Olde Hornet
Well-Known Member
The Obscure Biden Administration Rule That Could Help Americans Flee Big Banks
https://www.huffpost.com/entry/the-...ans-flee-big-banks_n_606e0dd0c5b6034a708417e9
Antitrust crusaders and Wall Street watchdogs are closely watching how the Biden administration handles a CFPB rule on financial data.
Two of the intellectual centers of the progressive movement are closely watching how President Joe Biden’s administration chooses to write and implement a new rule governing consumers’ access to their financial data, seeing it as an early test for the administration’s willingness to break with business-as-usual approaches to financial regulation.
The rule, an obscure provision of the massive Dodd-Frank Wall Street reform legislation passed more than a decade ago, has united both the Wall Street watchdogs and anti-trust crusaders who have begun to play a larger role in the Democratic Party’s intellectual firmament since the end of the President Barack Obama’s administration.
Both groups have been largely pleased with Biden’s personnel selections so far ― he’s selected Rohit Chopra, an ally of Massachusetts Sen. Elizabeth Warren (D), to lead the Consumer Financial Protection Bureau, which will write the consumer data rule; and picked leading antitrust advocate Lina Khan to replace Chopra on the Federal Trade Commission ― and view the rule, known officially as section 1033, as an early measure of the administration’s willingness to adopt more aggressive positions.
“People are hopeful about most of the regulators who’ve been named so far,” said David Segal, the executive director of Demand Progress. “But this will be an early sign of the administration’s willingness to push back against the power of the finance industry.”
https://www.huffpost.com/entry/the-...ans-flee-big-banks_n_606e0dd0c5b6034a708417e9
Antitrust crusaders and Wall Street watchdogs are closely watching how the Biden administration handles a CFPB rule on financial data.
Two of the intellectual centers of the progressive movement are closely watching how President Joe Biden’s administration chooses to write and implement a new rule governing consumers’ access to their financial data, seeing it as an early test for the administration’s willingness to break with business-as-usual approaches to financial regulation.
The rule, an obscure provision of the massive Dodd-Frank Wall Street reform legislation passed more than a decade ago, has united both the Wall Street watchdogs and anti-trust crusaders who have begun to play a larger role in the Democratic Party’s intellectual firmament since the end of the President Barack Obama’s administration.
Both groups have been largely pleased with Biden’s personnel selections so far ― he’s selected Rohit Chopra, an ally of Massachusetts Sen. Elizabeth Warren (D), to lead the Consumer Financial Protection Bureau, which will write the consumer data rule; and picked leading antitrust advocate Lina Khan to replace Chopra on the Federal Trade Commission ― and view the rule, known officially as section 1033, as an early measure of the administration’s willingness to adopt more aggressive positions.
“People are hopeful about most of the regulators who’ve been named so far,” said David Segal, the executive director of Demand Progress. “But this will be an early sign of the administration’s willingness to push back against the power of the finance industry.”