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

Task forces convene to create space for students of color

first_imgStudents have formed planning task forces as part of the next step in creating a house for USC’s black student community.On Oct. 28, the Undergraduate Student Government passed the “Space for Students of Color” resolution, which laid the groundwork to create a house to serve as a designated place for USC’s black students. To advance the project, the Diversity Affairs committee held a meeting on Nov. 20 to create and recruit students to one of four task forces, each with a unique goal in developing the house and the program. The four task forces are: funding/real estate, communications (which includes social media and public relations), education and logistics.Work in progress · The Diversity Affairs committee, a division of Undergraduate Student Government, organized students into four task forces to develop the Black House project in a meeting on Nov. 20. – Kristen Zung | Daily TrojanFor the student leaders on each task force, all signs point towards a project that is organized, has a cohesive vision and is moving forward.The funding and real estate task force is chaired by Skylar Dunn, co-director of diversity affairs for USG, and Ama Amoafo-Yeboah, executive director of Program Board. For Dunn, the challenges of finding an investor are difficult but not insurmountable.“That’s probably the hardest of the four [task forces],” said Dunn, a senior majoring in business administration. “Money and property are the two hardest things to come by in L.A.”The funding task force aims to work with the other three to develop a plan to reach out to investors and educate them on both the mission and vision for the house. Dunn says despite the challenges, after a Daily Trojan article on the project that ran earlier this month, investors reached out to the student leaders wanting to help.“Investors love the idea and the vision that we have — they’ve actually reached out to us,” he said. “[Daily Trojan writer] Jordyn Holman put out a story 2-3 weeks ago, [and] we received an email from an alum who was really impressed with what we were doing and he really wanted to help us out.”Amoafo-Yeboah, a senior majoring in psychology, said the team hopes to carry that momentum into broader cooperation with the Black Alumni Association, an alliance she called “crucial.”“We want to make it clear that their main focus is and always will be scholarships,” she said of the Association’s main goal: providing scholarships to black students attending USC. “But that doesn’t mean that individuals who are donating for scholarships can’t donate for this as well.”The communications task force is led by Maddie Lees, a USG Residential Senator, and Rini Sampath, USG Vice President. Lees described the role of the task force as communicating a broader message to the community of the need for more diversity and inclusiveness on campus.“We want to reinforce the point that this is a stepping stone for other groups on campus who don’t feel comfortable or who feel marginalized,” she said.Levi Powell, co-director of Diversity Affairs with Dunn, stressed the importance of the task force in overcoming the project’s early challenges.“The task force will make sure the ideas and visions for the house are streamlined,” Powell said. “One of the hardest things we had to deal with was communicating the idea to everyone and make sure they understand our vision for this house and this space.”The education task force, also chaired by Amoafo-Yeboah, will focus on programming and adopting successful ideas of existing campus institutions, such as the East Asian studies room in Doheny Library, and making those ideas useful for the needs of the project. The fourth and final committee, logistics and vision, is focused on developing a name and mission statement for the house and a logistical plan for the physical space. The task force is chaired by Powell and Casey Ellis, the co-director of the Black Student Assembly.Powell stressed the need to name the house something that embodies the project’s mission, rather than just the current informal name, “the Black House.”“We don’t want it to be named, ‘the Black House,’” he said. “We are modeling our naming process off of Brown University’s project, which is called the Harambee house, which is Swahili for ‘togetherness.’ Some things we want to incorporate into our name are unity, togetherness, community and family.”The student leaders plan to select assistant directors for the task force in the coming week. Each task force will submit progress reports by the last week of January, and Amoafo-Yeboah said a first draft of the business plan and proposal will be completed by the first week of February. Though the original goal for completion was between two and four years, Dunn said a more realistic expectation was between five and 10.“We have to buy property, do all the refurbishments to the house, figure out a sustainability model to keep the house running, and have to have the university as well as alumni support to set all of this up,” he said. “We don’t want to rush this; we want to have patience and wait it out in order to get that big dream that we want.”last_img read more

Murdoch children pull together

first_img“We’ve got journalism in the blood,” Murdoch said in a recent interview. “I’ve tried very hard to imbue my own children with the same thing. It carries special responsibilities.” His hope is that the Bancrofts will at least agree to hear him out, and possibly meet him and his grown children. Murdoch is in frequent contact with his children – just as he seems to be with each outpost of his business – and has discussed his ambitions for Dow Jones with them. Parlor game Current and former company executives have speculated that if the News Corp. is successful in acquiring Dow Jones, it could set the stage for either Lachlan, 35, or his brother James, 34 – or both – to return to the company in senior roles, a new wrinkle in the continuing parlor game. After Lachlan left, Murdoch said he hoped his son would return to the company one day. A person close to News Corp. said Rupert mentioned the possibility of bringing James back to headquarters when laying the groundwork for a Dow Jones bid last year. Two people close to James, however, said he was committed to running the British pay-television service BSkyB and had no immediate plans to move to the United States. Neil Chenoweth, a journalist with The Australian Financial Review who wrote a biography of Murdoch in 2002, said, “The children have always been very close to each other and to their father.” There’s no question that for Murdoch’s children, particularly the three from his second marriage – Elisabeth, Lachlan and James – media is all in the family. Elisabeth and Lachlan both worked for their father but left the company after clashing with other executives and yearning to strike out on their own. Elisabeth, 38, who is known as Liz, owns a burgeoning television production business in London and is credited with urging her father to buy the U.S. rights to the show that became “American Idol” – which is broadcast on the News Corp.’s Fox network and is the most popular program on television. Lachlan, who grew up at the company’s Australian newspaper arm, is on its board and has begun investing in his own media ventures. And James, chief executive of BSkyB, is considered the most likely Murdoch to succeed their father atop News Corp., a $26 billion conglomerate. Others in the family also play roles. Prudence, 48, Murdoch’s oldest daughter from his first marriage, is married to a senior executive in the company’s Australian newspaper business. And Murdoch’s wife, Wendi, who was born in China, has taken an interest in its ventures there and helped negotiate the introduction of the company’s MySpace Web business with Chinese partners. Elisabeth Murdoch seconded her father’s characterization of how family members were brought up, saying that as children they would read the newspapers around the kitchen table and discuss issues and ideas with him. “It’s about what media can do in terms of empowering individuals and being aspirational and democratizing – that’s what’s always motivated my dad,” she said, adding that criticism that he has taken serious papers like The Times of London down-market after buying them are untrue. “I think it’s nonsense about this dumbing down. He has respected media assets across the board and imbued life into them.” Bound by a trust So far, beyond an initial statement on May 1 that family members controlling 52 percent of Dow Jones voting stock opposed Murdoch’s offer, the Bancrofts have been quietly mulling their intentions. Murdoch made his offer in the belief that some of the three dozen family members who own a stake in the controlling block can be persuaded to come over to his side – particularly since the family has not played a hands-on role in running the company for decades, and professional managers have struggled to translate its world-class journalism into a world-class business. What the News Corp. might look like once Murdoch is no longer at the helm is unknown, but Murdoch’s four older children are bound by a trust to keep the company together for decades, according to people familiar with its terms. “It’s easy for the kids to be united right now,” Chenoweth said, “but give it 10 to 20 years as their interests diverge and the reality of shared power becomes more restricting.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Last August, a management conference for senior executives of the News Corp. in Pebble Beach featured a range of attention-getting speakers, like Prime Minister Tony Blair, former President Bill Clinton and the rocker-humanitarian Bono. Less noticed was the presence of all six children of Rupert Murdoch, the News Corp.’s billionaire chairman and chief executive. A year earlier, Lachlan Murdoch, the oldest son, left his executive role at his father’s company and moved back to Australia. Around the same time, a dispute over its future control surfaced as Rupert Murdoch tried to have his two young children with his third wife, Wendi Deng, added as equal partners to the Harris Trust, the entity through which the family controls around 30 percent of the company’s shares. The reunion of the far-flung Murdoch clan that weekend was an unspoken sign that a rift in the usually tight-knit family was on the mend. In addition to dining privately one night as a family, Murdoch’s four grown children, all of whom have children of their own, mingled at a tea party for Grace, 5, and Chloe, 3. “We have come through some tough tests,” Rupert’s second daughter, Elisabeth Murdoch, said in an interview last week. “Not only have we come through it intact, we have actually solidified our position as a family – both on a professional level and a private level.” Family under scrutiny The family’s cohesion has been under new scrutiny in the three weeks since the senior Murdoch, 76, offered $5 billion to buy Dow Jones & Co., publisher of The Wall Street Journal. Murdoch has long wanted to add the newspaper, America’s second largest behind USA Today, to his global assemblage of publishing, film, television, satellite and Internet businesses. Murdoch has been making his pitch in a series of letters to members of the Bancroft family, who control 64 percent of Dow Jones voting stock and who have been stewards of the paper for nearly a century. One of his arguments is purely economic – a hard-to-beat 67 percent premium to where Dow Jones stock had traded. But it may take more of Murdoch’s considerable powers of persuasion to convince the Bancroft family that one of the most important institutions in journalism will be in the good hands of another media family for years to come. last_img read more