We Can Make the World Economy a Sustainable Global Home by Mudge Lewis S.;Mudge Jean McClure;Bogle John C.;

Author:Mudge, Lewis S.;Mudge, Jean McClure;Bogle, John C.;
Language: eng
Format: epub
Publisher: Eerdmans
Published: 2014-02-17T00:00:00+00:00

7. Pradnya Joshi, “We Knew They Got Raises: But This?” New York Times, 3 July 2011, p. BU1. High compensation for executives whose firms were bailed out by the government in 2009 continues in 2013. Annie Lowrie, “Pay Still High at Bailed-­Out Companies, Report Says,” New York Times, 28 January 2013, http://www.nytimes.com/2013/01/29/business/­generous-­executive-pay-at-bailed-out-companies-treasury-watchdog-says.html. — Ed.

8. In July 2010, President Obama signed the Wall Street Reform and Consumer Protection Act — the Dodd-­Frank Act — declaring it to be the most sweeping financial regulatory reform of the century. Designed to restrict banks in lending practices, make such activity more transparent, and protect consumers through the creation of the Consumer Financial Protection Bureau (CFPB), the implementation of this complex law has been slow and challenged by the mortgage banking industry since its inception. In 2011, these measures remained precarious. Two dozen bills brought before Congress sought to dismantle the act. Edward Wyatt, “Dodd-­Frank Under Fire a Year Later,” New York Times, 19 July 2011, p. B1. Interestingly, the derivatives industry supports the recognition of its business model by the regulations in Dodd-­Frank. Ben Protess, “Unlike Banks, This Wall St. Group Embraces Dodd Frank,” 21 August 2011, www.­nytimes.com/dealbook. In July 2011, President Obama named Richard Cordray, former attorney general of Ohio, to be the CFPB’s first director over its originator, Elizabeth Warren, who was assessed to be too controversial to win Senate approval. “Bureau Consumer Reform,” New York Times, Times Topics, 18 July 2011. On its first anniversary, 21 July 2012, the CFPB advanced on requiring clearer mortgage contracts and improving operations in mortgage and payday loan companies as well as the student loan market. Jessica Silver-­Greenberg, “Consumer Bureau Proposes New Mortgage Disclosure Rules,” New York Times, Legal/Regulatory, 9 July 2012. The CFPB’s first enforcement action in the financial industry came against Capital One, a leading national bank. It had to pay $150 million to more than 2 million clients for selling credit card products that were unwanted, unusable, or not requested. In June Hawaii’s attorney general sued Bank of America, JP Morgan Chase, and HSBC for also offering such products. Ben Protess and Jessica Silver-­Greenberg, “In Its First Action, Consumer Bureau Takes Aim at Capital One,” New York Times, Legal/Regulatory, 18 July 2012. In October 2013, the House targeted Dodd-Frank with two bills that would remove an array of derivatives trading from new regulation. Despite help from Citigroup lobbyists in writing one of the bills, and sure defeat — like others — in the Senate and White House, both bills had wide bipartisan support. But the anticipated reward for these votes was huge: “hundreds of thousands of dollars in campaign contributions.” Eric Lipton and Ben Protess, “House, Set to Vote on 2 Bills Is Seen as an Ally of Wall St.,” New York Times, 30 October 2013, http://dealbook.nytimes.com/2013/10/28/house-set-to-vote-on-2-bills-is-seen-as-an-ally-of-wall-st/. — Ed.

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