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OpenMarket: John Berlau

  • Treasury Nominee Mnuchin Promising on Volcker Rule and Fannie and Freddie

    December 1, 2016

    Steven Mnuchin would bring to the Treasury Department valuable experience managing entrepreneurial ventures and company turnarounds. He has expressed some encouraging sentiments on housing policy and the regulatory burden on Main Street. CEI looks forward to a comprehensive confirmation hearing at which Mnuchin can share his...
  • New Credit Union Deregulation Helps Consumers and Entrepreneurs

    November 1, 2016

    In my Forbes column last week, I wrote about how America’s credit unions faced massive new regulatory burdens from the Consumer Financial Protection Bureau.

    But just after my column was posted, credit unions – and...

  • How Financial CHOICE Act Rescues Unbanked Americans

    September 14, 2016

    If the New York State Department of Labor is really concerned about unbanked employees being hit with fees, it should lend its support to the Financial CHOICE Act in the U.S. House.

    The state DOL recently...

  • 'Crexit' Votes Will Help U.S. Entrepreneurs and Investors

    July 5, 2016

    In yet another blow against the Brexit chicken littles, not only have the large British companies comprising the FTSE 100 gained back all the losses in market value after the vote to exit the EU occurred, small entrepreneurial firms also appear to be gaining strength...
  • Investors Got into Fiduciary Rule Conversation Months before John Oliver Joined in

    June 30, 2016

    “Fiduciary Rule Goes Prime Time,” reads the headline of a recent cover story of the magazine Investment News. The story argues that after political comic John Oliver praised the Department of Labor’s “fiduciary rule” on his HBO show “Last Week Tonight,” suddenly “the people the regulation targets – investors – are getting into the conversation.”

    “Targets” is an apt word for what the fiduciary rule actually does, since it shoots down the investment choices of middle-class savers in their 401(k)s and IRAs. The rule, which is now being challenged in five separate lawsuits, mandates that a vast swath of financial professionals only serve the “best interest” of IRA and 401(k) holders—with “best interest” defined by the government.


  • CEI Support for Rep. McHenry's "Fix Crowdfunding Act"

    June 15, 2016

    Today, the House Financial Services Committee will likely be voting on Rep. Patrick McHenry’s Fix Crowdfunding Act, a much-needed expansion of the bipartisan Jumpstart Our Business Startups (JOBS) Act, signed by President Obama in 2012. The JOBS Act’s crowdfunding provisions were significantly watered down in the Senate, and further eroded by the Securities and Exchange Commission, which also took years to implement the rules. Indeed, the rules only went into effect last month.

    We here at the Competitive Enterprise Institute – a free-market think tank long concerned with lifting barriers to innovation and expanding opportunities for entrepreneurs, investors, and consumers – fully support HR 4854 and HR 4855, respectively the Supporting...

  • Crowdfunding Rules: Four Years Late and Millions Short

    May 16, 2016

    Today, Monday, May 16, more than four years and one month after Congress passed and President Obama signed the Jumpstart Our Business Startups (JOBS) Act of 2012, the law’s Title III provisions for investment-based crowdfunding finally go into effect.

    While this implementation by the Securities and Exchange Commission is better late than never, the crowdfunding rules are not only years too late, but millions of dollars short. European and Asian countries have now far surpassed the U.S. in reducing their red tape to allow startup entrepreneurs to raise funds from ordinary investors, and giving both the opportunity to grow wealthy with a firm’s success.

    The limit of $1 million for a crowdfunding raise, given that legal and auditing costs under the rule may be in the hundreds of thousands, is likely too low to provide many investors and entrepreneurs the opportunity to...

  • CEI Supports Vote to Block Labor Department's Fiduciary Rule

    April 28, 2016

    Today, the U.S. House of Representatives is expected to vote on H.J. Res 88, the resolution pursuant to the Congressional Review Act to disapprove the Department of Labor fiduciary rule, which was introduced by Reps. Phil Roe (R-Tenn.), Charles Boustany (R-La.), and Ann Wagner (R-Mo.).

    The Competitive Enterprise Institute strongly supports this legislation. Congress must disapprove this regulation for many reasons, the first being the Obama administration’s blatant disregard of the statute that Congress wrote. The Employee Retirement Income Security Act of 1974 gives the Department of Labor very limited authority over employment-based pensions. It in a way authorizes the Labor Department to redefine the term “fiduciary”—much less in a way that differs from decades-old interpretations of the...

  • Who Died and Made Dodd-Frank Regulators Gods?

    April 13, 2016

    Meet the new deities. They apparently sit on the Financial Stability Oversight Council and other regulatory agencies, especially those created by the Dodd-Frank banking “reform” act.

    Obama administration officials and Dodd-Frank cheerleaders have been simply apoplectic in their reactions to U.S. District Judge Rosemary Collyer’s carefully reasoned March 30 decision reversing FSOC’s designation of the MetLife insurance company as “systemically important,” or too-big-to-fail. Expect similar reactions to a bill, H.R. 3340, likely to be voted out of the House this week that makes FSOC more accountable to Congress by placing its budget under the appropriations process. Similarly, the House Financial Services Committee approved a bill today,...

  • Final Fiduciary Rule: Dave Ramsey May Get Relief, But the Rest of Us Don't

    April 6, 2016

    I and others had pointed out that the Labor Department’s proposed fiduciary rule defined the term “fiduciary” so broadly that even financial broadcasters such as Dave Ramsey and Suze Orman could be ensnared. The final rule claims to give relief to Ramsey and Orman—though there is still some doubt even on this point—but hardly anyone else. There appears to be some minor grandfathering in financial professionals’ existing relationship with clients, but that likely won’t keep middle-class savers from losing access to brokers and insurance agents they like any more than Obamacare let patients keep the doctors they like.

    The DOL rule creates a presumption against brokers taking third-party commissions from mutual funds they sell to...


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