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Democrats, including President Joe Biden and Sen. Elizabeth Warren (D-Mass.), are blaming Donald Trump for the sudden collapse of two banks, Silicon Valley Bank and Signature Bank. But Barney Frank, a leading sponsor of the Dodd-Frank Act, sharply disagrees. The law, signed by then-President Barack Obama in 2010, made significant changes to Wall Street regulations and federal financial regulatory agencies in the aftermath of the financial meltdown in 2008. The bill, though controversial, was theoretically designed to protect Americans. Democrats say Trump is responsible because he signed a law rolling back some of the regulations enacted by the Dodd-Frank Act....

Former Rep. Barney Frank (D-MA), author of the 2010 Dodd-Frank bill, sat on the board for Signature Bank which collapsed in the wake of the Silicon Valley Bank (SVB) implosion. The U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced in a joint statement on Sunday the plan to manage the fallout of SVB’s collapse as well as the demise of Signature Bank. “Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the joint statement read. “This step will ensure that the U.S. banking system...

WASHINGTON — At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said the elimination of a discriminatory housing practice known as “redlining” was responsible for instigating the meltdown. “It all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg, now a Democratic presidential candidate, said at a forum that was hosted by Georgetown University in September 2008. “Redlining, if you remember, was the term where banks took whole neighborhoods and said, ‘People in these neighborhoods are poor, they’re not going to be able to pay off their mortgages,...

President Donald Trump has promised sweeping reforms to "horrendous" US banking regulations that were introduced after the financial crisis. "We're going to do a very major haircut on Dodd-Frank," he said, referring to the Wall Street and consumer protection rules Barack Obama enacted in 2010. Dodd-Frank aimed to prevent banks taking on too much risk and to separate their investment and commercial arms.

Posted 2008 Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword? Nay, in all these things we are more than conquerors through him that loved us. Romans 8:35,37 KJV All the outrage over Bernie Madeoff is pretty surprising. Sure he bilked people out of everything they had, putting them in financial disaster and bankruptcy? So he lied to people over decades taking everything they saved in a fraudulent investment Ponzi scheme bankrupting Pension/Charity and College funds. So he was lying to investigators about those cooked books...

Former Rep. Barney Frank spent decades as one of the Democratic Party’s most recognizable left-wing figures. Now, in what may be one of his final public warnings, he is telling Democrats that their loudest activists have pushed the party into territory the public simply is not buying. Frank’s warning, delivered as he enters hospice, is blunt. He is not attacking the left from the right. He is saying the left has made a strategic mess of things by turning its most controversial causes into purity tests and then acting surprised when voters balk. “I think we’re in a situation where...

Liberal icon, former Rep. Barney Frank, who is dying of congestive heart failure, spoke out from hospice to deliver a stark warning to Democrats for swinging too far to the left on social issues — and said it will cost them with voters.

Former Democrat Rep. Barney Frank has entered hospice care.

Former Rep. Barney Frank, a liberal icon who was a key architect of the landmark Wall Street regulations Democrats enacted in the wake of the 2008 financial crisis, has entered hospice care at his home in Maine. And as one of his last acts, he is preparing to release a book repudiating his party’s left flank. A champion of liberal causes during his 32 years representing Massachusetts in the House, Frank says progressive Democrats have “embraced an agenda that goes beyond what’s politically acceptable.” “Until we separate ourselves from that agenda, we don’t win,” he said in an interview Tuesday.

A federal appeals court on Friday lifted an injunction from crooked Obama Judge Amy Berman Jackson that had blocked the Trump Administration from dismantling the Consumer Financial Protection Bureau (CFPB). The DC Circuit Court of Appeals in a 2-1 ruling allowed the Trump Administration to move forward and dismantle the CFPB. The three-judge panel included: Majority: Katsas (Trump), Rao (Trump), and dissent: Pillard (Obama). Politico reported: A federal appeals court panel has cleared the way for the Trump administration to largely dismantle the work of the Consumer Financial Protection Bureau, lifting a lower-court judge’s injunction that had preserved the agency’s...

Is there any ceiling, or floor, to what the CFPB can decide to spend?.. The Supreme Court on Tuesday heard oral arguments in a challenge to the Consumer Financial Protection Bureau’s novel self-funding scheme (CFPB v. Community Financial Services Assn.) A telling moment came when Justice Neil Gorsuch pressed the Solicitor General on the limits to the agency’s appropriations power. Democrats insulated the CFPB from political accountability in the Dodd-Frank Act by letting it obtain its funding from the Federal Reserve, unlike any other federal agency. Payday lenders say this violates the Constitution’s command that “no Money shall be drawn...

there are no banking rules/laws in the Biden Fed/Treasury system. ... The Dodd-Frank laws are still on the books, but the FDIC decision to insure all deposits, regardless of size, now means those laws, rules and regulations are not required to be followed. Additionally, as a result of JPMorgan gaining another $100+/- billion in deposit assets, the law(s) surrounding the 10% U.S. deposit maximum, within too big to fail banks, no longer exists. Noted in the announcement, “JPMorgan Chase is assuming all deposits – insured and uninsured.” JPMorgan is also assuming assets consisting of $173 billion in loans and approximately...

The best outcome for the failed Silicon Valley Bank would be for U.S. officials to find a buyer for it on Sunday, Sen. Mark Warner (D-Va.) said, after its collapse last week. “The best outcome will be can they find a buyer for this SVB bank today before the markets open in Asia later in the day,” Warner said on ABC’s “This Week.” “The depositors can be taken care of and the best outcome will be an acquisition of SVB.” The fall of the bank last week sent shockwaves throughout the tech industry, which relied heavily on the bank for...

Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report. It is still possible that no deal is reached, the report said.

President Joe Biden has nominated Michael Barr, one of the designers of the 2010 Dodd-Frank Act that overhauled the financial regulatory system, to serve as the Federal Reserve’s top banking regulator. Barr previously served as assistant treasury secretary for financial institutions under former President Barack Obama ...a Yale graduate and Rhodes scholar, currently serves as the dean of the University of Michigan’s public policy school.

MADISON – Aaron Rodgers has faced some of the most ferocious defensive linemen the National Football League has ever unleashed on professional football fields. The Green Bay Packers quarterback has passed his way to the top of his game, becoming among the most accurate, respected and highest paid players in NFL history. Now, Rodgers is taking on a much more brutal enemy: The murderous warlords of the Democratic Republic of Congo in command of a civil conflict that has claimed more than 3 million lives. Green Bay’s QB has signed up as a celebrity front man for Raise Hope for...

Dodd-Frank overregulation caused increased concentration in banking, squeezing out smaller banks in favor of bigger banks that could more easily absorb increasing regulatory costs. That naturally restricted credit to smaller businesses that were more regularly served by smaller, more regional banks, more likely to have developed relations with small local businesses. But in typical abundance of centralized bureaucrat overcaution, Dodd Frank over regulation also clamped down more harshly on small business lending as inherently more risky. More risky it is. But small business is also the lifeblood of the economy, as small business has long generated most new jobs in...

The Dodd–Frank Wall Street Reform and Consumer Protection Act, which was passed in the wake of the 2008 financial crisis and was designed to safeguard the banking system, appears to have made it more difficult for small businesses and entrepreneurs to obtain funding. In The Impact of the Dodd-Frank Act on Small Business (NBER Working Paper No. 24501), Michael D. Bordo and John V. Duca find that the 2010 legislation reduced the incentives for all banks to make small loans. It also raised the benefits of scale in the banking business, tilting the playing field away from small banks which...

After three months of saber-rattling on the trade front – including the implementation of high duties on imported steel and aluminum, and threats of similarly high tariffs on a host of business and consumer products both from and to China – the dust appears to have settled for a while, with an announcement that China will work to import more from the USA, and a tentative agreement that a trade war would be bad for everybody. Within days, there were fresh discussions of new tariffs on other products that hadn’t been discussed previously - like cars and trucks – also...

Seventeen Democrats voted to proceed on a bill that would roll back major portions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators voted 67-32 to end debate on a bill that takes aim at a number of the protective barriers Dodd-Frank put between consumers, banks and the greater economy in the wake of the 2007-2009 Great Recession. Michael Bennet of Colorado Tom Carper of Delaware Chris Coons of Delaware Joe Donnelly of Indiana Maggie Hassan of New Hampshire Heidi Heitkamp of North Dakota Doug Jones of Alabama Tim Kaine of Virginia Angus King of Maine Joe...