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

Football News Lionel Messi hat-trick boosts Barcelona to top of La Liga table

first_imgMadrid: Lionel Messi continued his sublime form by netting his 31st La Liga hat-trick as Barcelona thrashed Levante 5-0 to regain their three-point lead at the top of the table. The 31-year-old Argentinian arrived in Valencia having scored two free-kicks in last weekend’s derby thumping of Espanyol. He took his goals tally for the season to 20 after a virtuoso display, while also teeing up Luis Suarez’s 35th-minute opener and Gerard Pique’s late fifth. Barca were under pressure after Atletico Madrid and second-placed Sevilla had both moved level on points with the Catalan giants. But after resting his key stars for their final Champions League group-stage match against Tottenham in midweek, coach Ernesto Valverde saw his refreshed side cruise to a third straight league win without conceding a goal.  “At the beginning it was difficult, they squeezed us and had a chance that hit the woodwork,” said Valverde Sunday.  Levante started the game brightly and visiting goalkeeper Marc-Andre ter Stegen was forced into an early save by Ghanaian Emmanuel Boateng. But Barca did not take long to start moving through the gears, with Messi curling wide from long range before testing Oier Olazabal in the Levante goal with a free-kick. Just seconds after Boateng hammered a left-footed strike against the crossbar, the reigning Spanish champions broke the deadlock as Messi jinked through a mesmerised home defence and picked out Suarez who volleyed home.  Read More | Liverpool beat Napoli to enter last 16 of UEFA Champions LeagueBut Levante, who had ended Barcelona’s dreams of going through last season’s La Liga campaign unbeaten with a remarkable 5-4 victory in the penultimate game, came close to a quick response as Jose Luis Morales fired over. The match was all but ended as a contest when Messi bore down on goal two minutes before half-time and drilled low into the net.  Read More | UEFA Champions League: Manchester United lose to Valencia”I’m happy to have won here, because last year we came and they put five goals past us having gone the whole season unbeaten, so we knew about the danger of Levante and it was a match we had marked out,” added Valverde.  He wasted little time after the restart to add his second in the 47th minute, sweeping home Jordi Alba’s clever cutback, before completing his treble with a simple tap-in from Arturo Vidal’s square pass on the hour mark.Messi has scored five goals in two league games since finishing only fifth in the voting for the Ballon d’Or earlier this month.  A bad evening for Levante worsened with 14 minutes to play, as left-back Erick Cabaco was sent off for a reckless lunge on Ousmane Dembele.Centre-back Pique added further gloss to the scoreline in the 88th minute, rampaging forward to collect Messi’s pass, before keeping his cool and rolling the ball home.   Sevilla keep up the pace  Sevilla reclaimed second place earlier on Sunday as second-half strikes from Ever Banega and Pablo Sarabia sealed a 2-0 win over Girona.Pablo Machin’s side are unbeaten in seven league games since a 4-2 loss at Barcain October.  The hosts had to wait until the 55th minute to break the deadlock, when striker Andre Silva was tripped in the area by Girona defender Juanpe.  Argentinian Banega stepped up to send visiting goalkeeper Gorka Iraizoz the wrong way from the penalty spot.  The points were wrapped up only nine minutes later, as Wissam Ben Yedder cut the ball back for the onrushing Sarabia to slide home his 14th goal of the season in all competitions.  “In the first half they (Girona) were very good,” said Machin. “They were very organised and had good chances, when (Sevilla goalkeeper) Tomas (Vaclik) was splendid.  “In the second half we were the better team.” Elsewhere, Villarreal were plunged further into crisis as Samuele Longo’s 93rd-minute strike saw them held to a 2-2 draw at bottom club Huesca.  Villarreal, who replaced Javier Calleja with Luis Garcia Plaza as coach in midweek, are only one point and one place above the relegation zone. Real Betis eased to a 3-1 win at Espanyol to move into fifth place after a third successive league victory.  Espanyol, who led the table earlier in the season, have lost five straight matches to slip into the bottom half. For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps.last_img read more