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Cato Institute
The Fate of ‘Never Needed’ Regulations
Parking lots and parking garages have served for decades as venues for clandestine meetings in the movies and often in reality. In the early 1970s,…
Issues & Insights
Reviving Community Banking By Lifting Barriers To New Banks
Americans have far fewer banks to choose from than they once did. The American banking industry has consolidated, with the number of U.S. banks falling…
Blog
Yes, women had access to credit before 1974
March is Women’s History Month, a time to acknowledge and celebrate many “firsts” for women in public life. One of those “firsts” is the ability…
Search Posts
Blog
The Deregulatory Pony for Small Biz Buried in the Omnibus Pile
There’s not much good to say about an “omnibus” bill crammed in at the end-of-year lame duck session of Congress that contains a grab bag…
Blog
FTX Hearings Should Probe Fraud Charges and the SEC’s Misplaced Priorities
In the wake of the arrest of and charges of fraud against Sam Bankman-Fried, the disgraced founder and former CEO of the FTX…
Blog
Why Choke Point Should Bar Gruenberg from Being FDIC Chair
Tomorrow morning, the Senate Banking Committee will hold a hearing on President Biden’s nomination of Marty Gruenberg to once again serve as Chair of the…
News Release
Biden CFPB Asks Supreme Court to Review Ruling on Its Unconstitutionality
The Biden administration has moved to appeal an October court ruling against the Consumer Financial Protection Bureau (CFPB), a ruling that invalidated controversial restrictions on…
American Liberty
What the FTX Collapse Tells Us About Regulators and ESG
First, regulators often can’t stop investors from fraud. Second, companies that work closely with regulators often do so for their own benefit. Third, and perhaps…
Blog
Gensler Fiddled with ESG and Power Grabs while FTX Burned
When asked on CNBC about the implosion of crypto exchange FTX, Securities and Exchange Commission (SEC) Chairman Gary Gensler turned the focus away from the…
Blog
Reining in Biden CFPB’s “Junk” Policies with Fifth Circuit Ruling
When the federal Fifth Circuit Court Appeals ruled last week, in Community Financial Services v. Consumer Financial Protection Bureau, that the funding structure of…
Daily Caller
LASSMAN: Financial Giants Are Suddenly Realizing The Left’s ESG Movement Has Serious Downsides
Advocates for aggressive environmental, social and governance (ESG) standards have tried to achieve social and political objectives through anti-democratic and unrepresentative means. Whether it is…
Blog
Excerpts from Austin Keynote: How CBDCs Could Be the New Operation Choke Point
This week, I attended the exciting INFiN MoneyTrends conference in Austin, where I gave the Regulatory Keynote address on Monday. The conference is a…
Citation
Podcast: Another Fed Interest Rate Hike: What It Means To You
Senior Fellow Ryan Young joined American Viewpoints to discuss how the Federal Researve’s decision to raise the interest rate again affects many Americans’ budgets.
Blog
SEC Gives Crowdfunders Inflation Relief, Must Do More
The Securities and Exchange Commission (SEC) adjusted for inflation some limits for companies (issuers) raising capital through Regulation Crowdfunding (Reg CF). The adjustment raises the…
Blog
FTC Goes Back to Bad ‘70s Policies in Motor Vehicle Dealer Rule
Last night at CEI’s annual Julian L. Simon Memorial Award Dinner, CEI celebrated the 1970s—both the fashions and the deregulation toward the end of the…
Blog
The European Union’s Crypto Protectionism Threatens Financial Freedom
Stablecoins, digital assets pegged to a financial asset like the U.S. dollar, are becoming increasingly popular around the globe. Some people use them as…
Blog
Paternalistic FTC Rule Would Stifle Consumer Choice in Auto Market
As if American drivers didn’t face enough headwinds with high gas prices, supply chain constraints, and state rules that may force them out of…
Blog
SEC Small Business Committee Throws Down the Gauntlet on State Trading Preemption
The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee (SBCFAC) has thrown down the gauntlet. As the SEC’s website explains, the…
Letters
CEI Joins Coalition Opposing Credit Card Competition Act
Dear Member of Congress: We, the undersigned organizations, oppose the inaccurately named Credit Card Competition Act of 2022 (S. 4674). The bill is…
Blog
Prominent Short Sellers Target ESG-themed Firms
For a long while, my CEI colleagues and I have touted the vital role that short sellers play in a free market economy. CEI Founder…
Blog
SEC Attempts to Regulate Indefinable “ESG” Topics
Today is the filing deadline for public comments on a new Securities and Exchange Commission (SEC) proposed rule titled “Investment Company Names.” This proposal…
Crowdfund Insider
The Crypto Revolution Has Just Started
Hot summer temperatures have done nothing for the current “crypto winter,” which has seen a $2 trillion market drop from highs last year.
Blog
Why Carried Interest Tax Hike Deserves to Die in IRA and Otherwise
The Inflation Reduction Act (referred to by critics such as Phil Kerpen as the Income Reduction Act) will likely be voted on in the…
Wall Street Journal
The 20-Year Experiment Holding America Back
Many commentators these days, both progressive and conservative, decry a lack of opportunities for the American middle class, the concentration of certain industries under a…
News Release
GDP Woes Worsened by Lawmakers’ ‘Ready, Fire!, Aim” Spending Spree
Gross domestic product fell by 0.2 percent in the second quarter, according to the U.S. Commerce Department. Already there was a 0.4 percent decline in…
News Release
CEI Report: Stablecoin Benefits Threatened by Lawmakers, Regulators
Stablecoins can revolutionize payment systems, provide a stable store of value for people living under totalitarian or corrupt regimes, and lower transaction costs (particularly for…
Blog
As Congress Mulls Stablecoin Law, CEI Shows the Way
Reports sprung last weekend that consensus stablecoin legislation from the House Financial Services Committee was near ready. While Congress is unlikely to debate…
Study
A Market Approach to Regulating Stablecoins, the Future’s Money
Executive Summary The cryptocurrency sector experienced its most successful year to date in 2021. Familiar digital assets Bitcoin and Ethereum hit record values, as the…
Blog
UK Leads on Crypto Privacy
The much-hyped “crypto winter” has emboldened cryptocurrency critics. The usual charges of “Ponzi scheme” (Robert Reich) and “The Big Scam” (Paul Krugman) have…
Blog
Financial Regulators’ Climate Fetish
Financial regulators’ attention, both in the United States and globally, seems focused on issues far afield from their core mission at a time when turmoil…
Blog
Inflation Sped Up in June: What’s Going On?
Last month, it had looked like inflation may have peaked. That celebration was likely premature. According to numbers released this morning, the Consumer…
Forbes
Optimism On Administrative State Reform—With A Big Caution
There’s hopeful anticipation on the right of reforming the administrative state. In particular, many observers, pundits and policymakers take heart in …
Forbes
Framing An “Abuse-Of-Crisis Prevention Act” To Confine The Federal Government
I’ve been through a few of these. I was here at 9/11, I was here during the financial crisis in ‘08, I was here during…
Blog
DAOs: One Answer to Woke Corporations
Imagine a group of mothers upset about Disney’s opposition to a state parental rights bill in Florida. Instead of merely venting in a Facebook group,…
Blog
Defeat of Pot Banking Liberalization Will Lead to More Violent Crime and Reduced U.S. Competitiveness
It is beyond disappointing that Congress once again dropped the Secure and Fair Enforcement (SAFE) Banking Act—bipartisan legislation that would prevent the federal government from…
Blog
SEC Climate Rule a Bad Deal for Investors
This Securities and Exchange Commission proposed a new rule on climate change and corporate disclosure earlier this year, and today marks the end…
Comment
CEI Comments on Proposed SEC Rule: Enhancement and Standardization of Climate-Related Disclosures for Investors
Comments submitted by the Competitive Enterprise Institute et al. June 17, 2022 In the matter of the proposed rule “The Enhancement and Standardization of Climate-Related…
Letters
Coalition Opposes SEC’s Proposed Rule: Enhancement and Standardization of Climate-Related Disclosures for Investor
Vanessa Countryman, Secretary Securities and Exchange Commission 100 F Street NE Washington, DC 20549-0609 The undersigned individuals and organizations strongly oppose the Securities and Exchange…
Comment
CEI Comments to SEC on Proposed Climate-Related Disclosures Rule
Comment letter submitted by the Competitive Enterprise Institute, et al. June 2022 In the matter of the proposed rule “The Enhancement and Standardization of Climate-Related…
National Review
The Case for Letting Crises Go to Waste
If there is an iron law in politics, it’s that when crisis hits, government grows. Rahm Emanuel, President Obama’s chief of staff, advised that politicians should…
InsideSources
Critics Get ‘Whiff of Racism’ in Progressive Attempts to Shut Down Tribal Lenders
InsideSources cites CEI Director of Financial Policy and Senior Fellow John Berlau on interest rates: John Berlau, Director of Finance Policy…
Blog
Crypto Volatility Heightens with Panic-Driven Regulation
In reaction to the volatile events of the last few weeks, both the stock and cryptocurrency markets have taken a deep dive. While this downturn…
Comment
CEI Comments to Senate Banking Committee on JOBS Act 4.0
Senator Pat ToomeyRanking Member, Senate Banking Committee455 Dirksen Senate Office BuildingWashington, D.C 20510Dear Senator Toomey,On behalf of the Competitive Enterprise Institute (CEI), it is our…
News Release
Bipartisan Cryptocurrency Bill Takes Good Steps for American Innovation
Today, Senators Lummis and Gillibrand released their much anticipated bill on cryptocurrency regulation. CEI financial policy expert John Berlau praised aspects of the bill…
Blog
The Stablecoin Contagion That Wasn’t
A rare, recent real-life test case allowed observers to contrast government warnings with real-world events. Reining in cryptocurrency markets has become a key priority for…
News Release
SEC Climate Disclosure Mandate Exceeds Agency’s Statutory Authority, Raises Constitutional Concerns
WASHINGTON—The Securities and Exchange Commission’s (SEC) plan to mandate companies disclose energy use and planning for climate change-related financial risks lacks authorization from Congress, infringes…
Study
The SEC’s Costly Power Grab
The concept known as environmental, social, and governance (ESG) investing has gained an increasingly high profile in recent years, with advocates producing a large volume…
Forbes
Inflation And Biden’s Whole-Of-Government Price Hike
The Trump era saw countless news stories quoting unnamed officials speaking disapprovingly of their boss “on the condition of anonymity.” Because of …
Blog
George Washington, George Jarkesy, and the Administrative State’s Lack of Fundamental Justice
The recent ruling by the U.S. Court of Appeals for the Fifth Circuit in Jarkesy v. SEC is a victory for limited constitutional government…
Blog
Fifth Circuit Upholds the Right to A Jury Trial Against the SEC
John Thomas Financial CEO Thomas Belesis was riding high, having been awarded the 2011 Businessman of the Year Award from the New York Republicans. While…
Blog
Credit Union Liberalization Bill Clears Away Never-Needed Red Tape
When I testified last July at a high-profile hearing on financial inclusion, I urged members of the House Financial Services Committee to liberalize regulations…
Blog
Terra Troubles Should Not Spur Stablecoin Regulation
The crypto market is suffering a severe correction. One asset feeling the pinch is LUNA, which, along with its related nonprofit the Luna Foundation Guard…
News Release
Inflation Still 4x Higher than Target Rate, New Government Numbers Show
The inflation rate isn’t much changed from last month’s high figure, 8.3 percent compared to 8.5 percent, new government data shows. CEI Senior Fellow Ryan…
Forbes
Congress Is Causing Rising Regulatory Burdens. That Needs Fixing
Mid-terms are approaching, and that means market-oriented policy groups, classical liberals, libertarians and others will resume the tradition of dusting off, polishing and updating …
Blog
Countries Move Forward with CBDCs Despite Public Mistrust
New research from the Bank for International Settlements (BIS) reveals that countries are plowing ahead with central bank digital currencies (CBDCs) despite little public…
Blog
CEI Joins Groups in Telling SEC to Stay Away from Private Markets
It’s bad enough that Congress and the Securities and Exchange Commission (SEC) have made it so costly for smaller companies to go and stay public…
Blog
Environmental and Social Factors in Investing too Vague for Legal Definitions
Recently, Securities and Exchange Commission (SEC) chairman Gary Gensler released a video explaining his concerns about investment products that market themselves using terms like…
Blog
Crypto and Crowdfunding Could Spur U.S. Economy
Crypto and equity crowdfunding (Reg CF) are two relatively new concepts that are combining to create new economic models that could overtake current economic paradigms.
Blog
SEC’s War on Crypto Savers Continues
Securities and Exchange Commission (SEC) Chairman Gary Gensler claims he is “animated every day” to protect working families through securities laws. It’s a nice…
Blog
Lisa Cook’s First Amendment Problem Should Concern Senators
As early as Tuesday, the U.S. Senate could vote on the nomination of Lisa Cook to be a governor of the Federal Reserve, along with…
Blog
My Response to the CFPB’s “Junky” Regulatory Inquiry on Fees
In response to the Consumer Financial Protection Bureau’s (CFPB) “request for information” on what its Director Rohit Chopra has labeled as “junk fees” on financial…
Blog
Protecting Pensions from Politicized Mismanagement
Recently the American Legislative Exchange Council (ALEC), an organization of state legislators from across the country, unveiled model legislation aimed at protecting the retirement…
Blog
Members of Congress Push Back on SEC Climate Proposal
Skeptical members of Congress have begun weighing in on the Securities and Exchange Commission’s (SEC) recent climate disclosure proposal, and their objections are significant.
Blog
Rep. Van Duyne Confronts Excesses of Climate Policy at SEC
Last week Rep. Beth Van Duyne (R-TX) and a dozen co-sponsors introduced the Stopping Excessive Climate Reporting Act (H.R.7355) to prevent the Securities and Exchange…
Comment
Comments to the Consumer Financial Protection Bureau on its Request for Information on “Junk Fees”
Dear Director Chopra: On behalf of the Competitive Enterprise Institute (CEI), I respectfully submit the following comments in response to the Consumer Financial Protection Bureau’s…
Blog
Celebrate Decade of JOBS Act as Deregulatory Success
10 years ago, a GOP-controlled House, a Democrat-controlled Senate, and a Democratic president came together to lighten the regulatory burden on America’s upstart job creators.
News Release
Biden Budget ‘Billionaire Tax’ Constitutionally Troubling
The newly released details of the White House budget for fiscal year 2023 marks a failure in spending restraint and regulatory accountability, say CEI experts.
Blog
White House Confiscatory Tax Proposal Underlines Why CEI Is Challenging Provision of 2017 Tax Reform
Today President Biden previewed his proposed fiscal year 2023 budget. I am in complete agreement with the first five words: “Budgets are statements of values.” …
Blog
Why Cannabis Banking Liberalization Would Indeed Increase U.S. Competitiveness
As war continues in the aftermath of Russia’s invasion of Ukraine, interest by policy makers and the media has spiked in competitiveness bills passed separately…
Blog
Climate Police Occupy Wall Street
The Securities and Exchange Commission (SEC) on Monday, March 21, released its proposed rule to require every “registrant” (i.e., publicly-traded company) to provide more…
News Release
CEI Statement: Biden Executive Order to Target Crypto for Regulation
The White House is set to release an executive order today regulating cryptocurrency. CEI Senior Fellow John Berlau expressed concerns about the order and the…
Blog
Stablecoins Come of Age in Ukraine-Russia Conflict
Across the globe, people living under oppressive regimes are already familiar with stablecoins—digital assets pegged to a stable monetary value, usually the U.S. dollar. Now,…
Blog
Don’t Raise Accredited Investor Thresholds
The gulf between Securities and Exchange Commission (SEC) Chair Gary Gensler’s rhetoric and the results of his leadership continues to widen. In interviews and…
The New York Sun
Regulations Stymie New York in Crypto Competition vs. Miami
New York City and Miami are the clear frontrunners to become the preeminent home of American cryptocurrency, and the cities’ mayors — Eric Adams of…
Blog
George Washington, Larry David, Cryptocurrency, and Freedom
One of the most talked-about Super Bowl ads was that of Larry David traveling through history and naysaying innovations that turned out to be hugely…
Blog
Lisa Cook’s First Amendment Problem
Today, the Senate Banking Committee is set to vote on five nominations for the Federal Reserve Board. My CEI colleague Myron Ebell and I have…
Blog
New Federal Reserve Study Is Surprisingly Upbeat on Stablecoins
Amid the Biden administration’s onslaught against cryptocurrencies, new research from the Federal Reserve surprisingly paints stablecoins in a positive light. In a new Fed…
Blog
New Mexico Should Reject Interest Rate Limit Base on Federal Mismeasurement
There is an old saying that “a lie can travel halfway around the world while the truth is still putting on its shoes.” It has…
Blog
CFPB’s Dodd-Frank Race and Gender Data Collection Mandates Will Harm Financial Inclusion
In mid-2020, on the 10th anniversary of the Dodd-Frank financial overhaul being rammed through Congress and signed by then-President Obama, I catalogued the damage…
Blog
Six Myths about Bitcoin Energy Use
Newsweek: Bitcoin Mining on Track to Consume All of the World’s Energy by 2020 Bloomberg: What if there were a safe digital currency…
The Washington Times
Experts Say More Americans Will Face Debt, Credit Card Delinquency This Year
The Washington Times cites Director of Finance Policy John Berlau on the consequences of lockdowns: John Berlau, director of finance policy…
Blog
Equity Crowdfunding Success Should Spur Further Deregulation
Equity Crowdfunding (Reg CF), the innovative tool that allows middle class people to invest in early-stage companies, has now topped $1.1 billion in investment.
News Release
Inflation Hits 40 Year High, but Policymakers Can Fix It
Inflation is up, again, the Bureau of Labor Statistics reports today. The Federal Reserve has a clear job to do, but Congress and President…
Comment
Comments to Consumer Financial Protection Bureau on Small Business Lending Data Collection By Race and Gender
Dear Mr. Chopra, On behalf of the Competitive Enterprise Institute (CEI), I respectfully submit the following comments in response to the Consumer Financial Protection Bureau’s…
National Review
The Fight for the FDIC
While the downfall of “Build Back Better” has been getting a lot of attention, it was not the only Washington policy drama…
Blog
The SEC’s Irrational Fear of Bitcoin
“The Commission has no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the…
Blog
Policy Makers Should Allow Stablecoins to Thrive
The Senate Committee on Banking, Housing, and Urban Affairs will convene a hearing on stablecoins today. Congress should focus on the many benefits this form…
Blog
Can Pensions Be Saved from Political Mismanagement?
The Department of Labor is currently working on a new rule that would give pension fund managers greater leeway in considering non-financial criteria when…
News Release
Biden Bank Regulator Nominee Withdraws Due to Bipartisan Opposition
President Biden’s pick for Comptroller of the Currency withdrew today after critics, including the Competitive Enterprise Institute, exposed her many statements sympathetic to communism. CEI…
Law & Liberty
What’s in Your Wallet?
To help foot the bill for the “Build Back Better” budget reconciliation bill—originally slated to cost $3.5 trillion—the Biden administration proposed an unprecedented measure for…
Blog
Biden Administration Seeks to Punish Stablecoin Success
Stablecoin market capitalization has risen by 500 percent in past 12 months. The growth aligns with growing interest in transacting outside heavily regulated banking…
News Release
Senators Should Reject Comptroller of Currency Nominee Saule Omarova
WASHINGTON – In a hearing today, Senators on the Banking Committee will consider the nomination of Saule Omarova to be Comptroller of the Currency. …
Letters
CEI Joins Letter Opposing Nomination of Saule Omarova for Comptroller of the Currency
November 5, 2021 The Honorable Sherrod Brown Chairman Senate Committee on Banking, Housing, and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C.
News Release
President Biden Signs Problematic Crypto Provisions into Law
WASHINGTON – President Joe Biden signed the bipartisan infrastructure bill into law today, including more than one trillion dollars in government spending. In addition to…
News Release
CEI Experts Weigh In on Reconciliation Framework Agreed to by White House and Congressional Democrats
WASHINGTON – The White House and congressional democrats announced agreement on a “framework” for a reconciliation bill that will spend nearly $2 trillion and includes…
Blog
Lenny Bruce, Capitalism vs. Communism, and Biden’s Banking Nominee
At the height of the Cold War in the 1960s, then-controversial comedian Lenny Bruce offered a surprising boost to the defense of capitalism over communism.
Blog
“Stop Wall Street Looting Act” Would Empower Wall Street, Harm Main Street
Washington policies are often misnamed. Recent legislative proposals labeled “infrastructure” concerned not roads or bridges, but social spending. But sometimes, a bill in Congress…
Blog
Reconciliation Bill Provision Threatens IRA Holders’ Investing Opportunities
A couple of weeks back, I commented, in a Competitive Enterprise Institute blog post, on a provision of the $3.5 trillion budget reconciliation bill…
Letters
Coalition Letter to Senate re Tax Preparer Licensing
Dear Senator: We write to urge you to oppose all proposals, including H. R. 4184 and similar legislation that may be introduced in the Senate,…
Blog
IRS Needlessly Chases Minnows to Catch Whales
As part of its Fiscal Year 2022 Revenue Proposals, the Internal Revenue Service (IRS) has asked Congress to authorize a sweeping new financial reporting…
Letters
CEI Joins Coalition Letter Opposing IRS Financial Reporting Requirement
The undersigned organizations write in opposition to the proposed new reporting regime to have the IRS collect the account inflows and outflows for bank, loan,…
Blog
CEI Files Legislative Proposals to Rescue Crypto
On Monday, the Competitive Enterprise Institute responded to Sen. Patrick Toomey’s (R-PA) request for proposals to clarify laws around cryptocurrency and blockchain technology.
Inside Sources
People Have Few Protections Against Law Enforcement Civil Asset Forfeiture Practices
Imagine a world where police officers regularly confiscate property from civilians, based only on officers’ accusations of criminal conduct. Imagine that these allegations are never…