Actions by federal regulators and Republicans in Congress over the past two years have paved the way for banks and other financial companies to issue more than $1 trillion in risky corporate loans, sparking fears that Washington and Wall Street are repeating the mistakes made before the financial crisis.The moves undercut policies put in place…
Tag: financial reform
Critique of Warren Proposal on Corporate Accountability
Denise Kuprionis analyzes Senator Warren’s proposal for federal charters of large corporations on the Conference Board corporate governance blog. She finds a number of its provisions are already covered or counterproductive. An excerpt: Perhaps a better answer than the ACA is to better promote benefit corporations as an option for companies. Then to determine and…
Support for Senator Warren’s Accountable Corporations Act
Leading scholars and practitioners have written to endorse Senator Elizabeth Warren’s proposed Accountable Corporations Act. Dear Senator Warren, We are a group of long-term scholars and practitioners of the law, finance, and economics of corporations and other business entities. We write you now in support of your Accountable Capitalism Act. We believe legislation along these…
Elizabeth Warren unveils bold new plan to reshape American capitalism | US news | The Guardian
We are delighted to see corporate governance become a central issue in the political debates shaping up for the next Presidential election, though we have some hesitation in endorsing some of the ideas in Senator Elizabeth Warren’s proposed Accountable Capitalism Act. We do not think of this proposal as “redistributing wealth,” however, as The Guardian…
Major Rollback of Dodd-Frank Signed into Law
President Trump has signed the biggest rollback of bank rules since the financial crisis in a major repeal of provisions of the Dodd-Frank legislation. The new law eases restrictions on all but the largest banks, raising the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system…
The $24 Million Reasons Dems Back America’s Worst Banks
Why would 16 Democratic senators join their Republican colleagues in pushing a bill that lays out a rich banquet of goodies before some of America’s worst bankers, and increases the risk that taxpayers will have to bail them out?Here are 24 million reasons: These 16 Democrats have collectively received $24,488,961 in campaign contributions from savings and…
Phil Angelides Strongly Objects to Rolling Back Dodd-Frank Protections
Phil Angelides, who chaired the committee evaluating the causes of the financial meltdown and recommending changes to prevent another one, has written a very strong letter objecting to proposals to roll back the protections of Dodd-Frank. March 5, 2018 The Honorable Mike Crapo Chairman, U.S. Senate Committee on Banking, Housing, and Urban Affairs 239 Dirksen…
Sarbanes-Oxley, Bemoaned as a Burden, Is an Investor’s Ally – The New York Times
Gretchen Morgenson writes in the NY Times about efforts to roll back the post-Enron reforms of Sarbanes-Oxley. It is astounding to imagine that the very provisions that restored trust in public companies after the series of accounting frauds of the Enron era are already being described as burdensome and costly.What is burdensome and costly, of…
WSJ CFO Network, Washington 2017
The Wall Street Journal’s CFO Network gathering is always engaging and informative. This year VEA Vice Chair Nell Minow attended to appear at breakout sessions on board effectiveness and shareholder activism, and reported back on what she learned: The speakers included Senators John McCain on national security (he said his biggest fears are North Korea…
Investor Group, Pension Funds Oppose Financial Choice Act – WSJ
A group of institutional investors is calling on the House of Representatives to oppose the Financial Choice Act saying it will undercut shareholder rights.The Council of Institutional Investors, an advocacy group, sent a letter to every House member Wednesday urging them to oppose the bill. It was signed by 53 pensions, unions and other institutions…
