The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008. It contains the most drastic changes to financial regulations since the regulatory reform after the Great Depression. Proposed by Obama in 2009 and signed into law in 2010, the Democratic bill was the handiwork of former Financial Services Committee Chairman Barney Frank (D-Mass.) in the House and former Banking Committee Chairman Chris Dodd (D-Conn.) in the Senate. It was supposedly going to stop banks from making loans to risky buyers who could not pay them back, reducing foreclosures. It was also supposed to change the rules so banks could no longer receive taxpayer-funded bailouts due to their poor business practices.
It hasn't worked out the way its Democrat proponents claimed. This is because the people who got us into this mess are the same ones who drafted the law. Dodd-Frank contains more of the same things that precipitated the financial crisis; government meddling in the mortgage business and financial markets. Lobbyists for special interests carved out loopholes, resulting in merely different lists of winners and losers. As one author in U.S. News & World Report observed, "These exemptions are less about protecting unsophisticated borrowers than about protecting the taxpayer-guaranteed business models of favored entities." Hedge funds and some other firms lost big; they are now required to fill out a 192-page form that has been estimated to cost each firm $100,000-$150,000.
Speaking of winners or losers, most outrageously, Dodd-Frank didn't bother to reform Fannie Mae or Freddie Mac, the biggest culprits for handing out mortgages to high-risk borrowers who should never have qualified for them. They received the largest bailouts of all financial institutions in 2008. more >>
According to new data from the Census Bureau, the proportion of young people who move is at a 50-year low. Some blame the economic crisis or government programs for the "prolonged adolescence" experienced by the Millennial generation, while a Christian filmmaker focuses instead on cultural values and fears.
Census data shows that the number of adults between 25 and 29 who moved between March 2012 and March 2013 hit a 50-year low – at 4.9 million, just 23.3 percent, according to One News Now. This was the lowest level since 1963.
"Unfortunately, we've got government policies that are causing us to delay major milestones that other generations enjoyed at our age," Patrice Lee, manager of outreach at Generation Opportunity and visiting fellow at the Independent Women's Forum, told The Christian Post in an interview on Thursday. more >>
In a move hailed by LGBT rights groups, the United States Senate has passed the 2013 version of the Employment Non-Discrimination Act.
The Senate voted on Thursday 64 to 32 in favor of passing the legislation, which if enacted would bar workplace discrimination on the basis of sexual orientation and gender identity.
Tico Almeida, founder and president of the pro-gay organization Freedom to Work, said in a statement that the vote was a "historic step." more >>
A pastor in Florida has recently pleaded guilty to the charges of orchestrating a Ponzi scheme that may have stolen millions from investors and could face up-to 20 years in prison.
Pastor Charles Lawrence Kennedy Jr., a 71-year-old resident of Tampa, pleaded guilty Wednesday in U.S. District Court in Denver, Colo.
Prosecutors argued that Kennedy and some cohorts in Colorado took as much as $5 million from investors across the country October 2005 through December 2008, reported Ryan Parker of the Denver Post. more >>
In a battleground state where Democrats label religious faith as too extreme, Republican candidate Ken Cuccinelli, known for his strong support of homeschooling, pro-life, and other values voter issues, has tightened the Virginia governor's race, nearly catching up to Democrat Terry McAuliffe and perhaps making the race "too close to call."
The new poll from Quinnipiac University, released Wednesday, found McAuliffe ahead at 45 percent to Cuccinelli's 41 percent, but it also discovered that if Libertarian Party candidate Robert Sarvis were not in the race, McAuliffe would only lead by two points – 47 percent to 45 percent – making the race "too close to call."
"For the past several weeks, political pundits have written off Ken Cuccinelli well before any polls have opened or closed, but we have consistently maintained that we know this is a margin race as exhibited in today's Quinnipiac University poll," Chris LaCivita, Cuccinelli campaign senior strategist said in a press release. more >>
The latest healthcare.gov snafu involves Americans calling a cupcake shop in New York to find information about health insurance plans under the Affordable Care Act, best known as Obamacare.
Carmen Rodriguez, owner of Brooklyn Cupcake, told The Christian Post in an interview on Wednesday that since Oct. 1, she has received more than 150 calls requesting Obamacare health insurance information.
"We've been getting phone calls and it wasn't until [Tuesday] that we put the pieces together," Rodriguez said. more >>