GAO calls for comprehensive reform of National Flood Insurance Program

From: Financial Regulation News

The U.S. Government Accountability Office recommended comprehensive reform to improve the solvency and enhance the resiliency of the National Flood Insurance Program (NFIP).

GAO said Congress should consider reform in six areas: outstanding debt, premium rates, affordability, consumer participation, barriers to private-sector involvement, and NFIP flood resilience efforts.

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Remarks by President Trump at Signing of Financial Services Executive Orders

From: The White House

The Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 (the “Dodd-Frank Act”), authorizes the Financial Stability Oversight Council (FSOC) to determine that a nonbank financial company’s material financial distress or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities could pose a threat to the financial stability of the United States. . . .   It is equally important to ensure that, once notified by FSOC that it is under review, any entity under consideration for a determination or designation decision is afforded due, fair, and appropriately transparent process.

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Interview with Steven Mnuchin: Transcript

Editor’s Note: Cross-posted from OIRA Watch.

From: Financial Times

US Treasury secretary speaks to the FT on tax, economic growth, and North Korea

Ivy League Colleges: Tax-Exempt Government Contractors or Educational Institutions?

From: Real Clear Policy

Subsidizing the Ivy League

By Adam Andrzejewski

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3. In monetary terms, the “government contracting” business of the Ivy League ($25.27 billion in federal contracts and grants) exceeded their educational mission ($22 billion in student tuition) FY2010–FY2015.

4. The eight colleges of the Ivy League received, on average, more money ($4.31 billion) annually from the federal government than sixteen states.

 

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Agency’s one-size-fits-all diktats ignore reality

From: Star-Tribune

The Consumer Financial Protection Bureau is answerable to no one, and its tsunami of regulations is stifling local banks. 

By Noah W. Wilcox

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Among the top concerns to reformers is the Consumer Financial Protection Bureau, an independent federal agency that is accountable to neither Congress nor the White House. The CFPB has churned out a flow of new financial regulations so complex and overwhelming that the bureau is ultimately harming those it is charged with protecting — individual consumers.

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