carney_1024x512_twitter.png


“Goldman Sachs CEO Lloyd Blankfein is not in favor of repealing the 2010 Dodd Frank Act in its entirety,” Forbes reported Thursday. “I wouldn’t want regulation to be repealed in total,” Blankfein said.

This cuts against the conventional wisdom that Obama was the scourge of Wall Street, that regulation keeps the big guys in check, and that free enterprise is a big gift to Big Business. But it jibes perfectly with what Blankfein and other Wall Street giants have been saying all decade.

“We will be among the biggest beneficiaries of reform,” Blankfein said when the bill was on the table.

“More intense regulatory and technology requirements have raised the barriers to entry higher than at any other time in modern history,” Blankfein said in 2015. “This is an expensive business to be in, if you don’t have the market share in scale. Consider the numerous business exits that have been announced by our peers as they reassessed their competitive positioning and relative returns.”

The other big guys feel the same way. Jamie Dimon has praised Dodd-Frank for widening JP Morgan’s “moat.”

One result: More concentration in the financial sector and nearly no new banks entering the industry. Good for the incumbents. Bad for consumers and would-be competitors.

Also, remind me: Is there any systemic danger posed to the economy by having a consolidated financial sector with a few banks that are too big to fail?

Timothy P. Carney, The Washington Examiner’s senior political columnist, can be contacted at tcarney@washingtonexaminer.com. His column appears Tuesday and Thursday nights on washingtonexaminer.com.

Lobbying firm touts former GOP Congressman as 'Trump Whisperer' and friend of Speaker Ryan

Also from the Washington Examiner

Here’s how lobbying firm Baker Hostetler is touting the head of its Federal Policy division, former Rep. Mike Ferguson (R-N.J.):

As businesses try to get a handle on what will be the new normal in Washington under a Trump presidency, few legal and legislative firms are as well positioned as BakerHostetler.
And the best place to begin to understand that is with former four-term Congressman Mike Ferguson (R-NJ), who now heads the Federal Policy team at BakerHostetler,
Ferguson can claim a genuine connection with President-elect Donald Trump, Vice President-elect Mike Pence, Speaker Paul Ryan and Transition team Chairman New Jersey Governor Chris Christie.

11/11/16 2:46 PM

Mike Pence to replace Chris Christie as head of Trump transition team

Top Story

Christie will shift from leader of the transition team to a vice chair alongside Rudy Giuliani.

11/11/16 2:21 PM

Subscribe to Alerts

Learn more about Washington Examiner’s Alerts

Loading Next Article



Source link

About the Author:

Leave a Reply