Janet Yellen, vice chairman of the Federal Reserve, was confirmed Monday by the Senate to succeed Chairman Ben Bernanke as
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Financial Reform
What Wall Street Can Do to Avoid Overregulation
Complaints and lawsuits cannot solve the problem of overregulation, only ideas can, but for an industry built on ideas for success, Wall Street seems surprisingly short of creativity.
Broadly speaking, Wall Street exists for …
Access to Basic Banking Is a Crisis for 40 Million Americans
Some 2.5 billion people have no access to basic financial products like insurance and credit cards. Fixing that would fix a lot of the world’s poverty problems.
Budget Deal Is a Tipping Point for the US Economic Recovery
Whisper it—we may be at a tipping point in the US economic recovery. The announcement that U.S. budget negotiators have reached a provisional two-year deal to avert another government shutdown (which had been set to happen, …
Foroohar: Washington Dysfunction Is Hurting GDP Growth
It’s also cost the country an additional 2 million jobs
Money Talking: JP Morgan’s $11 Billion Would Send the Wrong Message
Is $11 billion a lot to pay for causing some of the mischief that caused the financial crisis? That’s what Justice Department officials in Washington are currently trying to decide. The $11 billion in question is the potential …
Explaining the Financial Crisis: Why Do We Still Not Know What Happened?
Five years after the Lehman Brothers bankruptcy kicked off the largest economic dislocation in the U.S. since the Great Depression, we are still debating what needs to be done to make the financial system safer. We are also still …
Rewiring the Banker Brain
A culture shift is still needed to reconnect finance with the real economy.
Richard Cordray Approved as Consumer Watchdog Director: Why You Should Care
Yesterday, the Senate voted to proceed with the nomination of Richard Cordray to direct the Consumer Financial Protection Bureau (CFPB), then approved him later in the day on a 66-34 vote. The move has the potential to benefit everybody with a mortgage, credit card or private student loan. In other words: you.
Regulatory Rumpus: The Battle Over Reinstating Glass-Steagall
Among the small number of Americans who are passionate about financial regulation, no topic raises hackles more than the so-called Glass-Steagall act. It is “so-called” because when you hear the term “Glass-Steagall” the speaker is most certainly referring to four provisions from the Banking Act of 1933, which was sponsored by Senators
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20 Words That Will Make or Break Financial Reform
Correction appended: July 8, 2013, 9:46 p.m. E.T.
Derivatives, those complex exploding financial securities that were at the heart of the 2008 Lehman Brothers collapse and global financial crisis, have been at the top of bank reformers’ agenda over the past five years. Figuring out a way to make them — and thus our financial …
Wall Street Cop Goes After Corzine — and Derivatives Loopholes
Gary Gensler, the chairman of the Commodity Futures Trading Commission, has been the toughest cop in D.C. since the financial crisis, and the only person really willing to take on Wall Street. Although his term may soon be coming to an end, the CFTC yesterday showed it still has plenty of bite left by suing Jon Corzine, the former New …