Banking sausage still grinding... slowly.
The ABA focused on pushing the bill through the House during its Washington, D.C., summit last week. The group’s leaders rallied more than 1,000 bankers to visit Capitol Hill in support of the measure before it could be swallowed by political dysfunction.
“I can’t tell you exactly where the next step is, but it will be soon, and very soon, that this legislation will be moving forward,” said James Ballentine, ABA executive vice president of government relations.
Rep. Jeb Hensarling said he will support a Senate bill easing #DoddFrank regulations if the Senate will consider a separate package of bills from the House Financial Services Committee, clearing the way for the bill to pass the House. https://t.co/iUlscjgTMW— Tennessee Bankers Association (@TNBankers) April 30, 2018
One thing bankers CANNOT legitimately oppose is ETHICALLY PRINCIPLED reform.
ReplyDeleteThen where are those ETHICALLY PRINCIPLED reform proposals? I appear to have the field entirely to myself, e.g. where are any proposals to responsibly abolish government-provided deposit insurance besides my own?
St. Louis Fed must be reading your stuff!
ReplyDeleteHere:
https://twitter.com/m_c_klein/status/991016608104501248?s=21
I like the govt provided deposit insurance myself.... gives me confidence in the depository...
ReplyDeleteI like the govt provided deposit insurance myself.... gives me confidence in the depository... Franko
ReplyDeleteThere's no reason that central bank accounts should be any less convenient to use than any bank, credit union, etc.
The only things that are necessarily absent are loans and positive interest.
But what is necessarily PRESENT is a Citizen's Dividend paid equally into every citizen's account at the central bank consisting of all fiat created beyond that created by deficit spending by the monetary sovereign for the general welfare, i.e. no fiat creation by the central bank for special interests such as banks and asset owners.
ReplyDeleteI like the govt provided deposit insurance myself.... gives me confidence in the depository
A deposit at the cb is iron-clad. There is nothing more secure in the financial world. The risk involved is inflation risk but that goes for any form of saving.
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ReplyDeleteThe only things that are necessarily absent are loans and positive interest. aa
ReplyDeleteAlso, individual citizen accounts should be negative-interest-free up to, say, $250,000 in the case of the US (the current insured deposit limit), to encourage the accumulation of risk-free savings for legitimate liquidity and contingency needs.