CEI has fought excessive regulation in the financial sector from laws such as Sarbanes-Oxley and Dodd-Frank. We have scored major bipartisan victories for deregulation. These include the Jumpstart Our Business Startups (JOBS) Act, signed by President Obama in 2012, that lifted or relaxed some of the biggest burdens preventing small and midsize firms from raising capital and going public; and the Economic Growth, Regulatory Relief, and Consumer Protection Act, signed by President Trump in 2018, that lifted some of Dodd-Frank’s crushing burden on community banks and credit unions. We continue to fight to remove regulatory barriers that limit choices and increase costs for entrepreneurs, investors, and consumers.
Banking and Finance Issue Areas
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Daily Calller
Social Security Now Headed For Insolvency Even Sooner Than Expected
Daily Caller cited CEI’s experts on Social Security spending Congress can’t keep dodging entitlement reform. Social Security’s $28 trillion in unfunded liabilities is about the…
Blog
GENIUS Act needs free market fixes before it graduates to law
Yesterday, the US Senate voted to approve a regulatory regime for stablecoins. This vote represents one of the most significant milestones for cryptocurrency since the…
News Release
Courts should allow CFPB to vacate case against small mortgage firm
U.S. District Judge Franklin Valderrama on June 12 denied a request by the Consumer Financial Protection Bureau to vacate a Biden-era settlement against the Chicago-based mortgage…
Search Posts
Blog
Regulatory reform in the 118th Congress: The ERASER Act
Our current regulatory state suffocates Americans with high costs. On a micro level, research by CEI Fred L. Smith Fellow in Regulatory Studies…
Blog
No taming inflation without an independent Fed
Federal Reserve chairman Jerome Powell recently testified before Congress for the semi-annual Monetary Policy Report. The Fed has been under fire from both sides…
Blog
This week in ridiculous regulations: reporting stolen drugs and nuclear tariffs
The 2023 Federal Register is on pace to be the third largest in its 86-year history, behind only Obama and Trump’s midnight rush years in…
Blog
Fed Chair Powell hearing: more to do on inflation
At his semiannual congressional testimony this week, Federal Reserve Chairman Powell hinted that the Fed likely is not done raising interest rates. This comes…
Blog
This week in ridiculous regulations: tart cherry assessments and big cat safety
The House passed two regulatory reform bills, the REINS Act and the Separation of Powers Restoration Act. The Federal Reserve held interest rates steady. Meanwhile,…
News Release
Fed holds interest rates steady but shouldn’t have: CEI analysis
The Federal Reserve decided to leave the federal funds rate unchanged at today’s Federal Open Market Committee meeting. CEI senior economist Ryan Young argues…
News Release
Inflation Slows, Fed Actions Pay Off: CE Analysis
Consumer prices rose 0.1 percent in May (up 4 percent this past year), according new inflation data released today by the Labor Department. Inflation…
Blog
This week in ridiculous regulations: fireworks shows and cybersecurity subsidies
Russia destroyed a major dam in Ukraine, putting thousands of homes and a nuclear power plant at risk. Former President Donald Trump was indicted again.
Fox Business
Banking industry pushes back on CFPB’s warning over use of AI chatbots
Fox Business quotes CEI’s John Berlau on the Consumer Financial Protection Bureau’s recent advisory: John Berlau, the Competitive Enterprise Institute’s director…
Blog
Rising small business regs may spur Senate to pass REINS Act
In a bid to restore congressional accountability over the regulatory enterprise, the 118th Congress this week is set to vote on the so-called REINS Act,…
Fox News
Banking industry pushes back on CFPB’s warning over use of AI chatbots
Fox News quotes CEI’s John Berlau on the Consumer Financial Protection Bureau’s recent advisory regarding artificial intelligence in customer service:…
News Release
SEC’s Case Against Coinbase Threatens All U.S. Entrepreneurs
John Berlau, CEI Director of Finance Policy, today criticized the SEC for its ill-founded lawsuit targeting Coinbase: “The Securities and Exchange…
Blog
SPPI-TV hit: How price controls endanger small dollar loans, boost loan sharks
In my first media appearance from the sleek new CEI studios at our offices in Washington, DC, I joined a great panel on the May…
Blog
New credit card late fee rule hurts folks who pay their bills on time
There has rightly been an outcry after the Federal Housing Finance Agency (FHFA), which sets policy for the government-sponsored enterprises (GSE) Fannie Mae and Freddie…
News Release
Inflation worse than headline number suggests
The annual inflation rate in April was the lowest it’s been in two years, according to Labor Department data released today – 4.9 percent. That…
Blog
This week in ridiculous regulations: cloudy guidance documents and potato ledprona
The number of new final regulations this year topped 1,000 last week. It was the rare 3,000-page for the Federal Register, which will likely surpass…
Blog
Punishing success with higher mortgage rates?
The Biden administration recently implemented changes to fees on mortgages that are backed by government-sponsored enterprises Fannie Mae and Freddie Mac. Our old friend…
News Release
Fed Rate Increase the Right Move for Economy, Credibility
As expected, the Federal Reserve raised the federal funds rate by a quarter percentage point. CEI senior economist Ryan Young supports the move:…
Comment
CEI leads comments on CFPB’s $8 price controls on credit card late fees
In the matter of the proposed rule“Credit Card Penalty Fees (Regulation Z)”Consumer Financial Protection BureauDocket No. CFPB–2023–0010; RIN 3170–AB15 Prepared by: John BerlauDirector of Finance…
News Release
Congress Must Examine First Republic’s Woke Financing and Risk Management Regulation
Regulators today seized the failed First Republic bank and sold its operations to JPMorgan Chase. CEI financial policy expert John Berlau reiterated the need for…
Blog
The week in ridiculous regulations: Oklahoma emissions and Big Creek crayfish
GDP grew by 1.1 percent in the first quarter of 2023. Cable news hosts Tucker Carlson and Don Lemon were both fired. Meanwhile, agencies…
Letters
CEI Co-Leads Coalition Letter Calling For External Audit of Fed on Bank Failures
As the Federal Reserve (Fed) readies its internal review of its actions leading up to the Silicon Valley Bank (SVB) collapse, we the undersigned organizations…
Blog
Has Gary Gensler turned the SEC into a regulatory ‘Hotel California’?
Securities and Exchange Commission (SEC) Chair Gary Gensler hadn’t testified before the U.S. House of Representatives for 18 months. Republican members made up for lost…
News Release
US Economy Grew 1.1 Percent First Quarter 2023 – Could Be Worse: CEI Analysis
The U.S. economy grew 1.1 percent in the first quarter of 2023, according to the Bureau of Economic Statistics. It may seem underwhelming, but…
Blog
The week in ridiculous regulations: otter casualties and moving the goalpost
Fox News settled its defamation case over its false reporting on the 2020 election with voting machine maker Dominion. The Consumer Financial Protection Bureau…
Blog
Regulatory reform in the 118th Congress: Small Business Regulatory Flexibility Improvements Act
The Regulatory Flexibility Act (RFA) of 1980 was an important transparency measure for vetting new regulations. But it falls short in some important areas,…
Blog
Congress shouldn’t party like it’s 2019 on national debt
Now comes the GOP’s turn to do its own version of a “lockdown.” Republicans should heed the advice of a member of the other party, Rahm…
Wall Street Journal
CFPB Tries to Censor Speech on Chicago Crime
The Consumer Financial Protection Bureau, a federal bureaucracy with a vast jurisdiction, is testing a novel approach to crime and punishment. In a lawsuit against…
News Release
Supreme Court Ruling Ensures People Can Challenge Agency Authority in Court
The Supreme Court ruled today that regulatory agency tribunals do not have any special expertise in deciding constitutional law questions; therefore, district courts can hear…
News Release
CPI Slowed in March, More Tightening Necessary to Get Inflation Under Control
The U.S. Bureau of Labor Statistics released its Consumer Price Index Summary today, showing CPI increased by 0.1 percent in March 2023. CEI Senior Economist…
Blog
FedNow Isn’t a CBDC, But Still Contains Many Dangers
Over the past few days, “FedNow” has been trending on Twitter in tweets that contain healthy doses of curiosity and skepticism, well-founded concerns about privacy…
Letters
Coalition Letter Re: Opposition to Enhanced Deposit Insurance
Dear Members of Congress: We, the undersigned organizations, and individuals, oppose any legislative or regulatory action that would increase the deposit insurance cap or fully…
Blog
Debt Limit: When You Run Out of Other People’s Money, Keep Spending Anyway
Spending and deficit control are indispensable to a the long-term economic health and stability of a nation. But today, fiscal restraint is visible only in…
Forbes
Regulatory Reform’s Role In Addressing The Debt Limit
Spring is here, the first quarter is over, and the federal debt limit is back in play. Again. The cap was last …
Blog
Finance Facts Trump Biden’s Blame Game on Banking Woes
Donald Trump dominated the news in more ways than one yesterday, as Biden officials attempted to place the Trump administration at the center of recent…
Washington Examiner
Sen. Mike Braun cuts path to slow Biden’s ‘noxious’ agenda
It drew applause from deregulation advocates. “Sen. Braun’s efforts to strike Biden’s regulatory excesses are vital,” said Clyde Wayne Crews Jr.
National Review
The Fed’s Risky Rate Increase Helped Its Credibility to Reduce Inflation
The Federal Reserve raised the federal funds rate again on Wednesday, in its latest move to bring inflation back down to normal. Most people…
Blog
The Many Harms of Unlimited Deposit Insurance
Unlimited deposit insurance – the government guaranteeing that bank accounts of any size be made whole-in the event of a bank failure – would create…
Blog
Fed Credibility Depends on it Continuing to Raise Rates
Today’s federal funds rate hike is good news because it signals commitment. That will help the public to expect the Fed to continue to…
Blog
Silicon Valley Bank, ESG, and Political Favoritism
Last weekend we all saw the beginnings of what has now become a major meltdown for Silicon Valley Bank. The bank was quickly closed by…
News Release
Biden Veto Means ESG Investment Rule Means Politicized Investing for Pensions
President Biden today vetoed a resolution passed by Congress that would have stopped a Labor Department rule on ESG investing. Specifically, the rule, “Prudence and…
Blog
Congress, Please Reform the Consumer Financial Protection Bureau
My Competitive Enterprise Institute (CEI) colleague Devin Watkins recently testified on Capitol Hill before the House Financial Services Subcommittee on Financial Institutions and Monetary…
Blog
The Risks of Bailing Out Silicon Valley Bank’s Uninsured Depositors and How to Make the Banking System Resilient
On Sunday evening, the Biden administration decided that all customers of the failed Silicon Valley Bank will have their millions and possibly billions in the…
News Release
CEI Economist: Inflation Remains High, Fed should Keep Raising Rates
The Consumer Price Index rose 0.4 percent in February, according to the U.S. Bureau of Labor Statistics. Amounting to an annual inflation rate of…
Blog
Congress Should Appropriate Money for the CFPB Through the Congressional Appropriation Process
Last week, I had the honor of testifying before the House Financial Services Subcommittee on Financial Institutions and Monetary Policy on how Congress should…
News Release
Congress Shouldn’t Compound Silicon Valley Bank Collapse with Bailouts and Bad Ideas
The Silicon Valley Bank collapse has spurred some terrible policymaking ideas in Congress, exacerbating bad decisions by the bank that has led to its collapse.
Bloomberg
Biden Vows to Hold Banks Accountable, Urges Stronger Rules (2)
John Berlau, director of finance policy at the Competitive Enterprise Institute, said “prudent banks suffering the fallout from SVB should not…
Testimony
Testimony of Devin Watkins before the House Financial Services Committee on 03/09/23
Introduction Chairman Barr, Ranking Member Foster, and Members of this Subcommittee, I appreciate the opportunity to speak to you today. My name is Devin Watkins.
Blog
House Financial Services Committee Leans on SEC’s Gensler for More Transparency
House Financial Services Committee Leans on SEC’s Gensler for More Transparency Republicans on the House Financial Services Committee and some allies in the Senate are…
Letters
Coalition Letter to Members of the North Dakota House Finance & Taxation Committee, RE: SB 2217
Chair Headland, Vice Chair Hagert, and Members of the Committee, The undersigned organizations write in opposition to Senate Bill 2217. This legislation would prohibit interchange…
