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Restoring American Financial Stability Act
Latest Restoring American Financial Stability Act Items
Wealthy class-action lawyers can count on another friend in the Obama administration. The president recently tapped Elizabeth Warren as an end-run appointee to establish the new federal agency known as the Consumer Financial Protection Bureau. The choice is raising eyebrows because, as Bloomberg News reported, Ms. Warren took $90,000 from a Miami plaintiffs' firm to serve as an expert witness in a lawsuit against major American banks, including Bank of America Corp., Citigroup Inc. and JPMorgan Chase for alleged antitrust violations related to credit-card processing rates.
It is no secret that organized labor as well as union and state-controlled pension funds strongly supported the passage of the landmark Dodd-Frank financial reform bill. Few, however, have focused on what unions stand to gain now that the law is a reality. The answer may be much more than the business community bargained for.
President Obama on Friday formally tapped Harvard Law Prof. Elizabeth Warren as a "special adviser" tasked with setting up a new consumer watchdog agency, sidestepping a thorny Senate confirmation battle and drawing the ire of Republicans.
The attention paid to the meetings over the weekend in Basel, Switzerland, to set new bank capital standards should raise a question about the purpose of the recently enacted Dodd-Frank financial reform legislation.