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As long as we remain under a regulatory regime of vast discretionary authorities with almost unlimited pots of public money, bailouts will remain a potentiality. → Read More
Dodd-Frank’s application to non-banks raises a whole new set of disturbing possibilities for the extra-judicial treatment of creditors. → Read More
Financial services issues that helped define a presidency were largely absent from Tuesday's State of the Union address, including the crucial policy items that have not yet been resolved. → Read More
Given the anger, especially from the Democratic Party’s base, it is puzzling to me that the president felt no need to address it. → Read More
Policymakers continually fail to embrace technological and entrepreneurial innovations that are a net benefit to the economy and thereby stifle efficiency and competition. → Read More
Chairman Duffy, Ranking Member Green, and distinguished members of the Subcommittee, I thank you for the invitation to appear at today's important hearing. I am Mark Calabria, Director of Financial Regulation Studies at the Cato Institute, a non-profit, non-partisan public policy research institute located here in Washington, D.C. Before I begin my testimony, I would like to make clear that my… → Read More
This is a debate we need to have. But solutions must be grounded in the facts. → Read More
If you're poor or African-American, you are twice as likely as households overall to be displaced by government action. → Read More
July marked the fifth anniversary of passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Not surprisingly Washington celebrated with numerous events and Congressional hearings. I put in three Congressional testimonies myself, as well as numerous panel appearances, ranging in venues from the American Enterprise Institute to the Center for American Progress. One of the many… → Read More
Chairman Duffy, Ranking Member Green, and distinguished members of the Subcommittee, I thank you for the invitation to appear at today's important hearing. I am Mark Calabria, Director of Financial Regulation Studies at the Cato Institute, a non-profit, non-partisan public policy research institute located here in Washington, D.C. Before I begin my testimony, I would like to make clear that my… → Read More
Chairman Hensarling, Ranking Member Waters, and distinguished members of the Committee, I thank you for the invitation to appear at today's important hearing. I am Mark Calabria, Director of Financial Regulation Studies at the Cato Institute, a non-profit, non-partisan public policy research institute located here in Washington, D.C. Before I begin my testimony, I would like to make clear that… → Read More
One commonly heard refrain is that the deregulation of banking caused the financial crisis. To those of us that have actually spent years working on banking policy, such a claim is met with surprise. What banking deregulation? The usual response, with generally an absolute lack of detail or argument, is the repeal of Glass-Steagall by the Gramm-Leach-Bliley Act (GLB). When the proponents of th... → Read More