Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

On the same day that J.P. Morgan paid more than $150 million to settle federal charges that it had lied to investors in 2007 about a mind-bogglingly complex mortgage product, a top U.S. bank regulator said he was “skeptical” of recent attempts to regulate the financial system.

“We have to be able to figure out how far is too far, and when to stop,” said Acting Comptroller of the Currency John Walsh during a speech in London [pdf]. “I worry that the high capital requirements, liquidity requirements, and activity restrictions we are pursuing are attempting to banish all risk from the banking system.”

J.P. Morgan CEO Jamie Dimon recently said that capital requirements— limits on the amount of leverage a bank can take on– was a “reason” the economy was failing. The Office of the Comptroller of the Currency (OCC), which Walsh runs, oversees 1,400 banks and generally takes a lighter approach to regulation.

Walsh also criticized the section in the 2010 financial reform bill known as “Volcker Rule,” which banned banks from using house money to make certain kinds of risky and complex trades.

“If we draw the circle too narrowly around what we call ‘banking,’ we will unnecessarily restrict legitimate banking activity and raise its cost,” he said.

Senator Carl Levin (D-Michigan), who recently published a scathing 550-page report on Goldman Sachs’ machinations in the lead-up to the financial crisis, told the Financial Times that the Obama Administration needed to get rid of Walsh.

“It is past time for the president to nominate new leadership at the OCC to protect American families and businesses from the excesses of Wall Street.”

President Trump boards Air Force One for his return flight home from Florida on July 31, 2020

Official White House Photo by Joyce N. Boghosian

Reprinted with permission from Alternet

Florida senior residents have been reliable Republican voters for decades, but it looks like their political impact could shift in the upcoming 2020 election.

As Election Day approaches, Florida is becoming a major focal point. President Donald Trump is facing more of an uphill battle with maintaining the support of senior voters due to his handling of critical issues over the last several months. Several seniors, including some who voted for Trump in 2016, have explained why he will not receive their support in the November election.

Keep reading... Show less