WATCH: Watchdogs Tell Elizabeth Warren They Lack The Funding Needed To Police Wall Street

Sometimes it seems as if Congress has completely forgotten that there was a financial crisis just a few years ago that cost Americans trillions in wealth and eight million jobs.

Though financial reform became law in 2010, the implementation of Dodd-Frank’s new guidelines and enforcement mechanisms have been slowed and weakened by the overwhelming influence of banking lobbyists.

What’s even more concerning is that existing regulations cannot be properly enforced without sufficient funding from Congress.

At a hearing called “Mitigating Systemic Risk in Financial Markets Through Wall Street Reforms,” Securities and Exchange Commission (SEC) chair Mary Jo White and Commodity Futures Trading Commission (CFTC) chair Gary Gensler both told Senator Elizabeth Warren (D-MA) that they’re lacking in resources to do the job of policing the world’s largest financial corporations.

“There’s no question that additional resources are essential to our successful enforcement strategy,” White said, noting that they need funding for additional trial attorneys so they can go to court against violators.

“We need resources across the board for many other things as well,” she said. White noted that the SEC is budget-neutral and deficit-neutral, meaning that enforcements end up paying for themselves due to fines collected.

“I would say our enforcement resources are tiny compared to the size of the markets,” the CFTC’s Gensler added. “You know the American public put $180 billion into AIG [the insurance company taxpayers bailed out], that’s 600 times what the president asked for [to fund] our agency. Our enforcement folks are only about 150 of our people. And unfortunately we’re trying to make the best decisions but often we have to delay justice because we don’t have the right resources.”

“You know, it seems clear that if Congress wants to have a tough watchdog,” Senator Warren said, “it has to make sure the dog hasn’t been starved.”

Screen Shot 2013-08-04 at 4.16.28 PM

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Marjorie Taylor Mouth Makes Another Empty Threat

Rep. Marjorie Taylor Greene

I’m absolutely double-positive it won’t surprise you to learn that America’s favorite poster-person for bluster, blowhardiness and bong-bouncy-bunk went on Fox News on Sunday and made a threat. Amazingly, she didn’t threaten to expose alleged corruption by Ukrainian President Volodymyr Zelenskyy by quoting a Russian think-tank bot-factory known as Strategic Culture Foundation, as she did last November. Rather, the Congressperson from North Georgia made her eleventy-zillionth threat to oust the Speaker of the House from her own party, Rep. Mike Johnson (R-LA), using the Motion to Vacate she filed last month. She told Fox viewers she wanted to return to her House district to “listen to voters” before acting, however.

Keep reading...Show less
Trump Campaign Gives Access To Far-Right Media But Shuns Mainstream Press

Trump campaign press pass brandished on air by QAnon podcaster Brenden Dilley

Trump's Hour On CNN Was A Profile In Cowardice

Vanity Fair recently reported that several journalists from mainstream publications, including The Washington Post, NBC News, Axios, and Vanity Fair, were denied press access to Trump’s campaign events, seemingly in retaliation for their previous critical coverage. Meanwhile, Media Matters found that the campaign has granted press credentials to the QAnon-promoting MG Show and Brenden Dilley, a podcaster who has promoted the QAnon conspiracy theory and leads a “meme team” that creates pro-Trump content.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}