{"id":31516,"date":"2022-03-16T02:12:38","date_gmt":"2022-03-16T02:12:38","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=31516"},"modified":"2022-03-16T02:12:38","modified_gmt":"2022-03-16T02:12:38","slug":"biden-needs-to-double-down-on-banking-oversight","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/","title":{"rendered":"Biden needs to double down on banking oversight"},"content":{"rendered":"<p>Crony capitalism at its worst.<\/p>\n<p>Banks and the coal-mining industry, with the help of lobbyists, blocked Joe Biden&#8217;s appointment of Sarah Bloom Raskin &#8212; a former deputy Treasury Secretary and member of the Fed board during the Obama years &#8212; as the Fed&#8217;s primary regulator to oversee the banking industry.<\/p>\n<blockquote><p>Sen. Patrick J. Toomey (R-Pa.) and other GOP lawmakers have attacked her view that the Fed should do more to mitigate the financial risks of climate change, including by potentially changing the way it regulates energy producers. (<a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2022\/03\/14\/raskin-fed-manchin\/\">Washington Post<\/a>)<\/p><\/blockquote>\n<p>Democrat Senator Joe Manchin&#8217;s opposition was the final straw, adding to the Republican stonewall. Manchin&#8217;s West Virginia constituency boasts a strong coal mining industry and the Senator is heavily supported by coal-mining donors.<\/p>\n<blockquote><p>March 15 (<a href=\"https:\/\/www.reuters.com\/world\/us\/bidens-fed-nominee-raskin-withdraws-new-yorker-2022-03-15\/\">Reuters<\/a>) &#8211; Sarah Bloom Raskin on Tuesday withdrew as President Joe Biden&#8217;s nominee to become the top bank regulator at the Federal Reserve, one day after a key Democratic senator and moderate Republicans said they would not back her, leaving no path to confirmation by the full Senate.<\/p>\n<p>&#8220;Despite her readiness \u2014 and despite having been confirmed by the Senate with broad, bipartisan support twice in the past \u2014 Sarah was subject to baseless attacks from industry and conservative interest groups,&#8221; Biden said in a statement.<\/p>\n<p>Raskin had become the most contentious of Biden&#8217;s five nominees to the central bank&#8217;s Board of Governors, generating strong opposition from the outset from Republicans who said she would use the vice chair of supervision post to steer the Fed toward oversight policies that would penalize banks who lend to fossil fuel companies.<\/p>\n<p>Raskin had been favored by progressive Democrats, such as Senator Elizabeth Warren of Massachusetts, who had pushed Biden to install someone who would pursue stiffer banking oversight after regulatory rollbacks under the previous supervision czar, Randal Quarles.<\/p><\/blockquote>\n<h2>Conclusion<\/h2>\n<p>Joe Biden&#8217;s administration should not be deterred from appointing a tough regulator to oversee the banking industry. Many bankers would argue the opposite &#8212; that the economy would benefit from light regulation of the industry &#8212; but their track record says otherwise.<\/p>\n<p>The banking industry is one of the key vulnerabilities in an already fragile financial system. Failure to effectively regulate them would risk another financial crisis, especially with current global volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crony capitalism at its worst. Banks and the coal-mining industry, with the help of lobbyists, blocked Joe Biden&#8217;s appointment of Sarah Bloom Raskin &#8212; a former deputy Treasury Secretary and member of the Fed board during the Obama years &#8212; as the Fed&#8217;s primary regulator to oversee the banking industry. Sen. Patrick J. Toomey (R-Pa.) &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Biden needs to double down on banking oversight&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[5422,1358,5421],"class_list":["post-31516","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-banking-regulator","tag-federal-reserve","tag-sarah-bloom-raskin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Biden needs to double down on banking oversight - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden needs to double down on banking oversight - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Crony capitalism at its worst. Banks and the coal-mining industry, with the help of lobbyists, blocked Joe Biden&#8217;s appointment of Sarah Bloom Raskin &#8212; a former deputy Treasury Secretary and member of the Fed board during the Obama years &#8212; as the Fed&#8217;s primary regulator to oversee the banking industry. Sen. Patrick J. Toomey (R-Pa.) &hellip; Continue reading &quot;Biden needs to double down on banking oversight&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-16T02:12:38+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Biden needs to double down on banking oversight\",\"datePublished\":\"2022-03-16T02:12:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\"},\"wordCount\":378,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Banking Regulator\",\"Federal Reserve\",\"Sarah Bloom Raskin\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\",\"name\":\"Biden needs to double down on banking oversight - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2022-03-16T02:12:38+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Biden needs to double down on banking oversight\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Biden needs to double down on banking oversight - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Biden needs to double down on banking oversight - the patient investor","og_description":"Crony capitalism at its worst. Banks and the coal-mining industry, with the help of lobbyists, blocked Joe Biden&#8217;s appointment of Sarah Bloom Raskin &#8212; a former deputy Treasury Secretary and member of the Fed board during the Obama years &#8212; as the Fed&#8217;s primary regulator to oversee the banking industry. Sen. Patrick J. Toomey (R-Pa.) &hellip; Continue reading \"Biden needs to double down on banking oversight\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2022-03-16T02:12:38+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Biden needs to double down on banking oversight","datePublished":"2022-03-16T02:12:38+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/"},"wordCount":378,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Banking Regulator","Federal Reserve","Sarah Bloom Raskin"],"articleSection":["Banks &amp; Interest Rates","US &amp; Canada"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/","name":"Biden needs to double down on banking oversight - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2022-03-16T02:12:38+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/16\/biden-needs-to-double-down-on-banking-oversight\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Biden needs to double down on banking oversight"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Net Debt is projected to peak at 18.6 percent of GDP in 2017\/2018, with the budget returning to surplus in 2019\/2020. Source: Budget.gov.au The ASX 200 is\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7639,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/01\/in-brown-vitter-bill-a-banking-overhaul-with-possible-teeth-nytimes-com\/","url_meta":{"origin":31516,"position":1},"title":"In Brown-Vitter Bill, a Banking Overhaul With Possible Teeth | NYTimes.com","author":"ColinTwiggs","date":"May 1, 2013","format":false,"excerpt":"Jesse Eisinger from ProPublica skewers big banks' objections to increasing capital buffers as proposed by the bipartisan Brown-Vitter bill: Goldman Sachs and S.& P. estimate the big banks might be forced to raise $1 trillion or more. That\u2019s a lot, so much that the leviathans\u2019 agents cry out that they\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6388,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/07\/china-regulator-frets-over-confidence-crisis-after-investment-product-fails-reuters\/","url_meta":{"origin":31516,"position":2},"title":"China regulator frets over confidence crisis after investment product fails &#124; Reuters","author":"Colin Twiggs","date":"December 7, 2012","format":false,"excerpt":"Hongmei Zhao and Lucy Hornby report: Investors rushed to [Hua Xia Bank Co Ltd]'s Jiading branch in a suburb of Shanghai after one of four wealth management products issued by the Zhongding Wealth Investment Center failed to pay out as scheduled on November 26. via China regulator frets over confidence\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20248,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/04\/14\/asx-bear-market-rally-while-confidence-plunges\/","url_meta":{"origin":31516,"position":3},"title":"ASX bear market rally while confidence plunges","author":"Colin Twiggs","date":"April 14, 2020","format":false,"excerpt":"The ASX 200 is testing resistance at the December 2018 low of 5400\/5500. This is typical of a bear market rally. Expect another test of support at 4400\/4500. A Twiggs Money Flow peak at zero would warn of strong selling pressure and a likely test of the . Breach of\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14929,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/10\/asx-200-resources-or-banks\/","url_meta":{"origin":31516,"position":4},"title":"ASX 200: Resources or Banks?","author":"ColinTwiggs","date":"March 10, 2017","format":false,"excerpt":"The ASX 200 reflects a tussle between the resources and banking sectors which are pulling in opposite directions. The ASX 300 Metals & Mining Index is falling, with declining Twiggs Money Flow warning of long-term selling pressure. The banking sector, however, is rallying. The ASX 300 Banks index recovered above\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6219,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/18\/shadow-banking-grows-to-67-trillion-industry-regulators-say-bloomberg\/","url_meta":{"origin":31516,"position":5},"title":"Shadow Banking Grows to $67 Trillion Industry, Regulators Say &#8211; Bloomberg","author":"Colin Twiggs","date":"November 18, 2012","format":false,"excerpt":"Ben Moshinsky and Jim Brunsden write: The size [$67 trillion] of the shadow banking system, which includes the activities of money market funds, monoline insurers and off- balance sheet investment vehicles, \u201ccan create systemic risks\u201d and \u201camplify market reactions when market liquidity is scarce,\u201d the Financial Stability Board said in\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/31516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=31516"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/31516\/revisions"}],"predecessor-version":[{"id":31518,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/31516\/revisions\/31518"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=31516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=31516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=31516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}