Republicans Release Report Assessing Dodd-Frank

first_img Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Related Articles Demand Propels Home Prices Upward 2 days ago Congressional Republicans, on the four-year anniversary of the Dodd-Frank Act, fired out at the controversial legislation, saying that the act’s purported purpose to end the government’s “too big to fail” policy has itself failed.On Monday, the House Financial Services Committee released a 100-page report titled “Failing to End ‘Too Big to Fail:’ An Assessment of the Dodd-Frank Act Four Years Later,” which asserts that the act perpetuates a dangerous policy of bailing out lenders that fleece American taxpayers, under the presumption that not bailing them out would make matters far worse. GOP leaders say that Dodd-Frank was supposed to put an end to this perspective, but instead makes sure it continues.“In no way, shape or form does the Dodd-Frank Act end ‘too big to fail,’” said Jeb Hensarling (R-Texas), chairman of the committee. “Instead, Dodd-Frank actually enshrines ‘too big to fail’ into law.”The report calls the Financial Stability Oversight Council, created to manage the administration of Dodd-Frank, “unwieldy,” and states that the FSOC has failed to live up to its statutory mission to identify and mitigate systemic risk. The report also says that while the Office of Financial Research has made some progress in its mission to collect financial data to identify systemic risks, its progress has been hampered by poor data collection efforts that risk “imposing substantial costs in return for speculative benefits.”More to the point of its title, the report asserts that proponents of Dodd-Frank have never offered an adequate, concrete explanation of how the orderly liquidation authority ‒‒ which provides a process to quickly and efficiently liquidate a large, complex financial company that is close to failing ‒‒ would actually end bailouts. The FDIC’s strategy for implementing “single point of entry” provisions outlined in Title II of Dodd-Frank is, according to Republicans “a recipe for future AIG-style bailouts.”“Contrary to the claims of its proponents, Dodd-Frank leaves taxpayers exposed to the costs of resolving large, complex financial institutions,” the report states. Hensarling says that Dodd-Frank “misses some obvious problems and creates new ones,” especially where government-sponsored enterprises such as Fannie Mae and Freddie Mac are concerned.  “Firms designated as ‘financial market utilities under Dodd-Frank,” the report states, are the next generation of GSEs.”Moreover, Republicans charge, regulatory requirements imposed under Dodd-Frank create compliance burdens that distort the free market by making it harder for small-to-medium-sized financial institutions to compete with larger firms, further entrenching “too big to fail.”While Republicans on the Financial Services Committee plan to introduce legislation “to repeal Dodd-Frank’s bailout fund and take other steps to end ‘too big to fail’ once and for all,” according to Hensarling, the act’s latter architect, Barney Frank, former Massachusetts Representative and FSC chairman, will testify at a congressional hearing on Wednesday to assess the impact of the Dodd-Frank Act four years later.Republicans are doubtlessly less than enthusiastic about what Frank may have to say and make no effort to hide their distaste for what they consider a cumbersome piece of legislation. “Rather than institute market discipline and a clear rules-based regime, four years later,” said Oversight and Investigations Subcommittee Chairman Patrick McHenry, “Dodd-Frank’s failed policies have only worsened the risks within the financial system and recklessly handed financial regulators a blank check for taxpayer-funded bailouts.” Tagged with: Barney Frank Dodd-Frank Reform Act Jeb Hensarling Subscribe Barney Frank Dodd-Frank Reform Act Jeb Hensarling 2014-07-21 Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Republicans Release Report Assessing Dodd-Frank in Daily Dose, Featured, Government, Headlines, News Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago July 21, 2014 1,907 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Scott Morgan Previous: RMBS Liquidations Increase for the First Time in Almost Two Years Next: Regulators Take Possession of Georgia Bank Home / Daily Dose / Republicans Release Report Assessing Dodd-Frank Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily last_img read more

Banning Cops From Schools Is Officially The Stupidest Idea I’ve Ever Heard

first_imgSeattle, Minneapolis, Portland, and Chicago school districts have already begun the process of not only removing, but banning police presence on school grounds. We have leared nothing from Parkland. ~ Billlast_img

Brilliant Bronte wins English women’s amateur

first_img Teenage international Bronte Law is the new English women’s amateur champion, winning the trophy today at St Enodoc in Cornwall with a display of brilliance and tenacity.First she surged into the lead with a superb two-under par 69 in the third round, which included five birdies in the last six holes. Then, she held on tight to her advantage, negotiating her way round the challenging course on a tough afternoon to secure a three-shot victory.Immediately after she sealed the win with a par on the last, her 10-year-old sister, Bella, ran on to the green to be first to congratulate her. “She’s always the first!” laughed Bronte, from Bramhall in Cheshire (Images © Leaderboard Photography)She finished the championship on seven-over par, three clear of runner-up Inci Mehmet of Wentworth. Defending champion Sarah-Jane Boyd (Truro) and Alex Peters (Notts Ladies) were three further shots back, one ahead of Bethan Popel (Long Ashton).  Just behind her was a group which included former champion Hayley Davis (Ferndown), who shot one-under 71 in the final round – and was the only other player to break par during the championship.Bronte, 19, has played in two Curtis Cup teams, is an England international and has won on the US women’s college circuit – but this victory is special.“I have been waiting for a long time to get my hands on an England trophy so for me this is huge.“I’ve been playing well since I came back from college, at the Curtis Cup and at the Europeans (ladies’ team championship), and I felt something was close.“This week I couldn’t have prepared any better and I have played really solid and it’s really nice to have all my family here. That’s rare!”Bronte is a student at the University of California, Los Angeles, and she added: “It means all the hard work is worth it. Going to America to advance my game and being away from my family isn’t easy but you have to make these sacrifices to get better – and it’s really nice to get something back to keep pushing me on.”Bronte was right in the mix throughout the championship, on a tough course which thoroughly tested the players. Her third round set up her win, but she had to hold on tight during a testing afternoon, played under a hot sun and in a steadily increasing wind.The 16th was a great example of her staying power. She tangled with the punishing rough and was still short of the par five green after three shots, but she played a lovely pitch over a bunker to within 4ft of the hole and sank the putt for par.“There weren’t many birdies out there this afternoon but I didn’t really do anything wrong and I tried to play really steadily on the back nine because those holes were really tricky.”The final round was watched by a crowd of spectators, who found many vantage points on the course, not least the towering mound on the 6th, known as the Himalayas.They watched not only Bronte’s path to victory, but also the battle for second place. Inci Mehmet, Alex Peters, Bethan Popel and Sarah-Jane Boyd were all involved in the tussle, with the advantage swinging to and fro. But Inci’s steady play on the back nine, where she dropped just one shot, saw her into the runner-up place.Click here for full scores 17 Jul 2014 Brilliant Bronte wins English women’s amateur last_img read more

West Side Lofts Looking Pretty

first_imgBy John BurtonRED BANK – To the casual eye, it’s largely a construction project still under way, with the dust, and noise of machines and men still hard at work. But in the very near future, “You’ll be living in luxurious surroundings in a downtown atmosphere,” said Lewis Zlotnick, president of Woodmont Properties, one of the partners in building West Side Lofts, as he provided a tour of the project.Woodmont, headquartered in Fairfield, is partnering with Metrovation Terranomics to construct West Side Lofts the large residential and retail development at the corner of West Front Street and Bridge Avenue in the heart of the borough’s west side Arts and Antique District.Metrovation Terranomics is a Washington State-based real estate development firm that counts among its properties The Grove and The Grove West shopping centers, in Shrewsbury.The multiyear project is nearing completion, expected to be finished by February or March, with tenants moving in at that time.On the residential side, the development has 92 rental apartments units, mostly one- and two-bedroom units along with two-story townhomes and three, three story live/work maisonettes spaces, “for those who want to live above their work,” said Lewis Zlotnick, president of Woodmont Properties, believing this concept, “is unique in this area.”Under the residential units and planned amenities is the retail component with approximately 25,000 square feet. So far, Metrovation and Woodmont have leased roughly 12,000 square feet to Triumph Brew Pub and restaurant, which has locations in Princeton and New Hope, Pennsylvania. Zlotnick also announced the latest retail tenant: West Elm home furnishings, which will be using about 11,000 square feet. As for the remaining approximately 2,000 square feet of retail space, Zlotnick said, “We’re waiting on some counter offers.”The project includes a 221-stall enclosed parking garage intended to provide spaces for the commercial and residential tenants, customers as well as making spaces available for the public at large, according to Zlotnick.The developers had previously offered a VIP registration for early leasing of residential units, getting about 2,000 potential tenants to sign up. The registration resulted in 26 leases signed. “That’s a very good statistic, Zlotnick noted, “given the building is not completed.”Rents on the residential units will range from $2,200-$4,400 monthly, depending on the units, Zlotnick said.To give hopeful residents an idea the site has a completed and furnished model, displaying one of the live/work maisonettes spaces. That space has two baths, two bedrooms and full kitchen in the two-tier living quarters, and “it has all the feel of a luxury home,” Zlotnick offered.Every apartment comes with its own hot water heater and washer and dryer, he said.One of the major selling points the representatives stressed is the site’s offerings of available shared space and services. “What’s also great is the amenities,” said Mark Anderson, community manager for West Side Lofts. And those include a lobby area which is planned to have seating and TVs available and a fireplace. There will also be a game room and gym area. “So, you’ll have very little excuse to not get your workout in,” Anderson kidded.The rooftop lounge area, on top of the contemporary architecture building’s five floors, will have a hot tub installed and a kitchen area for the residents, as well as a view of area that takes in both the Navesink and Swimming rivers.In this location “You’re not a prisoner of your apartment,” Zlotnick said. “It’s conducive to socializing, meeting your neighbors.”Another big draw and a major thrust of the marketing is the location: situated a short walk to the borough’s downtown and even shorter walk to the NJ Transit commuter station will be a draw for many, Zlotnick explained.“There is an opportunity for downtown living,” he said, noting the project is being marketed to young professionals and Baby Boomers who are looking to downsize.Local officials have long touted the project seeing it a cornerstone for the burgeoning west side redevelopment.last_img read more

Council Moves To Shore Up Historic Wardell House

first_imgCronin would also like to see the building have its water gutters replaced, leader pipes replaced and other “sort of maintenance things,” done.Burden said it’s premature to talk about price for the work, as the council awaits bids on the project.Overall, “It looks like it’s structurally sound,” Cronin said of the building.“I think it’s got a lot of potential,” for future use, the architect observed. When one looks at the building and envisions it prior to the some of the additions that were constructed over the years, one can see, “The rooms and spaces are really grand, beautiful spaces,” Cronin said.The Wardell House, as it’s become commonly known, has portions that likely date back to prior to the American Revolutionary War. That’s according to Rick Geffken, a local historian, historical journalist and Shrewsbury Historical Society member, who co-authored an updated history of the borough with Burden. He and Monmouth University archeologist Richard Veit explored the structure with Veit estimating the building dates back to the late 1600s.“It has a long history in that location,” Geffken noted. The Wardell House was added to the National Register of Historic Places in July 1974. Around that time the borough purchased it and its surrounding acres of property from the Meacham family, the owners at the time, and used it as police headquarters and municipal offices.County government had sought to use the structure as part of the county library system for special project. That idea was abandoned, given the prohibited cost to make the site compliant with requirements for the federal American with Disabilities Act.In 2011 the site reverted back to borough ownership.Cronin said this project will start shortly after the bid is accepted to have it completed before any severe winter weather.The council hasn’t discussed any long term plans for the structure. But Burden said there is a need for additional space meeting space for community activities and he would like to see it restored and used for that purpose. “That would be responding to the needs of the community,” he said. By John BurtonSHREWSBURY – While the Borough Council considers what to do with the historic Wardell House, something has to be done to keep it from deteriorating any further.The council will shortly be advertising for competitive bids to do some immediate work on the borough-owned structure, portions of which date back to the late 17th century, preparing it, to some extent, for the coming winter and protect it from any additional damage from the elements.The structure sits on the town-owned property that is home to the municipal complex and police headquarters, at 419 Sycamore Ave. It is on one of the borough’s historic Four Corners, in the distinguished company of Christ Church, the Presbyterian Church, the Quaker Meeting House and the Allen House. The Four Corners site is a national and state designated historic district.Mayor Donald Burden said the building has become increasingly run-down, steadily sustaining water damage, which is exacerbating the structure’s damage. “It is deteriorating so rapidly,” Burden said.The council had previously commissioned Red Bank architect Matthew Cronin to evaluate what can be done at this juncture to stall the damage. The building had had its roof replaced in recent years. But, Cronin, explained, the siding on portions of the building and on the dormers are starting to give way, leaving it increasingly vulnerable to weather.Cronin is recommending repairing or replacing six dormers as well as installing new windows. “It looks like they would get the most bang for their buck doing this to keep the water out of the building,” he said.last_img read more