Tag Archives: financial regulatory reform

The Way Forward is Looking Better

By Andrew Busch | Published: September 8, 2010

Fact one, small to medium sized firms are the drivers of job growth in the United States. Fact two, the government needs to engage in policies to assist these firms that create conditions that encourage risk taking and reward that comes from that risk taking. Fact three, the government needs to reduce burdens on these firms that discourage investment or increase their costs of doing business. To create employment, we hold the above to be self-evident and to be true.

If we review the last two years, we see variations of assistance provided by the government that not only miss … …READ MORE

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It's the Small Business, Stupid

By Andrew Busch | Published: August 19, 2010

The optics on the US jobless claims data are terrible and will generate a renewed negative newsflow leading up to the US employment data on September 3rd. It is clear new jobs are not being created. It is clear that whatever economic prescription policy makers have attempted is past its “Sell By” date. It is clear that the policy direction forward for the US economy must focus on the creating the best conditions for small to medium sized firms. Remember, companies that are 5 years and younger generated over 90% of new hires between 1997 and 2007. These firms are … …READ MORE

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Reagan on Fin Reg

By Andrew Busch | Published: July 16, 2010

The 2,330 leviathan is done and will be signed by President Obama next week. The bill leaves tremendous much of the rule making up to the big three: Federal Reserve, CFTC and SEC. The overlapping nature of the US regulatory system wasn’t addressed by the bill and there will be plenty of duplicitous regulation that will need clarification. The timeline for implementation is about 4 years and will be left to the discretion of the regulators. Remember, the genesis and goal of the legislation was to eliminate the risk of another financial meltdown that required taxpayer money to bailout firms.… …READ MORE

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Let the Votes Begin!

By Andrew Busch | Published: May 4, 2010

It’s the Wild West for the Senate as they begin debate on the financial regulatory reform bill. Banks to auto dealers to dentists (yes, dentists!) will all be potentially impacted by what amendments are offered and what are agreed upon. While tougher regulations on consumer protections and derivatives are the highlights, it will be the lesser known aspects that will make or break many businesses. “This legislation deals with just about any issue you could think of,” said Steve Verdier, a senior vice president and director of congressional relations at Independent Community Bankers of America according to CQ.

So far, … …READ MORE

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Financial Regulatory Reform:

By Andrew Busch | Published: March 22, 2010

Interesting speech by Federal Reserve chairman Ben Bernanke on Saturday before the Independent Community Bankers of America. “As the crisis has shown, one of the greatest threats to the diversity and efficiency of our financial system is the pernicious problem of financial institutions that are deemed “too big to fail.” Clearly, this and other comments regarding the Fed’s role in regulatory oversight were timed perfectly to coincide with the commencement of debate in the Senate on FRR. In case you think this is going to be easier than the health care bill, there are already roughly 400 amendments that have … …READ MORE

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Financial Regulatory Reform: Confusion and Delay

By Andrew Busch | Published: March 1, 2010

This NYT article by Gretchen Morgenson entitled, “It’s Time for Swaps to Lose Their Swagger” provides a glimpse into what’s going on with financial regulatory reform. Note how the article uses the term “swaps” for three different types of swaps: debt, credit default, and interest rate. All are extremely different in their function and to what exposure they cover. Yet, they are all lumped together as the cause of numerous problems within the financial sector.

Given the current trouble Congress is experiencing getting a financial regulatory bill out of the Senate, this underscores some of the confusion about arcane financial … …READ MORE

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Bad Bankers and Policy

By Andrew Busch | Published: December 14, 2009

Friday, the US House of Representatives passed their version of the financial regulatory reform package. By a vote of 223 to 202, the House followed much of what the White House wanted for the bill. The bill is broad in its scope from OTC derivative regulation to the creation of a new Consumer Financial Protection Agency (CFPA) to a new system for winding down failing financial institutions. The Senate is expected to move forward on their version next year.

Just weeks away from entering an election year, the Democratic leadership is pleased with delivering on a reform bill. At a … …READ MORE

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PERAB Party!

By Andrew Busch | Published: November 2, 2009

Today, the White House is reconvening the President’s Economic Recovery Advisory Board. Today’s meeting is to continue discussion of the issues impacting the strength and competitiveness of the Nation’s economy. The group discussion will include an update on the research and preparatory work conducted in the PERAB subcommittees. According to the WH blog, “The PERAB will provide information and ideas obtained from across the country to promote the growth of the American economy, establish a stable and sound financial and banking system, create jobs, and improve the long-term prosperity of the American people.”

This will include their ideas on what … …READ MORE

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G20 What You Need To Know

By Andrew Busch | Published: September 25, 2009

Here are the major points of interest on the G20 as the details leak out on what will be in the communiqué.

1. There will be broad agreement on the need to reign in bankers pay. They will attempt to provide rules to tie compensation to risk. and to tighten/capital requirements.

2. There will be broad agreement on financial regulatory reform with the specific plank of tightening/increasing bank capital requirements.

3. There will be broad agreement to be deliberate on withdrawing stimulus to their economies and to cooperate/coordinate the exits.

4. There will be broad agreement to increase the participation … …READ MORE

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