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Brown-Vitter Has the Megabanks Discovering the Virtues of Dodd-Frank
Brown-Vitter Rearranges Financial-Reform BattlefieldA year ago, the big U.S. banks were focused on repealing, or at least eliminating large parts of, the Dodd-Frank financial-reform law.
They poured money into the campaign of the Republican presidential nominee, Mitt Romney, and gave generously to opponents of the pro-reform Senate candidates Sherrod Brown and Elizabeth Warren...
On April 23, I attended a forum organized by American Banker, a trade publication, to discuss the legislative proposal crafted by Brown, an Ohio Democrat, and Senator David Vitter, a Louisiana Republican. In attendance was a Who’s Who of the industry lobby, with all the major groups represented at a senior level, including the Financial Services Forum, the Clearing House and the American Bankers Association.
They let it be known that the line from big banks and their allies had shifted and that their new refrain is “let’s implement Dodd-Frank.”
This sounds like a significant change in rhetoric, but don’t fall for it. The reality remains the same -- a very powerful lobby is working flat out to ensure that the industry keeps its dangerous, nontransparent and unfair subsidies. ...
The most compelling voice at the forum last week was Terry Jorde, a senior executive vice president of the Independent Community Bankers of America. She made clear that small banks are being undermined by the reckless behavior of megabanks that are seen as “too big to fail.” There is no market at work here, just a hugely unfair and inefficient government-subsidy scheme. The U.S. economy wasn’t built on megabanks and there is no good reason to continue to accept the risks they pose.
They poured money into the campaign of the Republican presidential nominee, Mitt Romney, and gave generously to opponents of the pro-reform Senate candidates Sherrod Brown and Elizabeth Warren...
On April 23, I attended a forum organized by American Banker, a trade publication, to discuss the legislative proposal crafted by Brown, an Ohio Democrat, and Senator David Vitter, a Louisiana Republican. In attendance was a Who’s Who of the industry lobby, with all the major groups represented at a senior level, including the Financial Services Forum, the Clearing House and the American Bankers Association.
They let it be known that the line from big banks and their allies had shifted and that their new refrain is “let’s implement Dodd-Frank.”
This sounds like a significant change in rhetoric, but don’t fall for it. The reality remains the same -- a very powerful lobby is working flat out to ensure that the industry keeps its dangerous, nontransparent and unfair subsidies. ...
The most compelling voice at the forum last week was Terry Jorde, a senior executive vice president of the Independent Community Bankers of America. She made clear that small banks are being undermined by the reckless behavior of megabanks that are seen as “too big to fail.” There is no market at work here, just a hugely unfair and inefficient government-subsidy scheme. The U.S. economy wasn’t built on megabanks and there is no good reason to continue to accept the risks they pose.
Brown-Vitter must be a good bill; this morning on Bloomberg the guests were universally of the opinion it was populist nonsense.
One guy almost busted a blood vessel practically yelling that just because something has bipartisan support doesn't mean it's a good idea.
But...it does give it a better chance of passing, good enough reason for a megabank water carrier to bust a blood vessel.
