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OpenMarket: Banking and Finance

  • Will Reforming Consumer Finance Regulation Cause a Recession?

    April 29, 2019
    Will reforming consumer finance regulation cause a recession? That is the claim of a recent article in The Hill. Yet, the article provides little evidence to back up its claims.
  • CEI Leads Coalition Supporting Reformed Payday Loan Rule

    April 23, 2019
    Today, the Competitive Enterprise Institute led a coalition of eighteen free market organizations in support of the Consumer Financial Protection Bureau’s decision to rescind portions of the small-dollar loans rule, such as the “ability to repay” underwriting requirement. 
  • Reformed Consumer Financial Protection Bureau Can Be Free-Market Regulator

    April 18, 2019
    Earlier this week, The New York Times Magazine rolled out another edition of the tired old trope of how former acting Director Mick Mulvaney “destroyed” the Consumer Financial Protection Bureau. This accusation is by no means new, and I have challenged it in the past.
  • Shed Light on Cryptocurrency 'Dark Matter' Regulation at SEC

    April 16, 2019
    A few days ago, the Trump administration issued a memorandum strongly discouraging what the Competitive Enterprise Institute’s Wayne Crews has called “regulatory dark matter.” The memo instructs federal agencies to submit all policymaking rules to Congress to be vetted under the Congressional Review Act, even if these rules come in the form of informal “guidance.”
  • Restrictions on Debt Collection Impede Access to Credit

    April 12, 2019
    In a market economy that is based on private property and the rule of law, the efficient and effective enforcement of contracts is indispensable. Without the ability to enforce the promises made between individuals and businesses, any form of transaction, especially credit products, would be harder and more expensive, if not impossible.
  • VIDEO: Bitter Taste of Big Sugar's Corporate Welfare

    April 5, 2019
    John Stossel and the team at Reason TV have a new video out on the expensive and wasteful federal sugar program, which benefits a tiny handful of wealthy families while raising prices for everyone else. 
  • Lyft and the 'Cheers' IPOs: How Overregulation Leaves Middle-Class Investors Behind

    March 29, 2019
    After much anticipation, Lyft finally went public today, opening on NASDAQ at $87.24 per share—well above its initial public offering price of $72. Lyft’s market debut is an example of what I have called the “Cheers IPOs.” That is, companies that don’t go public until they are so big and ubiquitous that—to paraphrase of the famously catchy theme song of the classic NBC sitcom—everybody knows their names.
  • Bank Regulators Must Correct Flawed Volcker Rule Proposal

    March 28, 2019
    As my colleague Devin Watkins discussed earlier this month, a number of federal administrative agencies are refusing to correctly implement a crucial piece of regulatory reform known as the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.
  • Agencies Failing to Follow Law on Key Financial Regulation

    March 12, 2019
    The Dodd-Frank Act of 2010 is one of the worst pieces of legislation to have become law in recent history. It created the Consumer Financial Protection Bureau as an independent government unto itself, unaccountable to the president, Congress or the American people. Another provision, the Durbin amendment, was meant to save consumers money, but ended up costing those with a checking account an estimated $8 billion in additional fees.
  • Fintech and the Future of Consumer Finance

    February 26, 2019
    Everyone understands the need for access to credit. No matter how well we budget, we occasionally come up short due to an unexpected circumstance or expense—a car repair, a sick pet, a friend’s wedding. All kinds of things pop up and disrupt our financial plans, and this can be a real problem for millions of Americans. For example, a survey from the Federal Reserve recently found that 4 in 10 Americans would not have enough liquid savings to cover a $400 expense.

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