Tag: Dodd-Frank

This commentary is excerpted from testimony before the U.S. House Committee on Financial Services. By Todd Zywicki An animating premise of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was the belief that a primary source of financial instability was an inadequate consumer financial protection regime at the federal level.  Dodd-Frank sought to address those perceived deficiencies by creating the Bureau of Consumer Financial Protection (CFPB) and vesting that new super-bureaucracy wielding an unprecedented combination of vast, vaguely defined substantive powers with no democratic accountability.  At the outset, allow me to stress that I personally agreed with the proposal to combine the administration of federal consumer financial protection laws under one agency’s roof. The preexisting system was too… View Article

Dodd-Frank’s Dire Legacy: Durbin Amendment

By Iain Murray This week was the fifth anniversary of the passage of the Wall Street Reform and Consumer Protection Act, better known as Dodd-Frank. As the Mercatus Center revealed this week, it may be the biggest law ever written, because it gives the administration so much discretionary power to make secondary law. It has harmed consumers by reducing choice in financial services and failed to solve the problems it was purported to solve, as I outline in my new paper, How Dodd Frank Harms Main Street. One of the worst examples of this stems from the Durbin Amendment, a last minute addition to the bill that gives the Federal Reserve the power to cap interchange fees charged… View Article

Friday Facts: February 15, 2013

It’s Friday! Today is the deadline to register for the Foundation’s Leadership Breakfast at Cobb County’s Georgian Club, 8 a.m. on Tuesday, February 19. Keynoted by the Cato Institute’s Randal O’Toole, “American Dream, American Nightmare,” is an explanation of the forces at play in the housing market in Georgia and in the nation, and how to rebuild the American Dream of homeownership. This event is open to the public and will cost $25 to attend. Find out more at http://tinyurl.com/avnapnh. Register here: http://tinyurl.com/7ldaqnk. A limited number of O’Toole’s book, “American Nightmare,” will be available for purchase at $20 each. Quotes of Note “The urge to save humanity is almost always only a false-face for the urge… View Article

Bank fees are on the rise

As the saying goes, there is no such thing as a free lunch. As we predicted in “How Dodd-Frank Price Controls Poach Peach State Prosperity,” the federal price controls enacted by Congress are having unintended consequences. CNN reports that “Checking accounts have been getting more expensive, as banks hike monthly costs, ATM charges and overdraft fees, according to a survey of more than 100 banks released Monday by bank comparison website MoneyRates.com. … These rising fees come as banks continue to look for ways to recoup revenue lost under the Durbin amendment, which took effect last October and limited the fees banks can charge retailers each time customers swipe their debit cards to make purchases, known as interchange View Article
(The Georgia Public Policy Foundation and the Competitive Enterprise Institute released this Issue Analysis that discusses the impact of federal banking laws in Georgia.) By John Berlau   Few states have been hit as hard by the financial crisis as Georgia.  With her economic engine humming and unemployment hovering around 5 percent for several years until 2008, Georgia suddenly saw thousands of mortgages our and dozens of banks fail in a slide that continues to this day. The Federal Deposit Insurance Corporation has closed at least 80 banks in Georgia since 2008, more bank failures than in any other state in the union.  Even the largest banks in the Peach State are facing a struggle.  In March, Atlanta-based Sun Trust… View Article
Few states have been hit as hard by the financial crisis as Georgia. With her economic engine humming along and unemployment hovering around 5 percent for several years until 2008, Georgia suddenly saw thousands of mortgages sour and dozens of banks fail in a slide that continues to this day. This study examines the impact of the Dodd-Frank Act on Georgia’s banking industry and overall economy. View the study.… View Article

The Georgia Public Policy Foundation is our state’s leading organization promoting government transparency. The Secretary of State’s office shares the Foundation’s commitment to transparency and responsible stewardship of taxpayer dollars, which is why our agency was the first in Georgia to publish its budget and spending data on a public transparency website.

Karen Handel, Georgia Secretary of State more quotes