Banking & Finance

Commodities Agency Gets Cool Reception on Funding Bump Request

Rep. David Valadao, R-Calif., didn't seem to buy the CFTC's argument that it needs more money. (Bill Clark/CQ Roll Call File Photo)

The acting chairman of the Commodities Futures Trading Commission is asking for a funding bump above the White House’s fiscal 2018 proposal, a request being declined by Republican agriculture policymakers despite their endorsing the agency’s message of keeping a balance between regulatory enforcement and vibrant futures and derivatives markets.

California’s David Valadao, the No. 2 Republican on the House Agriculture Appropriations Subcommittee, brushed aside J. Christopher Giancarlo’s $281.5 million request for fiscal 2018 at a hearing on Thursday. Valadao, said the panel would focus on President Donald Trump’s fiscal 2018 request of $250 million.

House Republicans Vote to Strip Away Post-Financial Crisis Safeguards
Bill isn’t expected to be taken up in the Senate

Texas Rep. Jeb Hensarling says that “all of the promises of Dodd-Frank were broken.” (Bill Clark/CQ Roll Call File Photo)

House Republicans voted 233-186 Thursday to repeal large parts of the 2010 Dodd-Frank financial overhaul, just one month short of the seventh anniversary of the landmark law’s enactment.

The measure would unwind much of the financial structure put in place in the wake of the financial crisis. One of the biggest pieces of legislation enacted during the two terms of President Barack Obama, Dodd-Frank was designed to prevent the type of practices that led to the 2008 financial crisis and the recession it caused. Republicans have long complained that the law stifled the economy because it put too large a regulatory burden on business.

GOP Leaders on Flood Insurance Bill See Bipartisan Measure
Lawmakers working to beat Sept. 30 reauthorization deadline

Wisconsin Rep. Sean P. Duffy hopes to get bipartisan support for a reauthorization of the flood insurance program.  (Tom Williams/CQ Roll Call File Photo)

Both Democrats and Republicans cited concern about hurting low-income homeowners in legislation that would reauthorize the National Flood Insurance Program, but they also agreed that the program, with a current debt of $24.6 billion, needs to be on sounder financial ground.

Lawmakers are working to beat the expiration of the current authorization on Sept. 30. Without new authorization in place, housing markets in coastal and flood-prone areas could be disrupted.

Dodd-Frank Repeal Set Up for House Passage
Rules Committee allows only five amendments

Rep. Jim McGovern, D-Mass., is not a big fan of the Dodd-Frank repeal bill. (Bill Clark/CQ Roll Call File Photo)

A massive bill to repeal the Dodd-Frank financial law and allow better-capitalized banks to opt out of much of government regulation is heading to the House floor for a final vote on passage that is expected Thursday.

Over Democratic objections, the House Rules Committee on Tuesday allowed only five amendments that appeared to be uncontroversial plus a manager’s amendment to be considered, and it declined to allow a hearing for a proposal to reinstate the Depression-era Glass-Steagall Act.

Dodd-Frank Repeal Bill is Target of Contentious Amendments
Republicans likely to support a few of them on the floor

Rep. Jeb Hensarling has long targeted the Dodd-Frank financial regulation bill for repeal. (Bill Clark/CQ Roll Call File Photo)

As Rep. Jeb Hensarling’s Dodd-Frank repeal bill heads to the House floor this week, it will be the target of controversial amendments, including a couple that some Republicans are likely to support.

By late Monday, 16 amendments had been filed on the bill, which is scheduled for the House Rules Committee Tuesday evening.

House Schedules Dodd-Frank Repeal for Floor Vote
Legislation failed to get floor vote in previous congress

Speaker Paul D. Ryan and his GOP caucus are ready to go on repealing the Dodd-Frank law. (Tom Williams/CQ Roll Call)

A Republican plan to roll back the most expansive financial regulatory overhaul since the Depression is headed to a full vote in the House this week.

House Majority Leader Kevin McCarthy said Friday that he has scheduled debate and a floor vote on a bill that would repeal large parts of the 2010 Dodd-Frank financial overhaul. The law was enacted in the wake of the financial crisis and the recession and was meant to prevent the practices that led to the crisis.

Warren Calls Mnuchin’s Glass-Steagall Views ‘Bizarre’
Treasury secretary says separating banks from investment banks would be ‘big mistake’

Treasury Secretary Steven Mnuchin arrives for a Senate Banking Committee hearing on Thursday in the Dirksen Building. (Tom Williams/CQ Roll Call)

Treasury Secretary Steven Mnuchin’s assertion that the administration doesn’t support separating commercial banking from investment banking, as was the case under the Depression-era Glass-Steagall Act, almost left Sen. Elizabeth Warren speechless Thursday.

Almost.

Senators See Trump Support Giving Glass-Steagall Bill a Chance
Warren, McCain push for reinstating wall between commercial and investment banking

Arizona Sen. John McCain and Massachusetts Sen. Elizabeth Warren say big banks pose a threat to the economy. (Tom Williams/CQ Roll Call file photo)

A bipartisan group of senators that claims it has the support of President Donald Trump is backing legislation to revive the Glass-Steagall Act, a piece of 1930s legislation that prohibited commercial banks from engaging in investment banking activities. 

The law was repealed in 1999, and some blame that repeal for the financial crisis that erupted in 2008 and 2009.

Report: Warren Aide In Running for SEC Vacancy
Bharat Ramamurti is senator’s senior counsel on banking and economic policy

Sen. Elizabeth Warren, D-Mass., confers with aide Bharat Ramamurti during a Banking Committee hearing. Ramamurti is being considered for a position with the Securities Exchange Commission, Reuters reported. (Tom Williams/CQ Roll Call file photo)

A legislative aide to liberal favorite Sen. Elizabeth Warren is in the running to fill one of the vacancies on the Securities and Exchange Commission according to a report.

Bharat R. Ramamurti is Warren’s senior counsel on banking and economic policy, and assisted during the investigation of Wells Fargo’s creation of fake accounts.

Lawmakers Introduce Bills to Ease Tax Burdens, Criminal Penalties on Pot
Proposal comes amid continued confusion about Trump administration stance

Two of Congress’ biggest proponents of marijuana legalization redoubled their efforts Thursday with a package of bills to “pave the way” for federal regulation of the burgeoning pot industry.