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Former Fed governor Kevin Warsh proposes three-pillar alternative to Dodd-Frank

Kevin Warsh, a former governor on the Federal Reserve Board, said on Wednesday that there is an alternative to the controversial Dodd-Frank Act — his “three fundamental pillars” of the economy. Warsh emphasized during his speech at Stanford University’s Paul Brest Hall that his three pillars — capital standards, regulators and market... Read More...

Senators send letter urging regulators to quickly implement effective Volcker Rule

Sens. Daniel K. Akaka (D-Hawaii) and Daniel K. Inouye (D-Hawaii) joined a group of senators last week in a call on regulatory agencies to implement a loophole-free Volcker Rule that distinguishes between proprietary trading and traditional banking. The group of 22 senators issued a letter on Thursday to major U.S. regulators, including the... Read More...

Obama rejects calls to repeal provisions of Dodd-Frank

In a recent interview with Rolling Stone magazine, President Obama rejected calls for certain provisions of the Dodd-Frank to be repealed. “You have a Republican Congress, and Republican candidates for president, who have actively stated that they want to roll back the financial regulations that have been put in place,” Obama said,... Read More...

House Intelligence Chairman Rogers releases revised version of government-industry information sharing bill

House Intelligence Chairman Mike Rogers said last week that a revised version of H.R. 3523, a measure aimed at increasing threat-information sharing between government and industry, addresses some of the concerns voiced by privacy groups. Changes to the bill include new language that allows businesses that share information with the federal... Read More...

GOP consultant says Obama administration, Democrats should think twice about Dodd-Frank

Joe Brettell, a former Capitol Hill press secretary and GOP consultant, recently criticized the 2010 Dodd-Frank Act and called on the Obama administration and congressional Democrats to reconsider the legislation. “Playing off lingering resentment toward Wall Street in the wake of the 2008 financial meltdown, Democrats developed legislation... Read More...

Heritage Foundation’s David John says Volcker Rule will harm U.S. financial system

David John, a senior research fellow at The Heritage Foundation, recently said that implementation of the Volcker Rule may pose a risk to the U.S. financial system. The Volcker Rule, named after former Federal Reserve chairman Paul Volcker, prohibits banks from engaging in proprietary trading—or risky investments with client funds. John said... Read More...

Scammers offer to update, revise DUNS numbers at non-profit groups for fee

The Nevada attorney general’s office has issued a warning to non-profit groups to beware of individuals or organizations offering to update their Data Universal Numbering System report for a fee. “Nonprofits have enough to worry about,” Nevada Attorney General Catherine Cortez Masto said. “They should not pay money for a service that... Read More...

Schapiro says cost-benefit analyses slowing Dodd-Frank rule-writing

During a House Financial Services subcommittee hearing on Wednesday, Securities and Exchange Commission Chairwoman Mary L. Schapiro said that calls for increased cost-benefit analyses have slowed down the regulator’s rule-writing ability. “We firmly believe that cost-benefit analyses are very important,” Schapiro said during the... Read More...

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