A hastily added second order from the Consumer Financial Protection Bureau’s acting director halts the agency from supervising non-bank firms like X.
banking
Posted inPolitics
Biden-Era Regulations on Congress’s Chopping Block
Republicans reveal their first targets for the Congressional Review Act. Consumer protection rules may be next.
Posted inEconomic Policy
Keeping the Fed Independent—to Serve Wall Street
Chair Jerome Powell is battling to keep control of the Federal Reserve. He and Trump agree on weak regulation. On cheap money policy, Trump is winning.
Posted inVideos
The Prospect Weekly Roundup: California Burning
On our live show, David and Harold talk about their common experiences on the Westside of Los Angeles, epicenter of the terrible wildfires raging across Southern California.
Posted inTAP
The Next Financial Crisis: Insurance
Today on TAP: Increasing damage from fires, hurricanes, and floods will destabilize a lightly regulated industry—and spill over into broader financial markets.
Posted inEconomic Policy
Big Banks Pick Inopportune Moment to Ditch Climate Commitments
As Los Angeles burns, the biggest banks have disclaimed membership in the Net-Zero Banking Alliance. Mother Nature won’t take pity on them.
Posted inEconomic Policy
Michael Barr Hands the Fed’s Financial Regulation Powers to Trump
The Fed’s vice chair of supervision is stepping down to avoid a fight with the incoming president.
Posted inMoney, Politics, and Power
We Already Run the Post Office Like a Business
The U.S. Postal Service loses money because of stifling rules and a mandate to serve the entire country. Privatization would only raise costs and reduce service.
Posted inPolitics
Bank Speculation! Polio! And Other Hot Items on Trump’s Agenda!
The incoming president’s transition team is making the case for reviving some long-buried monsters.
Posted inMoney, Politics, and Power
Elon Musk and Friends Propose Defunding the Fraud Police
Some tech billionaires hate the CFPB, which protects Americans from scams and abuse. Why?