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OpenMarket: June 2014

  • Questions for Richard Cordray

    June 18, 2014

    This morning, Richard Cordray, head of the Consumer Financial Protection Board, testifies to a House Committee on the Board's semi-annual report. One of the Board's prime focuses has been the payday lending industry, which it was empowered to regulate by the Dodd-Frank Act of 2010 (and CEI has concerns about the way it is going about that).

    However, the industry is under a quite separate assault from the Department of Justice and other banking regulators, who are aggressively investigating the banks that provide its financial oxygen in an initiative known as Operation Choke Point. While the CFPB was involved at a very early stage, according to internal DOJ memos, it appears to have dropped out. Cordray should face some questions on this. Here are a few he perhaps should be asked:...

  • Red Tapeworm 2014: The High Cost of Overcriminalization

    June 17, 2014

    This is Part 8 of a series taking a walk through some sections of Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State (2014 Edition)

    Regulatory cost estimates encompass compliance costs and economic impacts affecting the public, but those estimates do not include administrative costs—the on-budget amounts spent by federal agencies to produce rules and to police and enforce them.

    In their annual Regulators’ Budget series, Melinda Warren of the Weidenbaum Center at Washington University in St. Louis and Susan Dudley of the Regulatory Studies Center at George Washington University in Washington, D.C.,...

  • Partisanship Is Ruining the NLRB

    June 17, 2014
    Previously in a post on The Hill's Congress Blog, I noted that Congress intended the members of the National Labor Relations Board to be "impartial" and represent the public in labor disputes.
  • CEI Podcast for June 17, 2014: CEI Celebrates 30 Years

    June 17, 2014

    CEI celebrates its 30th anniversary this week at our annual dinner. Founder and Chairman Fred Smith talks about CEI's past and future successes.

    Click here to listen.

  • Distracted by Paranoia, Obama Administration to Regulate Map Apps?

    June 17, 2014

    story in The New York Times is making the rounds about an Obama administration proposal to clarify the National Highway Traffic Safety Administration's (NHTSA) authority to regulate smartphone navigation apps: the administration supports giving NHTSA this clear authority.

    The tech industry is...

  • Cantor’s Loss a Warning Shot to Supporters of Ex-Im Bank and Johnson-Crapo

    June 16, 2014

    Defying conventional wisdom as he often does, Pulitzer prize-winning pundit George F. Will disputed the notion that in the wake of the shocking primary loss of House Majority Leader Eric Cantor (R-Va.), even less in Congress will get done.

    “I’ll tell you something that may get done now because of this and that is deauthorizing – refusing to reauthorize -- the Export-Import Bank.” Will said on “Fox News Sunday” (hat tip to National Review for providing the clip.)

    Will went on to state his view that “the Export-Import bank played as large a role in that election as immigration did.” Michael Barone also ...

  • Laughing All the Way to the Export-Import Bank

    June 16, 2014

    The Kronies are back with a video about the Export-Import Bank, one of the federal government’s largest corporate welfare programs. While the video is less than subtle, it makes the rent-seeking and deal-making surrounding the Bank very clear. Fortunately, the Bank’s charter expires on September 30 of this year. Ex-Im will cease to exist unless Congress votes to reauthorize it. CEI’s Iain Murray recently weighed in on the Ex-Im fight here.

  • CEI’s Battered Business Bureau: The Week in Regulation

    June 16, 2014

    Seventy-nine new regulations, from olive assessments to phone calls from prison.

  • Liberal Defense of Unions Fails

    June 13, 2014
    David Macaray might just be the perfect example of a leftist who doesn’t understand economics.
  • 60 House Republicans Vote in Favor of Union Subsidy

    June 12, 2014
    In light of the Department of Veterans Affairs and Internal Revenue Service scandals, many Republican congressmen have come out against the practice known as union official time, which releases federal employees from their regularly assigned duties to conduct union business.

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