Economy

GOP moves closer to long-sought goal of Dodd-Frank overhaul

GOP moves closer to long-sought goal of Dodd-Frank overhaul

The sweeping legislation rolled out by Rep. Jeb Hensarling, the Texas Republican who is Dodd-Frank's fiercest foe and heads the House Financial Services Committee, would deliver a body blow to the financial law.

WASHINGTON (AP) — House Republicans moved closer to realizing their long-promised goal to undo financial regulatory laws enacted under Democratic President Barack Obama after the 2008 economic meltdown pushed the economy to the brink of collapse.

"No wonder entrepreneurship is at a generational low in America", Hensarling said.

I am always interested, but dismayed, to read media stories praising the Dodd-Frank Act (Wall Street Reform and Consumer Protection Act).

"When we wrote Dodd-Frank, we wanted the bureau to be above the fray so that it could focus exclusively on its mission of protecting consumers", said Rep. Nydia Velazquez, D-N.Y., author of an amendment seeking to keep the bureau's funding with the Federal Reserve instead of Congress.

Gulf carrier Etihad Airways names veteran exec interim CEO
Announcing the selection May 8, Etihad said Gammell will assume "full management responsibilities" with immediate effect. The UAE-based Etihad had picked up 24 per cent stake in Jet Airways in April 2013 for United States dollars 349 million.

But despite all the political theatre, the CHOICE passed out of the committee on Thursday and is headed to the full House of Representatives.

The vote concluded a three-day markup of the bill (H.R. 10), during which Democrats slowed down the process and unsuccessfully tried to remove various portions of the bill.

The bill would also reform the Consumer Financial Protection Bureau, renaming it the Consumer Law Enforcement Agency and stripping it of examination powers and "UDAAP" enforcement authority and replace Dodd-Frank's Orderly Liquidation Authority provision with a new Bankruptcy Code.

Powerful bank lobbies, such as the American Bankers Association, Independent Community Bankers of America and Consumer Bankers Association, have lined up behind Hensarling's bill, the most expansive effort to reduce financial regulations imposed in Dodd-Frank.

"The real middle finger to the American people is the lack of recovery because of Dodd-Frank", said Bill Huizenga of MI. Hensarling has complained that banks are offering fewer credit cards and free checking accounts, while community banks report that compliance with Dodd-Frank's regulatory burdens make it harder to provide more mortgages.

Wells Fargo CEO: We're America's 'best corporate citizen'
Sloan bought 39,000 shares of the business's stock in a transaction that occurred on Monday, April 17th. Wells Fargo will no longer be subject to the growth restrictions which were imposed previous year .

When asked about efforts to retain the Durbin amendment, Rep. Keith Ellison (D-Minn.), another Financial Services member, said in a brief interview that he is "consulting" with colleagues on a possible change to the bill, but otherwise said he wasn't prepared to speak further about the issue.

Our colleagues at Consumers Union say the bill's approval puts consumers at risk while protecting the financial interests of big banks and shady lenders.

The financial services industry uniformly opposes the rule, saying in effect that taking away a wealth advisor's fees and commissions would prompt many to choose not to offer advice at all.

The panel defeated the amendment from Velazquez on a 32-24 vote.

Republicans are likely to pass the measure in the House. Leaders of the Senate panel with jurisdiction over a Dodd-Frank overhaul have said they would like to work together to find areas of common agreement to enhance economic growth.

Willis Towers Watson reports increased Q1 profits
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink . Tracking most recent quarter period, Price to book (P/B) ration is at 1.81 and Price to cash per share ration is at 20.82.

Only a few weeks in office, President Donald Trump launched his attack on the financial law, ordering up a government review of the complex legislation that has been filled out with hundreds of rules written by regulators in a six-year slog.


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