of them, you could see because they weren't a streetscape just the scooters going back and forth back. I mean, just dozens of people on scooters. Yeah. No. It's it's it's a very different. It's an interesting and very convenient mode of transportation if you don't have to go to terribly far. But yeah, as far as where do you dock them just drop them wherever and do they have snow tires? So Paul what is the big news this morning from this past week is the highlight in your world is mourning. Well, really surprisingly enough. One of the highlights was the election. I mean, we we kind of expected the election to go as it did. And we didn't expect the markets to react to terribly much to it. But once the election was done we saw the market's rise by two percent. And that was kind of a surprise. And there were certainly winners and losers within the market based upon what many guests would be new legislation or or new constraints if you will on on business, so you had healthcare stacks do very well as we've tight marijuana stocks did very well. Especially after Jeff Sessions resigned. And thinking there's a way forward then for legalize marijuana in the US banking stocks struggled because they saw additional constraints from dodd-frank. So it was kind of a mixed mixed bag from that perspective. But the fact that the market was up two percent was was really kind of a surprise. And then certainly the fed meeting yesterday leaving things unchanged. Those were the two big big highlights for the week to tear this apart a little bit further the healthcare stocks up because of some optimism that there might be some bipartisan way to fix healthcare or is that being optimistic. The word bipartisan is something. I think has disappeared from the lexicon in Washington. But yes, that is the hope that in certainly Trump alluded to it in his conversation press conference afterwards. After the election results that there could be some some way forward to fix healthcare and make it better for for Americans that are on on that plan or looking to get onto that plan. Whether that's the case or not again going through is going to be a tough process. But you know, there there's certainly some optimism that that's going to happen. The Democrats to talking about perhaps reaching across the aisle for an infrastructure plan. That's something that we haven't really seen much of lately. So that would be a positive thing. And we. A lot of the concrete stocks the the construction firms engineering firms they did while they were up three four five percent right after the election on that expectation, but we've we've heard this before as far as infrastructure Bill that was certainly one of the things that Republicans ran on two years ago and not much happened. So when they control both houses they had control nothing really happening there. So. There's a lot of hope and optimism with election that things are gonna happen and get done. And we'll see what happens come January. Right. And so let me play the pacifist here because if you have a split congress to both houses different. There's a good chance. Nothing gets done over the next two years, right? I think it depends upon whether they can put the the partisanship to the side and actually agree on something. And unfortunately, the way we've watched voting develop over the last twenty years or so it has gotten further and further apart as opposed to closer and closer together where they're actually reaching across the aisle, and and some compromises being made Paul hang on. We're gonna continue with Paul Nolte this morning from kingsview asset management. We'll talk more about the fed their meeting this week and the Pat forward and interest rates and some more economic news in portfolio stuff as well. But I at five nineteen it's time to update traffic

Paul Nolte Marijuana FED Jeff Sessions Atlanta United States Donald Trump Kingsview Washington Two Percent Two Years Three Four Five Percent Twenty Years
"dodd frank" Discussed on Newsradio 970 WFLA

Newsradio 970 WFLA

01:54 min | 1 year ago

"dodd frank" Discussed on Newsradio 970 WFLA

"The chapter thirteen trustee in. Involved for approval, if you're going to keep the chapter thirteen open, if you're gonna use the mortgage to pay off the chapter thirteen and then we don't need their approval can get a payoff from them and pay off that chapter thirteen next question for seven number. What do I need to give for a refinance estimate really not a whole lot. It's a quick conversation. We didn't know what your current mortgage balances. We have to figure out what your credit score is a couple basic questions about income to make sure you qualify. That's really it. Because we're paying all the closing costs right now on refinances. It's a pretty easy estimate for us to put together. I would love to help you with that. I'm going to have somebody reach out to you and SEO we can do there. Let's see next up four seven area code. I have a situation where I'm self employed. So my tax returns do not reflect my true income. Would you be willing to take a combination of records of deposit from my Bank and my credit report, plus my VA guarantee of eligibility. Yeah. The the problem here is if you're not paying taxes on the money, we just cannot use it when the Dodd Frank Bill was passed a law called ability to repay. And fortunately, we're not able to use this type of. Compare advocation we have to go off of those tax returns. Now, there are some expenses that we can add back in. So if you have depreciation expense if you have depletion expense. There are some things we can add back into your income to sometimes raise it up. Also, you know, we can look at taking a one year average instead of a two year average. There are some ways we can try to help you qualify from a self employed standpoint. But we can't just completely ignore the tax returns and Gough deposits. You can only use income that you pay taxes on except for a few exclusions like depreciation depletion that we can add back in order to to get that homeland. So that's not something we'd be able to do based on Bank statements. Unfortunately, if you have questions about mortgages or revise Bill free to call the officers of our funding and ask away. There's no obligation. The office number is eight five five seven seven three eight six three four eight five five seven seven three eight six three four. No one will try to hard sell.

Dodd Frank Bill self employed trustee Gough one year two year
"dodd frank" Discussed on Marketplace All-in-One

Marketplace All-in-One

04:12 min | 2 years ago

"dodd frank" Discussed on Marketplace All-in-One

"Then this time in two thousand eight, the collapse of Lehman Brothers. Now, the two Democrats who got the reform law through the then democrat controlled congress, where Barney Frank on the house side. And Chris Dodd, the Senate issue of financial literacy above and said, is not only a general problem with the public at large, but you could make the case for the congress and self. All right. It's also been noted that the Dodd Frank law focused to a large degree on banks that were seen as too big to fail. But Dodd Frank is not really focused on other parts of the financial system that are in some ways Bank like, but are not regulated as such talking about the shadow banking system, which includes hedge funds, money market accounts and more. Now, here's part of my Dodd Frank conversation focused on these next frontiers in regulation. What worries you most now about the financial system? You surely your worries and not over my warriors at. I don't know what what happened at his position with the finish. The private sector innovate and at some point, the innovations outstrip existing regulations and the mistake is if your weight too on that was the problem. And then in the nineties, the two thousand one so much deregulation has none regulation. His what I'm afraid of is that we will see a repeat of it that I don't know what the next set of innovations will be. My fear is that they will be innovations that will. In part designed to get around existing regulations and the regulations from catch up quickly enough, it'll depend, you know, who's in power? Will you wrote about this in the book that back when you were an adolescent around the time of your bar mitzvah, you weren't sitting around worried about collateralized debt obligations or or swaps and stuff. In other words, the financial services gets more and more sophisticated, but you're saying this mismatch between the speed at which we. Doesn't have to be well. What happened was this philosophy of deregulation set in? And I what I'm hoping is it coming out of the experience we had. It's going to be a while before people become that that willing again, to sit back. I think a lot of people now who who are working who are asking you. I mean, look, we will be interviewed forty years ago. People would be saying, well, what were you about the financial system? The fact that you're asking that now is fine. I think of, yeah, we have wearing the lesson. There is greater sophistication about the dangers of Chris Don t two things. I think the debt issue, domestically, both at the national level, the state level, the community level national level. This is government borrowing, but also corporate debt, risky corporate debt, I think is a huge issue that's looming out there. I think it's regrettable in some ways. I mean the fact that we're still ten years later, not just a matter of history talking about this. In fact, the bills being introduced all the time to do it binding. I did. You know, you've got things like fintech. You got cybersecurity a data issues. If I were chairing the committee today, I'd be looking. Those are the issues that I think are on cutting edge and financial institutions instead of worrying about, you know, the Volcker rule per se, or the consumer financial protection. Look at these real, you know, some of them exciting. By the way. I'm not saying just we ought to be oppose them. I think fintech offers some unique opportunities, the bitcoin issues and so, but that's not just rejected out of hand seems to me smart, intelligent people ought to be looking at it to determine whether or not these are offering new opportunities, so debt, and these legitimate issues that are out there today that didn't exist in years ago. Stepping back, I also asked them if all this post crisis regulation is a success story or something else this given data from the social science research council, but the typical white family in America twenty years after Dodd, Franks passage, we'll have thirty one percent fewer assets. The typical black family at that point about a dozen years from now, we'll have forty percent fewer assets than they would had the great recession never happened. Of course. That's true. But you confusing what we did in response to the crisis to the causes of the crisis, a building, destroy people's houses, the PR. Practice of unregulated subprime loans destroyed the practice. So of course, if you're talking about people in many cases worse off than they were before..

Dodd Frank Chris Dodd Barney Frank congress Lehman Brothers Senate fintech Chris Don t America Franks thirty one percent forty percent twenty years forty years
"dodd frank" Discussed on Marketplace All-in-One

Marketplace All-in-One

03:46 min | 2 years ago

"dodd frank" Discussed on Marketplace All-in-One

"I go to work in another. I mean the notion that, oh poor, she, oh, of making twenty seven million dollars. We heard feelings. That's tough. If you have when you show up. Good job. Live on twenty million dollars to twenty seven related issue. Again, this doesn't get a lot of attention to say on pay. Also related to that is the is the whistle blow provision in the Bill putting which was here who's controversial. And frankly, I think bonding I both had our reservations have been about it. The idea would pose a deluge of whistle blowing accusations. 'cause you can bypass the business. She worked for go directly to the SEC. We're gonna anonymity, and of course. And was worried about. It turned out all of our fears. Here's we had now exist. They've been a great success and made a difference and the last several years we've tried to cap, she mature stray. She'll be, but more more you're trying to raise the pay of workers, I mean, with unions and with better take -sation and with other factors that would increase their pay in talking about the achievements of the Dodd Frank law, but what worries you most now about the financial system? Surely your worries not over. I my warriors that I don't know what will happen. Next, here's a position with the finances and others the private take to innovate and at some point, the innovations outstrip existing regulations and the mistake, if your wait too, and that was the problem in in the ninety. Two thousand one so much deregulation has done regulation. Virtually born tried to get the government to do about the derivatives. We tried to get Alan Greenspan to do something about the way you said. Let me just be about about Alan Greenspan and his memoir in two thousand six economics in the time of turbulence. He said, I'm getting this almost verbatim have even pay two of six. You could look it up case, say, I know that these subprime Mon carried a high risk that they would not be repaid, but it was a risk worth taking because you cannot have a capital. This system unless there is good support for property rights and by making these loans, we encourage a lot of these people to be support a property right? Is a political, ideological justification full now, ING loans to be made that he said, quote, had a high risk of not repayment so, but his what I'm afraid of is that we will see a repeat of it that I don't know what the next set of innovations will be. My fear is that they will be innovations that will impart designed to get around existing regulations and the regulations from catch up quickly enough. It'll depend, you know, who's in power Krista two things. It's less directly involved in in specific financial institutions, but I think the debt issue, domestically, both at the national level, the state level, the community level, national level, this government, barring, but also corporate debt risking, I think is a huge issue that's looming out there. I think it's regrettable of some ways. I mean, the fact that we're still ten years later, not just a matter of history talking about this. In fact, the bills being introduced all the time to do it binding. I did. You know, you've got things like fintech. You got cybersecurity a data issues. If I were Charing the committee today, I'd be looking. Those are the issues that I think are our cutting edge and sound financial institutions said a worrying about, you know, the Volcker rule per se, or the simmer financial, protecting. Looking at these real, you know, at some of the exciting by the way I'm not just we ought to be opposing fintech, offers.

Alan Greenspan Dodd Frank law SEC Krista twenty seven million dollars twenty million dollars ten years
US, New York and Dun And Bradstreet discussed on Bloomberg Best

Bloomberg Best

00:17 sec | 2 years ago

US, New York and Dun And Bradstreet discussed on Bloomberg Best

"Let's check this hour's top. Business stories and the markets we're told Dun and Bradstreet will be acquired by an investor group for, one forty five, per share Dun and Bradstreet last traded in New York at one twenty. Two eighty so the offer represents an eighteen percent premium

United States New York Dun And Bradstreet Twitter Tesla Bloomberg World Bloomberg Tokyo Elon Musk Yamaha Motor Doug Krizner Suzuki Motor Mazda Motor DUN SEC Beijing Dodd Frank China
"dodd frank" Discussed on 710 WOR

710 WOR

01:38 min | 2 years ago

"dodd frank" Discussed on 710 WOR

"That was really done by congress not might have president so it had to pass both both the house and the senate and what is done is to reduce regulations almost exclusively to smaller banks and and i'll go into more detail about it really the thirteen largest banks in the united states have not had any changes in their regulations is still the regulations that existed when dodd frank was passed therefore cages that were made by congress relative to the original doddfrank bill the first i think perhaps the most important is that the is the change in the definition of what are called systemically important financial institutions and those are the generally the larger banks where if they should fail it may cause a cascade of other failures and and and the definition of a of a systemically important financial institutions in the dodd frank bill was any bank that had fifty billion dollars of assets or more and that includes about forty five banks and the reason they came up with this rule and regulation was a perception at at least that these particular companies these banks might have caused havoc internationally in the event that they had failed and god knows what would have happened that was the rationale and.

congress president senate united states dodd frank frank bill fifty billion dollars
"dodd frank" Discussed on KHNR 690AM

KHNR 690AM

01:42 min | 2 years ago

"dodd frank" Discussed on KHNR 690AM

"Regulations that are crushing community banks and credit unions nationwide they weren't such trouble onesizefitsall those rules just don't work and community banks and credit unions should be regulated the same way and you have to really look at this they should be regulated the same way with proviso for safety as in the past when they were vibrant and strong but they shouldn't be regulated to same way as the large complex financial institutions and that's what happened and they were being put out of business one by one and they weren't lending since its passage in two thousand ten doddfrank has dealt a blow to community banking as a candidate i pledge that we would rescue these community banks from doddfrank the disaster of dodd frank and now we are keeping that commitment and all of the people with me keeping that commitment credible group of people dodd franks complex and costly regulations gave large bags and unfair competitive advantage that the expense of neighborhood banks all over the country since dodd franks passage just eight years ago twenty percent of small banks have been put out of business there disappeared well banks that were considered too big to fail we've heard that many times too big to fail had the resources to comply with dodd franks brutal maze of costly regulations and maybe we're going to have to.

dodd frank dodd franks dodd twenty percent eight years
"dodd frank" Discussed on WSJ What's News

WSJ What's News

01:33 min | 2 years ago

"dodd frank" Discussed on WSJ What's News

"Outlines of the bill that we saw clear congress this week and mr cone stayed on it he was engaging with democrats reassuring them throughout this process white house staff we're talking with steph on the hill and and reassuring them that the white house wasn't necessarily trying to do a big number that they were willing to accept kind of half a low fear and you know towards the end of this process president trump called a key member of the house the chairman of the financial services committee jeb hensarling who was leading a group of republicans that wanted to see bigger changes to dodd frank and mr trump said jeb i want this bill now and you know it seems like that did make a difference pushing this bill over the finish line ryan how much of a factor gave the upcoming midterm elections play in lawmakers being able to reach this deal there's no question that the lawmakers wanted to win particularly some democrats senate democrats who are facing reelection and states mr trump won and they were some of the key people on this bill there are few of them on the senate banking committee who worked with senator crepeau jon tester in montana joe donnelly in indiana heidi heitkamp from north dakota now they all have a talking point they can go home and say listen i worked with republicans i worked with president trump and i got a bill that helps community banks in my state that's wall street journal reporter ryan tracy joining us from washington thanks so much ryan thanks for having me and that's what's news i'm anne marie for totally in new york for the wall street journal.

new york washington reporter indiana joe donnelly montana mr trump dodd frank president mr cone wall street journal congress anne marie ryan tracy north dakota heidi heitkamp senator crepeau jon tester senate banking committee
"dodd frank" Discussed on WSJ What's News

WSJ What's News

02:02 min | 2 years ago

"dodd frank" Discussed on WSJ What's News

"Yeah you know obviously when you have a compromise everyone's a little disappointed and i think that's what's happening here the main things that this bill does are changing regulations and some laws that applied to small community banks credit unions and also a couple dozen larger banks that we call regional banks the dodd frank law applied rules to about three dozen banks with more than fifty billion dollars in assets that are stricter than rules for smaller lenders and so the question that lawmakers were trying to solve was how do we raise that asset threshold in order to give relief to some of these regional lenders who aren't you know multi trillion dollar banks like j p morgan chase but are still pretty big and we wanna keep an eye on them and lawmakers settled at raising it to about two hundred fifty with the option for regulators to go below that level if they want to and that was a something that enough senators in particular way of to get behind and there's also some smaller things for community banks they won't have to worry so much about certain mortgage underwriting standards that they felt were kind of onerous and created some litigation risk on the other hand you know some of the more potentially controversial pieces of doddfrank for example the consumer financial protection bureau this entirely new agency that the law created and that a lot of republicans really don't like that's hardly touched by this bill and that was really the only way to get by partisan support is to leave some of those more controversial things out what role did the white house play here what we found was after the inauguration president donald trump said he wanted to quote unquote do a big number on doddfrank and people took that to mean that there could be some pretty significant changes at the white house would be pushing but behind the scenes his top economic advisor gary cohn the former goldman sachs president was talking with people on capitol hill and saying actually the white house would be willing to agree to much less than that and kind of sketching out the out.

donald trump white house gary cohn goldman sachs president advisor fifty billion dollars trillion dollar
"dodd frank" Discussed on WSJ What's News

WSJ What's News

02:17 min | 2 years ago

"dodd frank" Discussed on WSJ What's News

"Meet your goals while minimizing investment fees bloom does all the work for you the hardest part for you is remembering there are three os and bloom and her promo code w s j for your first month free visit bloom 401k dot com and try it for free now thanks for listening this week congress green lit a more modest rollback of the dodd frank law it's less ambitious than some republicans had hoped but the rare bipartisan deal marxist significant compromise between democrats and republicans joining us now from washington to explain how it all happened is wall street journal reporter brian tracy ryan rolling back doddfrank was a stated goal of president trump's but as you write what we've ended up with is a more modest bipartisan proposal so take us through what happened behind the scenes to get us to this compromise sure and thanks very much for having me you know this bill that was the cleared congress this week actually date back even before president trump was in the white house republicans and democrats have been talking for a long time about changes to doddfrank that's the huge law that was passed in twenty ten and there's a lot of desire to make tweaks to it and the big question has been how far would those tweaks go and republicans and democrats have kind of over the years gotten a sense of what one another would be willing to accept and you could always kind of see the outlines of abroad compromise but it it never came together and one of the reasons that never came together as because neither side was willing to give up some of their coveted goals particularly republicans who wanted to repeal major pieces of the law but this year both the white house and senator mike crepeau the idaho republican who's the chairman of the senate banking committee took a different approach and they decided you know what we're going to get as much as we can we're gonna make sure democrats are on this bill and it worked so as you note this is a pretty rare bipartisan deal so how did lawmakers end up striking the right balance and is the legislation that we have now leaving critics on both sides of the aisle.

washington brian tracy trump congress white house senator mike crepeau chairman senate banking committee wall street journal reporter president idaho 401k
Congress just approved a bill to dismantle parts of the Dodd-Frank banking rule

America's Morning News

01:24 min | 2 years ago

Congress just approved a bill to dismantle parts of the Dodd-Frank banking rule

"It has pleaded guilty to stealing nearly five million dollars in taxes from the metropolitan transit authority manhattan which is investigating michael cohen started their investigation in part as a referral from special counsel robert muller's team now the us attorney's office that they're looking to michael collins personal financial dealings and part of that search warrant that was executed by the fbi last month they were looking specifically information relating to colin's taxi medallion business and some of his business partners correspondent curious cornell by a ninety nine vote margin the house has voted to roll back the landmark dodd frank law and send it to president trump for signing the change would free thousands of banks from strict rules to prevent another financial meltdown meantime correspondent tom busby reports the banks are doing fine the nation's banks made a staggering fiftysix billion in profits in just the first three months of this year that's the most ever nets thanks to federal tax cuts and by charging customers higher interest rates but a lot of americans are still struggling the fed says four in ten adults can't even cover an emergency four hundred dollar expense there have been to new small explosive eruptions at the summit of the killer way of volcano in hawaii correspondent stephanie elam geologists warned despite all of this lava and ash this phase of the kilowatt eruption is in its early stage i'm evan haning what does the school bell bring to mind the day's end or the end of school entirely as in kids dropping out at communities in schools.

Tom Busby Evan Haning Stephanie Elam President Trump Michael Collins Special Counsel Michael Cohen Hawaii FED Manhattan Frank Law Cornell Colin FBI Us Attorney Robert Muller Five Million Dollars
Us, Trump and Congress discussed on All News, Traffic and Weather

All News, Traffic and Weather

00:53 sec | 2 years ago

Us, Trump and Congress discussed on All News, Traffic and Weather

"For the dow josh and this morning they point to a lower open again on wall street in geopolitics have investors on edge is turkey's currency has for steepening crisis there are fears that that's going to spill over into other markets in the us investors waiting for the release of fed minutes this afternoon for clues on the future path of interest rate increases president trump is scored a win in his effort to do a big number the dodd frank act congress has approved legislation that eases rules on small and medium banks bank stocks gained in post market the next iphone will have chips that are smaller faster and more efficient than those in the iphone eight an iphone ten tsmc started mass production of next generation processors for apple that will probably be called a twelve s and p futures down eighteen the dow futures down one hundred eighty eight nasdaq futures down seventy one tenure yield in.

United States Donald Trump Congress Apple DOW President Trump
Shooter in Panama City, Florida standoff dead

TMA Morning Show with Charlie James

02:10 min | 2 years ago

Shooter in Panama City, Florida standoff dead

"A cumulus station limited scope summit questionable i'm john trout in the russia investigation team trump wants special counsel robert muller to avoid questions surrounding trump's time in office the attempted limiting questioning reported by cnn there could be a standoff on that in this case may vary well go straight to the supreme court there's danna bash a meeting to allow house republicans to review highly classified information on the russia probe will happen tomorrow the president says there's a substantial chance of summit with north korea won't happen correspondent will ripley is in that country following what kim jong un wants to gain they want the military drills stop they want the sanctions stop eventually want us horses office they want economic opportunities in exchange for urination devin friedman a business partner of president trump's personal lawyer michael cohen has agreed to cooperate with investigators as part of a plea deal faint man who's known as new york's taxi king pleaded guilty to one count of state tax fraud charges he was facing multiple charges for evading five million dollars in taxes in new york state correspondent kerris canal the suspect in tuesday's shooting and barricade situation in panama city florida is dead police found forty nine year old kevin holroyd lifeless inside an apartment doused with gasoline after he exchanged gunfire with officers bay county sheriff tommy ford who panama city officers and obey county deputy sheriff were pinned down in their vehicles along beck avenue here they were unable to move from behind their vehicles and they were taking numerous rounds from the subject congress has moved to dismantle some key rules for banks that prevent a replay of the twenty eight financial crisis the house voted to approve legislation rolling back the landmark dodd frank law sending the bill to president trump who's expected to sign up i'm john trout johnny charleston here's more of the news you'll be talking about on twelve fifty w t m a n w tma dot com good morning.

Tommy Ford Panama Panama City Fraud CNN Special Counsel Russia Frank Law John Trout Kevin Holroyd Florida New York Michael Cohen Partner Kim Jong Un North Korea President Trump
Barrett, Wgn and Texas discussed on Nick Digilio

Nick Digilio

02:19 min | 2 years ago

Barrett, Wgn and Texas discussed on Nick Digilio

"The news is sponsored by deck tech here is vic vaughn thanks nick fair skies fifty three at o'hare a proposal to build the five hundred million dollar obama presidential center in oak park goes before chicago city council today it's supposed to be built in jackson park on chicago's south side but those plants are still under federal review since jackson park is protected as a registered historic destination the union that represents chicago police officers his urging its members who will be off duty today to protest outside city hall the paternal order of police in a statement accused his mayor amanullah putting officers in the public endanger and urges officers to confront the mayor at today's city council meeting there's still a chance the plan summit between president trump and north korean president kim jong un will happen as scheduled next month that's according to president trump he says there's a good chance he also says there's a chance is very substantial chance at a workout i don't want to waste a lot of time and i'm sure he doesn't want to waste a lot of so there's a very substantial chance at a one workout and that's okay that doesn't mean it won't work out over a period of time but it may not work out for june twelfth but there's a good chance that we'll have the mehta speaking tuesday from the white house sitting beside and after his meeting with south korean president moon jaein officials say attack a tractor trailer carrying more than fifty emigrants was stopped last night in raymond ville texas of the incident taking place at a traffic stop by texas highway patrol ems fire police border patrol and the sheriff's office were all at the same officials say first responders were also on hand to tend to the people inside that trailer that sound that chopper at the scene a proposal that would roll back some federal banking regulations is on its way to president trump's desk the twenty ten dodd frank act was put in place after the two thousand eight financial crisis a man who accuses the city bus driver of chasing him down on foot after a ride ended up punching him is now suing the barrett sweet says it happened in the loop last year the driver leonard prize is charged in the incident he's out on bail the suit seeks fifty thousand dollars damages we'll check sports traffic and weather next on wgn capital one percents congress finalizing the louisiana purchase polian golfer offer it's.

Barrett WGN Texas President Trump Barack Obama O'hare Leonard Prize Vic Vaughn Donald Trump Raymond Ville Texas Kim Jong Un Chicago Jackson Park Oak Park Five Hundred Million Dollar Fifty Thousand Dollars
Trump defends intervention to help China telecom company ZTE

Bloomberg Daybreak: Europe

02:02 min | 2 years ago

Trump defends intervention to help China telecom company ZTE

"Yeah let's get into some of our top stories carolina whenever far from the trump trade are we we've got more trade news us commerce secretary wilbur ross will head to beijing early this month for more talks the president says that trump's not really pleased with the dog so far the president also defended his flipflop regarding us sanctions on china telecom equipment maker zeti i envision a very large fine i envision perhaps new management new board of directors very tight security rules but we caught them doing bad things we caught them not anybody else we caught them doing bad things and we essentially made it so difficult that it was shut down by shutting them down we're hurting a lot of american companies is it is currently blocked from buying us technology for violating terms of sanctions against iran and north korea the us house has approved a sweeping overhaul of bank regulations it gives president donald trump the chance to make good on his vow to quote do a big number on the dog doddfrank act lawmakers voted two hundred and fifty eight to one hundred fifty nine to advance a measure that is actually the product of years of financial industry lobbying to soften post brexit posts pays crisis rules should say not exactly it comes after sensitive negotiations on capitol hill to attract the bipartisan support needed to get it through a narrowly divided senate so that dodd frank the president says you mozzarella takes center stage as he weighs in on whether to give law professors have a chance to lead the populist government this comes as last minute wobble over the candidate's suitability for the post bloomberg john lane has more president central materialized you to decide as early as wednesday whether to give law professor giuseppe kante a chance to lead a populist government the five star movement insists that content is still the populist candidate defending the.

John Lane Giuseppe Kante Dodd Frank China Beijing Wilbur Ross Professor Carolina Senate Donald Trump North Korea Iran United States President Trump
US, South Korea work to keep North Korea summit on track

Midday on WNYC

01:59 min | 2 years ago

US, South Korea work to keep North Korea summit on track

"Live from npr news in washington i'm shay stevens president trump says there's a good chance that he'll meet with north korea's leader in singapore next month as planned despite doubts being raised by kim jong as npr's michelle kellerman reports trump discussed the matter tuesday with south korea's visiting president who is pushing for the summit president trump says if the meeting doesn't happen on june twelfth it could still take place later and he's praising south korea's president for paving the way for this the goal is to convince north korea to give up its nuclear weapons up front and then get sanctions relief security guarantees though trump says he isn't ruling out of phased approach as long as it's over a short period of time it would certainly be better if we're were all in one does it have to be i don't think i wanna totally commit myself but all in one would be a lot better trump also says the us would offer security assurances to kim jong un saying quote he will be safe he will be happy and his country will be rich michelle kellerman npr news the state department the president appears ready to sign legislation to roll back federal restrictions imposed on banks two thousand ten and wake of the financial crisis easing roles in the socalled dodd frank law would fulfill the trump campaign promise the measure reduces federal oversight of banks with less than two hundred fifty billion dollars in assets it also eases some rules for smaller lenders the measure was approved with bipartisan support georgia democrats have nominated stacey abrams to become the state's first black female governor abrahams calls herself the proud daughter of the deep south who believes in hard work the core values of faith a family of service and responsibility hard work is in my boat ingram's supporters to keep up the momentum and stand united in what she called a fight for the future a republican opponent in november will be decided in july runoff between the tenant governor casey keiko.

Stacey Abrams Governor Abrahams Georgia Kim Jong Un Michelle Kellerman Singapore Shay Stevens NPR Casey Keiko Ingram Washington Frank Law State Department President Trump South Korea Kim Jong North Korea Donald Trump
House approves bill rolling back banking rules

Jay Talking

02:00 min | 2 years ago

House approves bill rolling back banking rules

"This is cbs news on the hour presented by liberty mutual insurance i'm jim shanavie president trump is sounding more pessimistic about that plan summit next month with north korean leader kim jong the president's is talks on the singapore meeting are moving along but he now suggests the date might also move that may not work out for june twelfth but there's a good chance that we'll have the meeting sitting alongside the south korean president mr trump said conditions for talks with the north still have to be met he didn't describe when asked what those conditions are whether or not it happens you'll be knowing pretty soon but we're talking right now the president was asked by a south korean reporter whether he could assure kim jong un safety mr trump said quote he will be safe steven portnoy cbs news the white house houses joined the senate in passing legislation to roll back some of the banking rules instituted under the dodd frank act a measure that was meant to guard against a repeat of the two thousand eight financial crisis the house voted to fifty eight to one fifty nine to approve the rollback legislation of doddfrank it's a big win for the president who made getting rid of the landmark law campaign promise the bill raises the threshold at which banks are deemed too big fail the bills aimed especially at helping small and medium size banks including community banks and credit unions but critics say the likelihood of future taxpayer bailouts will be greater once it becomes law bill raikov cbs news washington knows another day of dodging lava flows on hawaii's big island workers believe they've been able to seal off a geothermal plant to prevent that laver from causing a toxic gas released from swells governor david ige feel like at least at this point in time it's plugged and the plug is holding and the pressure is decreasing the nineteen day long eruptions still shows no signs of letting up author philip roth has died he was considered by many to be the seminal american novelists winner of the pulitzer prize for fiction in nineteen ninety eight is works included goodbye columbus which won him a national book award his human stain and american pastora got him the pulitzer favorite subjects were the.

Pulitzer Prize Pulitzer Washington Steven Portnoy Singapore Kim Jong Jim Shanavie CBS Pastora National Book Award President Trump Philip Roth David Ige Hawaii Senate Reporter
Foxconn's unit targets raising $4.3 billion in biggest China IPO since 2015

Bloomberg Best

02:19 min | 2 years ago

Foxconn's unit targets raising $4.3 billion in biggest China IPO since 2015

"Today to approve legislation rolling back the landmark dodd frank law sending the bill to president trump on wall street the dow jones industrial average fell one hundred seventy nine points the sp five hundred closed down nine the nasdaq off sixteen i'm ann cates whoa bryan curtis in hong kong let's get you this hour's top business stories and the markets asian stocks have moved lower and the yen appreciated as investors digest risks from turkey to north korea the nikkei has fallen about one point two percent the turkish lira slid as much as three point two percent this morning in tokyo trading to a record low of four point eight two zero three against the dollar investors have been dumping the currency on concerns over president erdogan's influence on the central bank he said last week that he'd seek a big role in monetary policy decisions after the june twentyfourth presidential election although turkey is its own story traders say when an asset melts down this quickly there will be contagion another development weighing on markets is president trump casting doubt on the possible some with north korea and investors are also still wary about u s china trade relations in corporate news taiwan's tsmc has started mass production of next generation processors for new iphones these will launch later this year according to people familiar with the matter and foxconn industrial internet plans to raise more than four billion dollars in an initial public offering and this will be done in shanghai more from bloomberg's ramy inocencio the smart factory unit of hon hai precision industry will be floating nearly two billion shares in shanghai and the ipo by apple's assembly partner kicks off the largest mainland chinese debut ever since the stock market crash back in twenty fifteen on high wants to use the money to fund projects in areas from smart manufacturing to fifth generation wireless technology in the markets the hang seng index is down to twenty four a drop of seven tenths of one percents shanghai composite is down a half a percent the dollar yen one ten fifty and that's the yen strengthening by four tenths of one percent global news twenty four hours a day on air and tick tock on twitter powered by more than twenty seven hundred journalists and analysts in one hundred twenty countries in all gone i'm brian curtis this is bloomberg.

Foxconn Tokyo Hong Kong President Trump Brian Curtis Twitter Partner Apple Bloomberg Shanghai Frank Law Tsmc Taiwan Turkey Erdogan
Congress, Olga Takhar and Rose Friedman discussed on NPR News Now

NPR News Now

02:02 min | 2 years ago

Congress, Olga Takhar and Rose Friedman discussed on NPR News Now

"To pay out of pocket to settle claims of sexual harassment rather than using taxpayer funds congress has been under heavy pressure to update the current law which was criticized for protecting lawmakers who have been accused of harassment the old rules required staff to wait through months of mandatory mediation wait times an counseling before filing a lawsuit minnesota democrat amy klobuchar and missouri republican roy blunt spent months drafting a plan to make it faster and easier for staffers to file complaints the house unanimously approved their own version of the bill in february kelsey snell npr news the capitol viewers congress has taken a step toward dismantling an important part of the dodd frank law put in place after the two thousand eight financial crisis house while makers voting to approve legislation would roll back a piece of the law easing rules for banks and increasing the threshold at which banks deemed too big to fail stocks lost ground today the dow jones industrial average fell one hundred and seventy eight points the nasdaq was down fifteen points today you're listening to npr a powerful facial recognition tool being offered by online retailer amazon being challenged by the american civil liberties union and other privacy advocacy groups the groups calling on amazon to stop marketing the tool which they say could easily be used by law enforcement to build a system that would automate the idea and tracking of anyone called recognition the tools already being used in limited fashion by law enforcement in oregon the winner of the man booker international prize for two thousand eighteen has been announced and is npr's rose friedman explains for the first time ever went to a novel from poland flights was a bestseller in poland where it's author olga takhar chew has won multiple awards in its statement the man group called the book a quote novel of linked fragments from the seventeenth century to the present day connected by themes of travel and human anatomy took karcher as a poet essayist novelist who also trained as a psychologist before becoming a writer the man booker international prizes awarded to a work of fiction from any country that's been translated into.

Congress Olga Takhar Rose Friedman NPR Roy Blunt Missouri Amy Klobuchar Minnesota Harassment Writer Karcher Poland Oregon American Civil Liberties Union Amazon
"dodd frank" Discussed on WLS-AM 890

WLS-AM 890

02:18 min | 2 years ago

"dodd frank" Discussed on WLS-AM 890

"The wake of financial the financial crisis the house has voted another financial crisis to hundreds of time for my retirement the houses voted two hundred fifty eight to one hundred fifty nine to approve legislation rolling back the landmark dodd frank law sending the bill to president trump he is poised to sign it into law to deliver on a campaign pledge of gutting the bill the measure does not repeal the two thousand ten dodd frank law but it does mark a significant scaling back of the roles to date it increases fivefold to two hundred fifty billion dollars in assets the threshold at which banks deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc those banks currently are subject to stricter capital planning requirements

frank law state rep kelly cassidy harassment bill cameron lake cook kennedy thorndale eisenhower president springfield mike madigan twenty minutes two hundred fifty billion doll forty five minutes fifteen minutes sixteen minutes forty minute ninety fifth five hour
Congress moves to roll back Dodd Frank law

The Steve Dahl Show

00:24 sec | 2 years ago

Congress moves to roll back Dodd Frank law

"The wake of financial the financial crisis the house has voted another financial crisis to hundreds of time for my retirement the houses voted two hundred fifty eight to one hundred fifty nine to approve legislation rolling back the landmark dodd frank law sending the bill to president trump he is poised to sign it into law to deliver on a campaign pledge of gutting the bill the measure does not repeal the two thousand ten dodd frank law but it does mark a significant scaling back of the roles to date it increases fivefold to two hundred fifty billion dollars in assets the threshold at which banks deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc those banks currently are subject to stricter capital planning requirements

Frank Law State Rep Kelly Cassidy Harassment Bill Cameron Lake Cook Kennedy Thorndale Eisenhower President Trump Springfield Mike Madigan Twenty Minutes Two Hundred Fifty Billion Doll Forty Five Minutes Fifteen Minutes Sixteen Minutes Forty Minute Ninety Fifth Five Hour
Congress moves to roll back Dodd Frank law

The Steve Dahl Show

02:18 min | 2 years ago

Congress moves to roll back Dodd Frank law

"The wake of financial the financial crisis the house has voted another financial crisis to hundreds of time for my retirement the houses voted two hundred fifty eight to one hundred fifty nine to approve legislation rolling back the landmark dodd frank law sending the bill to president trump he is poised to sign it into law to deliver on a campaign pledge of gutting the bill the measure does not repeal the two thousand ten dodd frank law but it does mark a significant scaling back of the roles to date it increases fivefold to two hundred fifty billion dollars in assets the threshold at which banks deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc those banks currently are subject to stricter capital planning requirements

Frank Law State Rep Kelly Cassidy Harassment Bill Cameron Lake Cook Kennedy Thorndale Eisenhower President Trump Springfield Mike Madigan Twenty Minutes Two Hundred Fifty Billion Doll Forty Five Minutes Fifteen Minutes Sixteen Minutes Forty Minute Ninety Fifth Five Hour
"dodd frank" Discussed on KBOI 670AM

KBOI 670AM

02:49 min | 2 years ago

"dodd frank" Discussed on KBOI 670AM

"To try to get them to address this and my point in the column is that the system now simply doesn't react want something like that is in place they say they're willing to talk about it they'd like to sit down and talk about it but nothing ever comes of it and the i shall say innovation diplomatic innovation that donald trump has introduced into this system is hard deadlines and other words he figuratively just blows up the status quo by saying if you don't come across and start talking seriously i'm going to act and that's what he did by withdrawing from the iranian the iran nuclear deal and now the europeans i think and i believe the iranians eventually are going to recognize that if they're going to have any chance at all of returning to the status quo ante which is to say the commercial relationships between those three european countries in iran they're going to have to address the flaws in the agreement your column also includes the larger picture of the legacy of the last of ahmed ministration you mentioned the paris accord and also you point to other labor rules finance rules the environmental protection agency the clean power act all of these were the decisions by barack obama alone and there was no agreement in the us congress that i recall so is the iran deal part of this larger story of the trump administration burdened with decisions that were not endorsed by the american people and therefore we have to re or negotiate all of it roll renegotiate is one word for it reverse and dismantle would be another word it is indeed a pack that after twenty ton after the obamacare and passage at dodd frank president obama never returned to congress and the things you identified all agreements made with foreign governments or with no one they were these executive orders that he issued across a large swath of american industry the environment labor rules finance and banking and so president trump has now you know he ran in opposition to these things and in office he is revising them or reversing them and you know it's funny is one of my readers said barack obama's building this museum out there in chicago what the heck's going to go in by by the time it opens or is it going to be much left other than the nobel peace prize the nobel peace prize.

donald trump barack obama us chicago iran ahmed paris congress president executive twenty ton
"dodd frank" Discussed on KKOB 770 AM

KKOB 770 AM

02:13 min | 2 years ago

"dodd frank" Discussed on KKOB 770 AM

"Except for that there wasn't much really came out of occupy wall street except for their their their cry that we need to have more our regional and small banks than big banks and then doddfrank came in and did what help to destroy the smaller banks so the people that they were supporting and the liberal democrats that they were supporting we're supporting the piece of legislation that helped guarantee that large financial institutions would have the upper edge and competition over the smaller banks and they were all cheering for one thing and promoting one thing while in reality the politicians they were supporting we're doing the exact opposite we always thought that was interesting and i remember having some of the was occupied portland on the air and bring it up to them and they were basically silent they really didn't even know how to answer you know that question both you're promoting smaller banks how come this is the fear of the legislation that the politician that you support are doing that's why i remember before dodd frank was passed and the cnbc that week they had all these small and regional bank managers on saying it's going to kill us you given the advantage of guaranteeing the big banks can't go out of business since they can't go out of business they can cut the rates on their loans just enough that we can't afford to stay in business and what has happened since that time the major consolidation of small banks and the disappearance of small and regional banks across the country the exact opposite of what the left wanted same thing as the remember the bill of rights for credit cards nice job there we need to protect these people's rights it's too expensive these these are too expensive these interest rates if you're are too expensive so within a year of the credit card bill of rights passing eight million people.

portland dodd frank cnbc
"dodd frank" Discussed on Pod Save America

Pod Save America

02:01 min | 2 years ago

"dodd frank" Discussed on Pod Save America

"It would so the bill would relax some of the restrictions on both community banks and larger regional banks well as let let let me take i resent anyone who says i was actually here during dodd frank i was on the committee title one entitled to pretty much the result of my work number of others and i would do nothing to undermine the basic principles around doddfrank about the biggest banks about consumer agency about derivatives don't have you don't have to believe me that i just go believe what what chris dodd and barney frank have said i also know as well you know what congress never gets it one hundred percent right so in a normal place you always come back with a fix bill i've lost a third of my community banks since dodd frank and this bill did focus mostly on community banks and credit unions there was a jump ball even the most ardent supporters of doddfrank said the fifty billion dollar limit in terms of where the what's called enhanced regulations goes forward that needed to be raised yeah should have been raised two hundred hundred fifty two hundred two fifty we we basically the republicans wanted a lot more matter of fact my biggest bank in my state matter into the dickens because they know relief at all but what we said for banks between one hundred and two fifty the feds gotta go back in reexamine all those banks and if they're playing vanilla don't do anything exotic ill maybe they can get less regulations but what's really important is the stress test which is the thing that most bankers will quietly acknowledged most important there two sets of stress tests that are still gonna apply to those banks see car and something just call them modified defense which is a good more details than you want and you know there is an argument what the number should have been but it really bothers me when people are out there impugning people's motives when we're trying to actually get something done and quite honestly in a time when we've got a republican president a republican house and a republican senate trying.

congress dodd frank doddfrank dickens president senate frank i chris dodd barney frank fifty billion dollar one hundred percent
"dodd frank" Discussed on KSFO-AM

KSFO-AM

02:26 min | 2 years ago

"dodd frank" Discussed on KSFO-AM

"Of the greatest business presidents ever i'm not a fan of dodd frank i don't think it's benefited the you or i it by any stretch immagination so i'm for it i understand that in this world of politics we're probably not gonna get it eliminated but if we can get most of it repealed i think it'll be good for you the the best analogy i can tell you is that on from the mortgage perspective and we're starting to see this in the financial services in in our government's rush to be able to quantify everything that goes on financial for you and i what has happened is they regulate the wrong people and instead of it being a free market system like how it used to be in the mortgage business and i'm not gonna say that the mortgage business was perfect there are lots of loopholes in there but a lot of that started with the banks the banks fraudulent from the standpoint that they could offer different types of loans to the same bar or so i imagine it this way you go in into make a loan application they deny you but then they tell you they wink at and say well if you go out the door and come in that door over there any you eliminate all this stuff then i can make the loan for you that was one of the problems with the industry back in the day there really was no separation of church and state in my opinion and i think came around to help try to clean up a lot of that but when ninety five percent of of the the gentleman ladies in in in congress in the house representatives and the senate are attorneys i think what they get they all too often get caught up in the words methane as opposed to actually making progress and getting to the root of the problems of making the changes that that we need to get changed in there so long winded answer or response to what i think about dodd frank but again you know what what what are you what are you gonna.

congress senate dodd frank ninety five percent
Senate passes bill easing Dodd-Frank restrictions

01:42 min | 2 years ago

Senate passes bill easing Dodd-Frank restrictions

"Coming up we'll ask the british ambassador to the us about the threat from russia and how the uk once the us to respond i'm david greene martin russia holding election on sunday and everyone expects bladder mir putin will win but npr's lucian kim reports is popularity may be waning of us midterm elections npr's don gonyea is on the ground in missouri where incumbent democrat claire mccaskill may face an uphill battle and plenty of money takes us back in time to the smoot hawley tariffs and the shortcuts foreign countries used to get around them it's thursday march fifteenth musician will i am turns forty three years old today news is next live from npr news in washington i'm korva coleman the senate has voted sixty seven to thirty one to rollback some banking regulations that were enacted as part of the dodd frank wall street reforms npr's kelsey snell reports the bill has the support of banking lobbyists and some regulators the bill has bipartisan support from senators who say easing restrictions on small banks will help small businesses and the communities they serve the bill would allow banks with assets under two hundred and fifty billion dollars to avoid some annual stress tests but opponents say rolling back regulations could open the door for another financial crisis npr's kelsey snell some of the students who walked out of their classrooms and a nationwide protest of gun violence in the us say they're looking ahead to more demonstrations npr's braxton booker says thousands of students took part in wednesday's walkout sabrina manzoor is a student in potomac maryland who spent part of her day wednesday calling lawmakers to enact stricter gun laws outside the us capitol manzoor says she's looking forward to later this month that's when.

Kelsey Snell NPR Lucian Kim David Greene Potomac Maryland Sabrina Manzoor Braxton Booker United States Senate Korva Coleman Washington Claire Mccaskill Missouri Don Gonyea Mir Putin UK Russia
KGO News Update - Senate approves bill rewriting post-crisis bank rules

Chip Franklin

02:24 min | 2 years ago

KGO News Update - Senate approves bill rewriting post-crisis bank rules

"Fifty right here on caja g l eight cents or something this update show if you're into nostalgia how would you like to have the great recession again well the senate seems ready to do that for the senate voted to roll back bank regulations enacted in the wake of the twenty two thousand eight to financial crisis now the vote would scale back provision of the law known as doddfrank the bill is particularly aimed at helping small and mediumsized banks but critics argue the likelihood of future taxpayer bailouts will increase if this becomes law a civil rights lawsuit is being filed against fremont police officers who shot and killed a pregnant sixteen year old girl during a robbery investigation the girl is inside a car that police say was ramming their patrol car and other vehicles during a pursuit a year ago the da's office declined to prosecute the officers and instead charged the driver of the car with the antioch girl's death and officers patrolling campuses in the de anza foothill community college district are being issued body worn cameras it's the only college police agency in calif to receive federal grant money to buy the cameras officials hope the technology will increase accountability and keep use of force incidents to a minimum just for the record on that senate bill there were thirty one democrats that voted right now oh wait i say that right sixty seven to thirty one i don't know how many obviously there there's could have been some republicans that voted against it as well the two thousand ten dodd frank financial law is anybody everybody understand what cost of recession it was all black people and mexicans and poor people and women basically know what what what happened was if you didn't see the big short which just watch the movie inside job but you know bottom line was they sold americans mortgage bonds that were crap and then the worst than crap and the banks when they realized that people who had bought these credit default swaps insurance against it they bet against it they shorted it when when they saw that happening they tried to get a by some themselves to cover themselves further losses and they kept selling the the the dog crap that they knew they had that's why these guys should have gone to prison it was fraud it was simple fraud there's no other way to say they knew what they.

Senate De Anza Foothill Community Col Calif Fraud Fremont Robbery Sixteen Year
"dodd frank" Discussed on Serious Inquiries Only

Serious Inquiries Only

02:02 min | 2 years ago

"dodd frank" Discussed on Serious Inquiries Only

"Dodd frank in two thousand ten it was created more or less in line with her vision and it's again called the consumer financial protection bureau or see f p and it is done some incredible things here's at some facts about it it has resulted in twelve billion dollars being paid back to consumers and that breaks down to three point eight billion in monetary compensation ordered to be returned to consumers as a result of enforcement activity seven point seven billion in principle reductions cancelled debts and other consumer relief ordered as a result of enforcement activity and then uh some other stuff as a result of supervisory activity so this thing is here to protect us and by the way that twelve billion number i have read you so that that is in incredible returnoninvestment the budget is around five hundred two now around close to six hundred million dollars a year and for that amount of tax dollars budgetary dollars we've gotten twelve billion returned to us as a result of banks trying to screws over and this organization this this agency catching them and ziang no you need to return this money it's hard to think of like a better federal agents he green abed at so perfect i we we've we fund it it helps us it protects uh the the most desperate the the the most vulnerable among us by making sure we can't be preyed upon by banks who have all the power in their previously at all the power in that situation i it's protecting as it's helping us i heard elizabeth warren talk about it in an interview and she mentioned how it has these tools online consumer tools you can lodge a complaint about a bank or about a specific product and then in turn you can actually it's searchable you can see like which banks have the most complaints against them and which uh respond to those complaints because they give the bank had a chance to respond to fix it to do whatever to evaluate it and you can look at that did.

Dodd frank elizabeth warren six hundred million dollars twelve billion dollars
"dodd frank" Discussed on Knowledge@Wharton

Knowledge@Wharton

01:50 min | 3 years ago

"dodd frank" Discussed on Knowledge@Wharton

"Well this the act is a really comprehensive cutting back on many of the things that were created by the doddfrank wall street reform act in two thousand ten and so for example yeah so one way i think about it is that it's basically very deregulatory act and so some of the things that the doddfrank act put in place like the the volcker rule requiring banks to separate proprietary trading desks from the rest of the structure an orderly bankruptcy process that would a be administered by the financial stability oversight council which itself was a new agency these things and many other things would be taken away by the financial choice act and then in addition many of the substantive requirements of financial regulation would be lowered blessedly annex expressly for smaller financial institutions small banks with not too much capital or or i mean or with their with not too many assets at peter your reaction to to this plan and it being brought forward and either some of the positives or or all the negatives of bringing this forward entered the david had the the next month mike dodd frank and sort of a grabbag just a huge number of proposals touching virtually every aspect of the uh of the financial regulatory state uh that have been percolating over the last eight or so years and then i'll put together under a single legislative umbrella so it's hard to say you know upper down on the entire thing would right ocoee about so many different rules that are just added up together but the innocent go ahead bedrooms are.

david mike dodd frank
"dodd frank" Discussed on AM 1300 Business Radio KKOL

AM 1300 Business Radio KKOL

01:57 min | 3 years ago

"dodd frank" Discussed on AM 1300 Business Radio KKOL

"To cover all of it it was crafted by jeb hints arlene out of texas you know and they're calling dodd frank see something that caused anemic gdp now when you think about it we've had a gdp that's been going at about two percent per year and people see that's anemic when you look back at the time period when we had the secular bull market from 1982 too in two thousand we also had a very anaemic gdp we we were running at a two two two and a half percent sometimes it's you percent gdp during that time and yet the economy was doing much better i've had some programmes retired about what goes into the gdp and why hi it's not always indicative of what the economy's doing and that appears to be the case today but some economists and the republican party feels that the gdp is anaemic and they want to fix that and they believe bypassing the financial choices act that it's going to give a boost to gdp it's paving the way for the future and what it does what the financial choice act does is several things number one it changes the financial the consumer financial protection agency they're going to reduce the enforcement power of that agency there are also going to make the head of that agency subject to being fired in removed for no reason whatsoever by the president of the united states the same is going to be true for the federal housing agency that oversees fannie mae and freddie mac the death is going to to make.

dodd frank republican party president fannie mae jeb texas united states two percent
"dodd frank" Discussed on KKAT

KKAT

02:08 min | 3 years ago

"dodd frank" Discussed on KKAT

"I list charest farmtotable this is the chad benson show middle kennedy from the kennedy and public policy research here all wake all this stuff going on something happened yesterday that i thought was great uh for the financial climate of this country and our economy which was dodd frank being gutted and something new coming of course the left will scream about it and it's still has to be worked out once again it goes off into the to the rabbit hold that is the senate we'll see what happens but only people understand that you know dodd frank was put out there after a two thousand eight to after the crash that that would go after wall street no more cubic all these kinds of things and what it ended up doing this i put so much pressure on all these banks the financial goals companies that they ended up essentially making them bigger and stronger than ever yeah exactly got the outcome they wanted on that and it was it might have just been a little bit of a kneejerk reaction to a bad situation obviously but suddenly the easy to be thought through and there's a lot of politics behind if you really want us are digging into what caused the crash of a wave or the great recession of o8 because of various factors that were involved in lending policies and things that go back probably for fifteen years and internet bubbles an easy money of the early to thousands and things like that so i think there were more eager to say look we stood up at did something rather than actually finding the right solution to the problem now when you talk about about the whole thing that happened in two thousand eight and it's everything in politics at everything that the government does is always the knee jerk reaction if they react they very rarely do they think forward and you know fannie mae a freddie mac individuals as well as big institutions everybody had a part to play in this because if you know who you are in the financial world that were really using the rover signatures at all of these kinds of things but you also know that you're making.

charest kennedy dodd frank senate fannie mae chad benson freddie mac fifteen years