Elizabeth Warren Introduces Bill To Require Student Loan Interest Rates To Be Same Given To Big Banks | Progressive Change Campaign Committee (PCCC)
The U.S. government offers very low-interest — in some cases, near-zero interest rate — loans — that is, if you are a Big Bank on Wall Street. Sen. Eliz
US Senate Unanimously Votes To End Unfair Subsidies For ‘Too Big To Fail’ Banks
On Friday, the U.S. Senate did something that it rarely does these days. An amendment was offered as an attachment to the Senate budget bill and it not only gained the support of both Republicans and Democrats, it received unanimous support. By a vote of 99-0, the U.S. Senate voted to strip “too big to fail” banks of the taxpayer subsidies they’ve been getting for far too long.
Ben Bernanke: 'I Agree With Elizabeth Warren 100 Percent' On Too Big To Fail
Lest there was any doubt, Federal Reserve Chairman Ben Bernanke made it loud and clear on Wednesday: The problem of too-big-to-fail banks is still a major threat to the economy.
“Too Big To Fail is not solved and gone,” he said during a press conference. “It’s still here.”
Elizabeth Warren: Bust banks that launder drug money
“If you’re caught with an ounce of cocaine, the chances are good you go to jail. If you’re caught repeatedly, you can go to jail for life,” Warren told regulators during a Senate Banking Committee hearing. “Incidentally, if you launder nearly a billion dollars in drug money, your company pays a fine and you go home and sleep in your own bed at night.”
Warren’s attack comes at a touchy time for the Obama administration, following Attorney General Eric Holder’s admission Wednesday that the size of the biggest banks complicates efforts to hit them with criminal prosecutions.
“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute — if we do bring a criminal charge — it will have a negative impact on the national economy, perhaps even the world economy,” Holder told the Senate Judiciary panel Wednesday.
Warren to regulators: When was the last time you took a Wall Street bank to trial?
When given the floor, Warren cut straight to the point by asking the one lingering question on many minds. “The question I really want to ask is about how tough you are–about how much leverage you really have,” Warren began. “Tell me a little bit about the last few times you’ve taken the biggest financial institutions on Wall Street all the way to trial.”
The witnesses testifying seemed like they had been given a pop quiz by the former Harvard professor; no regulator could remember the last time they took a Wall Street bank to trial. Their answers, which were under oath, didn’t seem to get a passing grade from the senator.
Full article here
Elizabeth Warren Wins Senate Banking Committee Seat
WASHINGTON — Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. It’s a victory for progressives who battled to win her a seat on the panel that oversees the implementation of Dodd-Frank and other banking regulations.
3 things to know about Massachusetts Senator-Elect Elizabeth Warren
1. She was the original head of the high-effective Consumer Financial Protection Bureau
2. She supports medical marijuana
3. She is a huge supporter of LGBT rights.Check out the rest of ThinkProgress’ election night liveblog
For real this time. It’s been called for Warren.
(via thenationmagazine)
Elizabeth Warren somewhat sorta kinda tried to avoid reacting to Sen. Scott Brown’s initial response that Justice Scalia is his model Supreme Court justice. He went on to name three other justices, then said, “We have plenty of justices up there, and I’m proud of the ones we have.”
Capital One to Pay $210 Million in First CFPB Encorcement Case
Capital One Financial Corp. (COF)will pay a total of $210 million to settle charges of deceptive marketing of credit card “add-on” products such as payment protection and credit monitoring.
It was the first public enforcement case brought by the Consumer Financial Protection Bureau, established by the Dodd-Frank Act to increase oversight of consumer financial products. The bureau and the Office of the Comptroller of the Currency, the bank’s primary regulator, said Capitol One agreed to provide between $140 million and $150 million in restitution to 2 million customers and pay an additional $60 million in penalties— $25 million to the CFPB and $35 million to the OCC.
Keep reading at Bloomberg.com
Brown, Warren offer different ideas on deficit
Democrat Elizabeth Warren would impose higher taxes on top earners, end oil subsidies, and raise estate taxes to cut the federal deficit. Senator Scott Brown would repeal President Obama’s health law, freeze federal pay, and consolidate redundant federal agencies.
Warren would not touch entitlements, while Brown would not touch taxes.
In response to a request from the Globe, the two competitors in the nation’s most high-profile Senate battle provided five ideas for bridging the nation’s $1.2 trillion deficit, with the results highlighting why the problem has deadlocked Washington. The candidates were also asked to explain what cuts they would make to entitlement programs, and to describe how they would raise more revenue.
Though Brown has made the deficit a larger issue in his campaign, an analysis prepared for the Globe by a nonpartisan group showed that responses offered by Warren, and positions taken on her website, would trim 67 percent more from the debt over 10 years than those offered by Brown.
Keep reading at Articles.Boston.com
