Posts Tagged ‘Wall Street’

Banking and finance roundup

Banking and finance roundup

  • “State-run retirement plans are the wrong way to protect the poor” [Andrew G. Biggs, AEI]
  • Fifth Circuit panel: Federal Housing Finance Agency (FHFA) “is unconstitutionally structured and violates the separation of powers” [Jonathan Adler] Unconstitutional structure afflicts Consumer Finance Protection Bureau too [Ilya Shapiro on Cato amicus brief in Fifth Circuit case of CFPB v. All American Check Cashing, earlier here, etc.]
  • Study: financial advisers in Canada who are not subject to fiduciary duty have personal investments similar to their clients [Peter Van Doren]
  • Regulation can have a lulling effect. Might it even breed financial illiteracy? [Diego Zuluaga, Cato]
  • “As I predicted, the ratchet effect is going to save Dodd-Frank. Sigh.” [Bainbridge]
  • “SEC proposes to limit whistleblower awards” [Francine McKenna, MarketWatch]

Playing politics with pensions

A mini-roundup: “How State Pension Funds — and 401k Managers — Prioritize Politics over Returns” [Ike Brannon, Cato/Forbes.com, more; related, Eric V. Schlecht, Economics 21] “The California state teacher retirement system open letter to Apple about ‘smartphone addiction’ provides another point in favor of giving these workers individual accounts with a private provider.” [Caleb Brown on Twitter] “Those shares belong to the college savers, not him”: Illinois treasurer uses 529 funds to push Facebook, other firms on political issues [Cole Lauterbach, Illinois News Network]

And as to scale and solvency: “A $76,000 Monthly Pension: Why States and Cities Are Short on Cash” [Mary Williams Walsh, New York Times on strains in Oregon]; Eric Boehm, Reason.

Banking and finance roundup

Banking and finance roundup

  • “Unintended Consequences of Military Lending Act Hurt Some Families” [R.J. Lehmann]
  • Tenth Circuit: Fed must provide all depository institutiona access to the clearing system, whether they serve marijuana businesses or any other kind [George Selgin, Cato]
  • “Moneylending has been taboo for most of human history. So how did usury stop being a sin and become respectable finance?” [Alex Mayyasi, Aeon]
  • Financial regulation: too many cooks in the compliance kitchen [Cato Daily Podcast with Thaya Brook Knight and Caleb Brown] “DOL Fiduciary Rule: It’s Not Always Fun to be Right” [Knight]
  • “2016 was an unprecedented year in securities class actions filings.” [Baker Hostetler, JD Supra]
  • Trusts and the offshore wealth trade: from Edmund Burke to the Cayman Islands [Graham McAleer, Law and Liberty]

Banking and finance roundup

  • “The real-world impact of Dodd-Frank, stress tests and other regs” [M&T Bank slideshow, American Banker] “Six feet of new mortgage regulations help explain slower housing market” [Ira Stoll]
  • Will Trump administration allow banking for cannabis-related businesses? [Kevin Funnell]
  • “‘Sustainability Standards’ Open A Pandora’s Box Of Politically Correct Accounting” [Howard Husock and Jim Copland]
  • An assumption of complete transparency would take away “the reason for financial intermediation in the first place” [Arnold Kling]
  • Statutes of repose in securities actions are important in protecting interests on both sides [WLF on CalPERS v. ANZ Securities, Inc.]
  • Encrypted messaging services allow Wall Streeters to bypass all sorts of regulatory scrutiny and speak freely, can’t have that [Bloomberg]

Banking and finance roundup

Banking and finance roundup

  • SEC in-house administrative law judges are unconstitutional, rules 10th Circuit, creating circuit split [ABA Journal, Jonathan Adler]
  • “Dear Sen. Warren: If we care to share our policy views, we’ll let you know. Otherwise MYOB. Signed – 33 firms” [Elizabeth Warren letter demanding to know what financial firms think of delay in Labor Department fiduciary rule, coverage WSJ/MarketWatch]
  • New York Gov. Andrew Cuomo’s grab for more regulatory power over financial institutions would erode due process protections [New York Post quoting Mark Calabria]
  • “Supreme Court Probes Whether Miami Can Sue Banks Over Foreclosure Crisis” [Daniel Fisher, earlier on Bank of America v. Miami here, etc.] Arnold Kling’s prescriptions for getting the government out of the mortgage market;
  • Mini-symposium on the personal benefit standard for insider trading in the recent Supreme Court case of Salman v. U.S. [Bainbridge]
  • India’s devastating crackdown on cash [Cato Daily Podcast with Jim Dorn and Caleb Brown]

Banking and finance roundup

Banking and finance roundup