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…
Tag: financial reform
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…
We Strongly Oppose the Oxymoronic “CHOICE” Act
We join with the Council of Institutional Investors in strongly opposing the falsely named “CHOICE” Act, which would eliminate critical shareholder rights and market responses that ensure the integrity of our financial markets. The proposal would sharply reduce the number of shareholder proposals and shareholder oversight on ceo pay, restrict the ability of independent proxy…
Nell Minow on Motley Fool Money: Trump, Oscars, and Financial “Reform”
VEA Vice Chair Nell Minow appeared on the Motley Fool Money podcast to discuss Donald Trump, financial “reform” and attempts to roll back investor protections, and the Oscars.
Latest Dodd-Frank reversal bill could exempt a third of public companies from giving auditor warning – MarketWatch
ValueEdge Advisors Vice Chair Nell Minow is quoted in this story about a possible proposed change to Dodd-Frank that would make it easier for companies to hide accounting problems from their investors, creditors, and suppliers. The sweeping package to reform the Dodd-Frank bank reform law introduced in Congress has a provision that would curtail the…
What the CFPB ‘Commission’ Debate Is Really About | Bank Think
Corporations are happily preparing their wishlists for getting rid of consumer and employee protections under the new administration and the Republican-controlled Congress and Senate. Look for them to be disguised as “reform,” as pointed out in this piece from Adam J. Levitin in American Banker. The financial services industry is pushing hard for Congress to…
Donald Trump’s Point Man on Financial Regulation: A Former Regulator Who Favors a Light Touch – WSJ
Donald Trump has tapped a longtime critic of heavy regulation to flesh out his new administration’s plans for remaking the financial rule book, including the potential dismantling of much of the Dodd-Frank financial overhaul. Source: Donald Trump’s Point Man on Financial Regulation: A Former Regulator Who Favors a Light Touch – WSJ
Bill to Scrap Dodd-Frank Advances Amid Wells Fargo Backlash – Bloomberg
U.S. House Republicans advanced legislation to undo Congress’s response to the 2008 financial crisis after Democrats forced quick action on the measure that they decried as toxic.Financial Services Committee Chairman Jeb Hensarling’s bill, which he said will spur economic growth and end bank bailouts, will move to the House floor after a 30-26 vote in…
