Dodd-Frank

Publius on the administrative state

Featured image Numbers 47-51 of the Federalist Papers address the separation of powers. They lie at the center of the collected papers and they are important. Taken together, however, they are difficult; they present a challenge to our understanding. Bill Kristol contributed a superb essay on these particular numbers to Saving the Revolution: The Federalist Papers and the American Founding, edited by Charles Kesler. I recommend it, but those numbers make good »

Crisis of the administrative state

Featured image Studying administrative law in law school, I don’t think we read anything that raised questions about the legitimacy of the agencies giving rise to to it. We took it as a given and picked up the story with the passage of the Administrative Procedure Act in 1946. We should have taken a look at the question of legitimacy in constitutional law, and probably did, though the standard New Deal account »

The new Dodd-Frank rules — modern liberalism in a nutshell

Featured image The almost non-stop stream of Obamacare twists and turns should not divert our attention from radical new regulation of mortgage financing that will take effect, pursuant to Dodd-Frank, on January 10, 2014. Diane Katz of the Heritage Foundation has the details. As Katz points out, Washington’s response to the financial crisis of 2008 rests on the premise that the housing bubble and subsequent crash were the fault of unscrupulous mortgage »

The war on standards, Dodd-Frank edition

Featured image The Obama administration is pressing ahead with its plan to impose racial quotas on the financial industry via the Dood-Frank law. Dodd-Frank requires agencies with financial sector regulatory responsibilities to “establish an Office of Minority and Women Inclusion” that will develop diversity and inclusion standards for workplaces and contracting. Accordingly, these agencies have published in the Federal Register a proposed “Policy Statement Establishing Joint Standards for Assessing the Diversity Policies »

Washington Leviathan

Featured image The New York Times and other newspapers have devoted a large number of column inches to the Senate investigation of the multibillion dollar losses incurred by JPMorgan Chase in its so-called London Whale trades. See, for example, Jessica Silver-Greenberg’s Saturday Business article and Gretchen Morgenson’s Sunday business column. Why should we care about the bank’s trading losses? Morgenson gets around to the question at the end of her column, but »

The Labor of LIBOR

Featured image With the exception of the specialty financial press and one or two general assignment journalists, the media are not making much of the LIBOR scandal.  Much easier, and more congruent with The Narrative, I suppose, for the media to continue to chase after the bane of Bain.  I mentioned here last week that the real story about LIBOR may well be the massive conflict of interest and collusion between the »

A Sermonette on the Administrative State

Featured image So yesterday I teed off on Nancy Pelosi’s ridiculous explanation for her 2010 remark about Obamacare that “we have to pass the bill so that you can find out what is in it, away from the fog of controversy.”  She was far from the only liberal who said this, recognizing the inner truth of what it reveals to us about how we are actually governed by unelected, unaccountable bureaucrats rather »

Major lawsuit challenges the constitutionality of Dodd-Frank (updated)

Featured image With the Supreme Court poised to rule on the constitutionality of Obamacare, a suit filed today challenges the constitutionality of the other signature legislation of President Obama’s first term: Dodd-Frank. Brought in the U.S. District Court in Washington, D.C., the case is styled State National Bank of Big Springs and others v. Timothy Geithner and others. The other defendants include the Treasury Department, the Consumer Protection Bureau, the Board of »