Posts Tagged ‘financial



18
Jul
11

‘a big week for the new consumer agency’

Elizabeth Warren: This is a big week for the Consumer Financial Protection Bureau (CFPB). Today, the President will announce his intent to nominate Richard Cordray to serve as its first Director. On Thursday, the CFPB makes its transition from a start-up to a real, live agency with the authority to write rules and to supervise the activities of America’s largest banks.

Rich will be a strong leader for this agency. He has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear he can make many important contributions in leading it. Rich is smart, he is tough, and he will make a stellar Director. I am very pleased for him and very pleased for the CFPB.

…. Our mission is clear: No one should be tricked in any financial transaction. Prices and risks should be clear. People should be able to make apples-to-apples comparisons. Fine print should be mowed down, not used to hide nasty surprises. And, everyone – even trillion dollar banks – should follow the law…..

More here

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President Barack Obama announces Richard Cordray as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden, July 18. Obama was joined by Elizabeth Warren, Special Advisor on the Consumer Financial Protection Bureau, and Treasury Secretary Timothy Geithner.

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Ezra Klein: There’s a fair amount of disappointment over the White House’s decision to formally nominate Richard Cordray rather than Elizabeth Warren to lead the Consumer Financial Protection Bureau….

I don’t really understand this. Whoever is nominated to lead the CFPB is going to spend the next year of his life being filibustered by Republicans …. so the question isn’t who you want leading the CFPB for the foreseeable future. It’s who you want spending his or her time being stopped from leading the CFPB for the foreseeable future. And it’s not clear that the answer to that question is “Elizabeth Warren.”

Warren, after all, has another option that she appears to be taking seriously: challenging Scott Brown in the 2012 electionm … if she wants to do that, she can’t spend the next year being blocked from leading the Consumer Financial Protection Bureau…

…. Cordray, a former Ohio attorney general with a great reputation in consumer-protection circles and Warren’s blessing, doesn’t have anything to run for until Ohio’s governorship opens in 2014. By all accounts, he’s a good choice to lead the agency now, if he can somehow get past the Republicans, and spending a few years publicly fighting to protect consumers is unlikely to hurt him back home.

… given the information we have now, it seems like a fairly smart way to deploy the talents and preserve the future options of the various consumer protectors whom Republicans plan to filibuster.

Full post here

Thanks Meta

04
Apr
11

‘obama averted disasters, but getting credit is the hard part’

Michael Grunwald (Time): The New Republic recently asked an intriguing question about the U.S. intervention in Libya: Why isn’t Obama getting credit for preventing an atrocity? The answer is obvious when you think about it: because he prevented the atrocity. It’s hard to get credit for avoiding a disaster when it’s impossible to prove the disaster would have happened without you. Social scientists call this the counterfactual problem….

This is a problem for public policy because preventing disasters is infinitely preferable to stopping them in progress. And it’s a political problem for Obama … He is the counterfactual President, not just on his Libya policy, but on almost all his policies. And as his aides often complain, “I prevented a disaster” is a lousy political slogan….

The most extreme example, of course, was the $787 billion stimulus package that Obama signed during his first month in office, when the economy was shedding 700,000 jobs a month. The immediate goal was to avoid a depression, and in that sense it was a tremendous success, stopping the hemorrhaging and stabilizing the scariest economic situation since the Great Depression…..

… His financial reforms should reduce the chances of another Wall Street meltdown, but it’s classic disaster prevention: if they fail, it’s a scandal, and if they work, we won’t notice…

Most of Obama’s counterfactual problems can be traced to what his former chief of staff Rahm Emanuel calls the “gift bag” that President Bush left for him. The gift bag included the worst economy in 80 years, a nightmare on Wall Street, a deficit spiraling out of control, one unnecessary war in Iraq and one intractable war in Afghanistan, a dysfunctional health care system, and an energy policy that was broiling the planet and exposing consumers to violent swings in gas prices….

Full article here

20
Oct
10

“do-nothing congress? not by a long shot”

Do-nothing Congress? Not by a long shot

By Jim Abrams (Associated Press)

Extracts…..

The public panned it. Republicans obstructed it. Many Democrats fled from it. Even so, the session of Congress now drawing to a close was the most productive in nearly half a century….

….In terms of legislative successes, the current session of Congress is “at least on a par with the 89th Congress” of 1965-66, said Norman Ornstein, a scholar at the American Enterprise Institute.

But, he added, Republicans have done all they could to discredit Congress, and Democrats have failed to sell their agenda. Moreover, it will take years to fully feel the effects of the health-care law and financial regulation.

“A world dominated by bickering and epithet-throwing and bomb-tossing in Washington obscures accomplishments,” Ornstein said.

Congress passed an $814 billion economic-stimulus package soon after President Obama took office, tapping a staggering sum of money to avoid a full-blown depression. ….The two other landmark acts of this session were the health-care overhaul, a giant step toward universal coverage that had eluded presidents back to Franklin Roosevelt if not Teddy Roosevelt, and the Wall Street accountability act.

Obama has also signed into law at least a dozen other pieces of legislation of significance. They include:

Making college loans more affordable.

The Cash for Clunkers program to help the auto industry.

New consumer protections for credit-card users.

Making it easier for women to challenge pay discrimination.

Increasing federal regulation of tobacco products.

Cracking down on waste in Pentagon weapons acquisition.

Making attacks based on sexual orientation a federal hate crime.

Giving businesses tax incentives to hire unemployed workers.

Tax credits for first-time homeowners.

Full article

Thanks Kelly

15
Jul
10

a good day’s work

President Barack Obama walks to the Oval Office after speaking to the press July 15, 2010 upon his return to the White House from Michigan. Obama spoke as the US Senate gave final approval Thursday to the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s

17
May
10

two gifts: bo & and the nobel prize!

May 17, 2010: President Obama released his 2009 financial disclosure report, which includes details of gifts received in 2009.

21
Jan
10

"If these folks want a fight, it's a fight I'm ready to have."


President Barack Obama and Vice President Joe Biden arrive to deliver remarks on financial reform on in the Diplomatic Reception Room on January 21, 2010 in Washington, DC. Obama announced measures to narrow the size and scope of banks and their investment activities.

President Barack Obama speaks about financial reform after his meeting with Presidential Economic Recovery Advisory Board Chair Paul Volcker at the White House in Washington January 21, 2010.

President Obama rolled out a new set of proposals Thursday to “protect American taxpayers and the American economy from future crises”.

“We simply cannot accept a system in which hedge funds or private-equity funds inside banks can place huge risky bets that are subsidized by taxpayers and could pose a conflict of interest,” he said.

“My message to members of Congress of both parties is we need to get this done. My message to leaders of the financial industry is to work with us,” Obama continued: “If these folks want a fight, it’s a fight I’m ready to have.”




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