tag:blogger.com,1999:blog-84321682024-02-07T00:24:50.811-05:00one small voiceWeekly discussion of financial markets, economics, politics, and the media.
A member of Wall Street's Digital Underground since 1995pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.comBlogger995125tag:blogger.com,1999:blog-8432168.post-31534379427959856382018-12-25T09:33:00.001-05:002018-12-25T09:33:10.308-05:00Merry Christmas<div class="separator" style="clear: both; text-align: center;">
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<br />pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-55047314721777615702018-08-22T14:16:00.000-04:002018-08-22T14:18:02.233-04:00Financial Crisis 2008 2.0<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/VUSOiCv-qHI" width="560"></iframe>
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<b>Subscribe to these videos on youtube </b>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-11008449810256593712018-08-22T14:15:00.004-04:002018-08-22T14:15:23.848-04:00House Financial Services Committee Chairman Jeb Hensarling (R-TX) Comments of Presidents Call to Modernize our Capital Markets Regulations<div class="separator" style="clear: both; text-align: center;">
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the staff of the Ridgewood blog<br />
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Washington DC, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement in response to President Trump’s call for the SEC to study the impact of reporting requirements on American companies.
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“I applaud the President’s continued efforts to evaluate the impact and cost of federal regulation on American businesses and entrepreneurs. In order to sustain 3% economic growth and ensure we are able to compete with China, we must modernize our capital markets regulations in a way that maximizes economic growth while maintaining the transparency and accountability needed to protect investors. The bipartisan ‘JOBS and Investor Confidence Act of 2018,’ which passed the House with near unanimous support in July, would do just that. I urge my colleagues in the Senate to support small businesses, entrepreneurs and investors by passing JOBS Act 3.0.”
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Among the 32 bipartisan pieces of legislation that make up JOBS Act 3.0 is H.R. 5970, the Modernizing Disclosures for Investors Act. Authored by Rep. Ann Wagner (R-MO), the provision requires the SEC to provide a report to Congress with a cost-benefit analysis of reporting companies’ use of SEC Form 10-Q, which companies use to report information every three months, as well as recommendations for decreasing costs, increasing transparency, and increasing efficiency of periodic financial reporting by EGCs.<br />
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pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-37458620219021545812018-03-30T20:50:00.000-04:002018-03-30T20:50:05.089-04:00Good Friday Trading Curse<iframe width="560" height="315" src="https://www.youtube.com/embed/3BbmiePJOiI" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-87958727220323895562018-03-29T14:58:00.000-04:002018-03-29T14:58:38.470-04:00Barclays Agrees to Pay $2 Billion in Civil Penalties to Resolve Claims for Fraud in the Sale of Residential Mortgage-Backed Securities<div class="separator" style="clear: both; text-align: center;">
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The United States has reached agreement with Barclays Capital, Inc. and several of its affiliates (together, Barclays) to settle a civil action filed in December 2016 in which the United States sought civil penalties for alleged conduct related to Barclays’ underwriting and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. Barclays will pay the United States two billion dollars ($2,000,000,000) in civil penalties in exchange for dismissal of the Amended Complaint.
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Following a three-year investigation, the complaint in the action, United States v. Barclays Capital, Inc., alleged that Barclays caused billions of dollars in losses to investors by engaging in a fraudulent scheme to sell 36 RMBS deals, and that it misled investors about the quality of the mortgage loans backing those deals. It alleged violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), based on mail fraud, wire fraud, bank fraud, and other misconduct.
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Agreement has also been reached with the two former Barclays executives who were named as defendants in the suit: Paul K. Menefee, of Austin, Texas, who served as Barclays’ head banker on its subprime RMBS securitizations, and John T. Carroll, of Port Washington, New York, who served as Barclays’ head trader for subprime loan acquisitions. In exchange for dismissal of the claims against them, Menefee and Carroll agree to pay the United States the combined sum of two million dollars ($2,000,000) in civil penalties.
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The settlement was announced by Richard P. Donoghue, United States Attorney for the Eastern District of New York, and Laura S. Wertheimer, Inspector General, of the Federal Housing Finance Agency Office of the Inspector General (FHFA-OIG).
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“This settlement reflects the ongoing commitment of the Department of Justice, and this Office, to hold banks and other entities and individuals accountable for their fraudulent conduct,” stated United States Attorney Donoghue. “The substantial penalty Barclays and its executives have agreed to pay is an important step in recognizing the harm that was caused to the national economy and to investors in RMBS.”
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“The actions of Barclays and the two individual defendants resulted in enormous losses to the investors who purchased the Residential Mortgage-Backed Securities backed by defective loans,” stated FHFA-OIG Inspector General Wertheimer. “Today’s settlement holds accountable those who waste, steal or abuse funds in connection with FHFA or any of the entities it regulates. We are proud to have partnered with the U.S. Department of Justice and the U.S Attorney’s Office for the Eastern District of New York on this matter.”
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The scheme alleged in the complaint involved 36 RMBS deals in which over $31 billion worth of subprime and Alt-A mortgage loans were securitized, more than half of which loans defaulted. The complaint alleged that in publicly filed offering documents and in direct communications with investors and rating agencies, Barclays systematically and intentionally misrepresented key characteristics of the loans it included in these RMBS deals. In general, the borrowers whose loans backed these deals were significantly less creditworthy than Barclays represented, and these loans defaulted at exceptionally high rates early in the life of the deals. In addition, as alleged in the complaint, the mortgaged properties were systematically worth less than what Barclays represented to investors. These are allegations only, which the Defendants dispute, and there has been no trial or adjudication or judicial finding of any issue of fact or law.
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The government’s case has been handled by this Office’s Civil Division. Senior Counsel F. Franklin Amanat, and Assistant United States Attorneys Matthew R. Belz, Charles S. Kleinberg, Evan P. Lestelle, Matthew J. Modafferi, Josephine M. Vella and Alex S. Weinberg have been in charge of the litigation. Mr. Donoghue thanks the FHFA-OIG for its assistance in conducting the investigation in this matter.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-61573233264549713052018-03-16T08:11:00.000-04:002018-03-16T08:11:02.054-04:00Former Reagan official Larry Kudlow to lead the National Economic Council<div class="separator" style="clear: both; text-align: center;">
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March 16,2018<br />
one small voice<br />
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Washington DC, President Donald Trump has picked conservative economic commentator and former Reagan official Larry Kudlow to lead the National Economic Council, the White House confirmed Wednesday.
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Press secretary Sarah Sanders said the president extended the offer directly to Kudlow and that he has accepted the role.“Larry Kudlow was offered, and accepted, the position of Assistant to the President for Economic Policy and Director of the National Economic Council. We will work to have an orderly transition and will keep everyone posted on the timing of him officially assuming the role,” Sanders said in a statement.
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Kudlow will replace Globalist Gary Cohn, long rumored to be on the way out ,resigned last week as the president's chief economic adviser after he lost his fight to stop Trump from imposing steep tariffs on steel and aluminum imports.
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Kudlow has had an on again off again relationship with the president ,disagreeing on tariffs but embracing tax cuts . Kudlow is also very old school and has often taken issue periodically with the presidents take no prisoners attitude ,yet has remained a big proponent of the presidents policies. pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-33104288240537383022018-03-15T20:25:00.000-04:002018-03-15T20:25:08.253-04:00Beware of the Ides of March <iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/F8p-FdUxhGo" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-52964507917259164822018-03-09T12:24:00.000-05:002018-03-09T12:24:28.903-05:00BOOM : U.S. employers added 313,000 jobs in February<div class="separator" style="clear: both; text-align: center;">
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Trump Bump. U.S. employers added 313,000 jobs in February, beating expectations for an increase of 200,000 jobs after January’s better-than-expected reading. The unemployment rate remained at 4.1%, while the labor force participation rate increased to 63%.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-60261617873267994992018-03-05T20:33:00.000-05:002018-03-05T20:33:34.766-05:00the "Fearless Girl" <iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/_oxQM0nj2ZA" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-63784978527671339732018-03-04T13:58:00.002-05:002018-03-04T13:58:16.957-05:00SHARK TANK OPEN CASTING CALL <div class="separator" style="clear: both; text-align: center;">
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Attend an Open Call where you will be given the opportunity to do a 1-minute pitch of your business/product/idea to a member of the Casting Team — just like you would as if you were on the show. Come prepared to wow and dazzle us. Only the first 500 applicants are guaranteed to be seen so arrive early to secure your numbered wristband. Be advised: security may check your bag and you are responsible for your own parking. We do not validate. To apply at an Open Call you must have a completed Application Packet. Download the Application HERE and bring it with you to the Open Call.<br />
It is imperative that you complete your Application prior to the Open Call because there are a lot of detailed questions on there that you may not have the answers to at the Open Call.<br />
OPEN CALL NOTES:<br />
– You will have time to go back to your vehicle after you receive your wristband to get any large or bulky props or equipment.<br />
– There are no guarantees of access to power, internet or any other A/V equipment.<br />
– You may only pitch one business, product or idea.<br />
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2018 CASTING CALL AUDITION SCHEDULE:<br />
All Open Calls are open to the general public. As long as you arrive during the allotted “Numbered Wristbands Distributed” time and receive a wristband you will have the chance to pitch. There is no reason to camp out the night before. Please be respectful of the neighborhood in regards to trash and noise. If you have any questions please email us at casting@sharktanktv.com. We will get back to you as soon as we can. Please do NOT call the venue.<br />
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2018 CASTING CALL AUDITION SCHEDULE:<br />
FRIDAY, MARCH 9th – LOS ANGELES / CABAZON, CA
MORONGO CASINO, RESORT & SPA
MORONGO BALLROOM
49500 Seminole Dr.
Cabazon, CA 92230
9AM to 11AM – Wristbands Distributed
10AM – Interviews Begin
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THURSDAY, MAY 10th – NEW YORK, NY
TECHDAY NEW YORK @ PIER 94
711 12th Ave. (55th St. & West Side Hwy).
NY, NY 10019
9AM to 11AM – Wristbands Distributed
10AM – Interviews Begin
More open calls and cities to be announced.<br />
OPEN CALL NOTES:<br />
– You will have time to go back to your vehicle after you receive your wristband to get any large or bulky props or equipment.
– There are no guarantees of access to power, internet or any other A/V equipment.
– You may only pitch one business, product or idea.
The sharks on the show include media entrepreneur Mark Cuban, real estate tycoon Barbara Corcoran, inventor Lori Greiner, technology entrepreneur Robert Herjavec, FUBU clothing line creator Daymond John and and educational software king Kevin O’Leary.<br />
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pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-88579148337466324532018-02-13T07:09:00.000-05:002018-02-13T07:09:33.705-05:00Big Data this Week CPI and PPI<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/K4MuZAcZOOo" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-23434124891198333662018-02-13T07:07:00.001-05:002018-02-13T07:07:34.521-05:00Former Representative Scott Garrett Heading for the Securities and Exchange Commission<div class="separator" style="clear: both; text-align: center;">
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February 11,2018<br />
the staff of the Ridgewood blog<br />
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Ridgewood NJ, Former Representative Scott Garrett, the New Jersey Republican whose bid to become chairman of the Export-Import Bank failed last year after the Senate Banking Committee rejected his nomination, to lead the agency that Garrett had criticized for corrupt practices and cronyism.<br />
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The former Representative has been tapped to work as a senior adviser to Securities and Exchange Commission Chairman Jay Clayton, according to unnamed sources at the SEC. While he was a lawmaker, Garrett was also a critic of the SEC after it dropped the ball in 2008 and served as chairman of the House Financial Services subcommittee on capital markets.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-53569921488294662092018-02-09T16:43:00.001-05:002018-02-09T16:43:41.112-05:004 reasons for the market sell off<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/6wMQsd3l5tI" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-77746481431729156162018-02-03T08:29:00.000-05:002018-02-03T08:29:30.959-05:00The Super Bowl Indicator<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/3YWeDTLEGIk" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-39515198448802579802018-02-02T09:58:00.002-05:002018-02-02T09:59:52.029-05:00Wages Rose at the Fastest Annual Pace Since the Recession Ended<div class="separator" style="clear: both; text-align: center;">
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February 2,2018<br />
onesmallvoice
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Washington DC, U.S. hiring picked up in January and wages rose at the fastest annual pace since the recession ended, as the economy’s steady move toward full employment extended into 2018.
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Nonfarm payrolls rose 200,000 -- compared with the median estimate of economists for a 180,000 increase -- after an upwardly revised 160,000 advance, Labor Department figures showed Friday. The jobless rate held at 4.1 percent, matching the lowest since 2000, while average hourly earnings rose a more-than-expected 2.9 percent from a year earlier, the most since June 2009.
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Average hourly earnings rose 0.3 percent from the prior month following an upwardly revised 0.4 percent gain, the report showed. The 2.9 advance from a year earlier -- which partly reflected a downward revision to the January 2017 wage figure -- compared with projections for a 2.6 percent increase. December’s gain was revised upward to 2.7 percent.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-8857923864470944972018-01-28T13:35:00.005-05:002018-01-28T13:35:58.693-05:00Trump Bump <iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/3q2p9pnQOkE" width="560"></iframe><br />
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<b><i>as long as the media hates the president the market will keep going up </i></b>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-6124980499866632822018-01-28T09:13:00.000-05:002018-01-28T09:13:10.728-05:00President Trump Takes it on the Road to Davos <iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/PDOHyGYvcoI" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-12101456775293827262018-01-28T09:04:00.002-05:002018-01-28T09:04:49.984-05:00President Trump Shows You How its Done in Davos <iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/kcih4W_x-sM" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-59569899162124795482018-01-21T14:38:00.000-05:002018-01-21T14:38:07.802-05:00As January goes so goes the market<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/rsiAx8Njigs" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-65945092771284422982018-01-20T18:43:00.002-05:002018-01-20T18:43:54.005-05:00Can Crypto Currency Excel Without The Market Excelling? (The Prince of Investment)<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/J-DJg71jk-c" width="560"></iframe>pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-78297541755791357382017-12-13T16:14:00.003-05:002017-12-13T16:14:59.832-05:00Statement on Cryptocurrencies and Initial Coin Offerings<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizKReNdOtdW06mAkihBmAMUvSrLPp286nElGWn-v_1It0f9GalWnW6krGgzsvi8d3q9e2V3srXB7cBXsLturNvaCV3cQ942ItaDkggvoHVgswMKuGiJTcf8Rj_tQIyG5A5fQdu/s1600/21368959_313400725799407_6415140856754680158_o.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizKReNdOtdW06mAkihBmAMUvSrLPp286nElGWn-v_1It0f9GalWnW6krGgzsvi8d3q9e2V3srXB7cBXsLturNvaCV3cQ942ItaDkggvoHVgswMKuGiJTcf8Rj_tQIyG5A5fQdu/s320/21368959_313400725799407_6415140856754680158_o.jpg" width="320" /></a></div>
<br />
SEC Chairman Jay Clayton <br />
Dec. 11, 2017 <br />
The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” (ICOs). There are tales of fortunes made and dreamed to be made. We are hearing the familiar refrain, “this time is different.”<br />
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The cryptocurrency and ICO markets have grown rapidly. These markets are local, national and international and include an ever-broadening range of products and participants. They also present investors and other market participants with many questions, some new and some old (but in a new form), including, to list just a few:<br />
<br />
Is the product legal? Is it subject to regulation, including rules designed to protect investors? Does the product comply with those rules?<br />
Is the offering legal? Are those offering the product licensed to do so?<br />
Are the trading markets fair? Can prices on those markets be manipulated? Can I sell when I want to?<br />
Are there substantial risks of theft or loss, including from hacking?
The answers to these and other important questions often require an in-depth analysis, and the answers will differ depending on many factors. This statement provides my general views on the cryptocurrency and ICO markets[1] and is directed principally to two groups:<br />
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“Main Street” investors, and Market professionals – including, for example, broker-dealers, investment advisers, exchanges, lawyers and accountants – whose actions impact Main Street investors.<br />
<br />
Considerations for Main Street Investors<br />
A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation. <br />
<br />
Investors should understand that to date no initial coin offerings have been registered with the SEC. The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies.[2] If any person today tells you otherwise, be especially wary.
We have issued investor alerts, bulletins and statements on initial coin offerings and cryptocurrency-related investments, including with respect to the marketing of certain offerings and investments by celebrities and others.[3] Please take a moment to read them. If you choose to invest in these products, please ask questions and demand clear answers. A list of sample questions that may be helpful is attached.<br />
<br />
As with any other type of potential investment, if a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment may be lost.<br />
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Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.<br />
<br />
To learn more about these markets and their regulation, please read the “Additional Discussion of Cryptocurrencies, ICOs and Securities Regulation” section below.
Considerations for Market Professionals<br />
<br />
I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects. However, any such activity that involves an offering of securities must be accompanied by the important disclosures, processes and other investor protections that our securities laws require. A change in the structure of a securities offering does not change the fundamental point that when a security is being offered, our securities laws must be followed.[4] Said another way, replacing a traditional corporate interest recorded in a central ledger with an enterprise interest recorded through a blockchain entry on a distributed ledger may change the form of the transaction, but it does not change the substance. <br />
<br />
I urge market professionals, including securities lawyers, accountants and consultants, to read closely the investigative report we released earlier this year (the “21(a) Report”)[5] and review our subsequent enforcement actions.[6] In the 21(a) Report, the Commission applied longstanding securities law principles to demonstrate that a particular token constituted an investment contract and therefore was a security under our federal securities laws. Specifically, we concluded that the token offering represented an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.<br />
<br />
Following the issuance of the 21(a) Report, certain market professionals have attempted to highlight utility characteristics of their proposed initial coin offerings in an effort to claim that their proposed tokens or coins are not securities. Many of these assertions appear to elevate form over substance. Merely calling a token a “utility” token or structuring it to provide some utility does not prevent the token from being a security. Tokens and offerings that incorporate features and marketing efforts that emphasize the potential for profits based on the entrepreneurial or managerial efforts of others continue to contain the hallmarks of a security under U.S. law. On this and other points where the application of expertise and judgment is expected, I believe that gatekeepers and others, including securities lawyers, accountants and consultants, need to focus on their responsibilities. I urge you to be guided by the principal motivation for our registration, offering process and disclosure requirements: investor protection and, in particular, the protection of our Main Street investors.<br />
<br />
I also caution market participants against promoting or touting the offer and sale of coins without first determining whether the securities laws apply to those actions. Selling securities generally requires a license, and experience shows that excessive touting in thinly traded and volatile markets can be an indicator of “scalping,” “pump and dump” and other manipulations and frauds. Similarly, I also caution those who operate systems and platforms that effect or facilitate transactions in these products that they may be operating unregistered exchanges or broker-dealers that are in violation of the Securities Exchange Act of 1934.<br />
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On cryptocurrencies, I want to emphasize two points. First, while there are cryptocurrencies that do not appear to be securities, simply calling something a “currency” or a currency-based product does not mean that it is not a security. Before launching a cryptocurrency or a product with its value tied to one or more cryptocurrencies, its promoters must either (1) be able to demonstrate that the currency or product is not a security or (2) comply with applicable registration and other requirements under our securities laws. Second, brokers, dealers and other market participants that allow for payments in cryptocurrencies, allow customers to purchase cryptocurrencies on margin, or otherwise use cryptocurrencies to facilitate securities transactions should exercise particular caution, including ensuring that their cryptocurrency activities are not undermining their anti-money laundering and know-your-customer obligations.[7] As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other.<br />
<br />
Additional Discussion of Cryptocurrencies, ICOs and Securities Regulation <br />
<br />
Cryptocurrencies. Speaking broadly, cryptocurrencies purport to be items of inherent value (similar, for instance, to cash or gold) that are designed to enable purchases, sales and other financial transactions. They are intended to provide many of the same functions as long-established currencies such as the U.S. dollar, euro or Japanese yen but do not have the backing of a government or other body. Although the design and maintenance of cryptocurrencies differ, proponents of cryptocurrencies highlight various potential benefits and features of them, including (1) the ability to make transfers without an intermediary and without geographic limitation, (2) finality of settlement, (3) lower transaction costs compared to other forms of payment and (4) the ability to publicly verify transactions. Other often-touted features of cryptocurrencies include personal anonymity and the absence of government regulation or oversight. Critics of cryptocurrencies note that these features may facilitate illicit trading and financial transactions, and that some of the purported beneficial features may not prove to be available in practice.<br />
<br />
It has been asserted that cryptocurrencies are not securities and that the offer and sale of cryptocurrencies are beyond the SEC’s jurisdiction. Whether that assertion proves correct with respect to any digital asset that is labeled as a cryptocurrency will depend on the characteristics and use of that particular asset. In any event, it is clear that, just as the SEC has a sharp focus on how U.S. dollar, euro and Japanese yen transactions affect our securities markets, we have the same interests and responsibilities with respect to cryptocurrencies. This extends, for example, to securities firms and other market participants that allow payments to be made in cryptocurrencies, set up structures to invest in or hold cryptocurrencies, or extend credit to customers to purchase or hold cryptocurrencies. <br />
<br />
Initial Coin Offerings. Coinciding with the substantial growth in cryptocurrencies, companies and individuals increasingly have been using initial coin offerings to raise capital for their businesses and projects. Typically these offerings involve the opportunity for individual investors to exchange currency such as U.S. dollars or cryptocurrencies in return for a digital asset labeled as a coin or token. <br />
<br />
These offerings can take many different forms, and the rights and interests a coin is purported to provide the holder can vary widely. A key question for all ICO market participants: “Is the coin or token a security?” As securities law practitioners know well, the answer depends on the facts. For example, a token that represents a participation interest in a book-of-the-month club may not implicate our securities laws, and may well be an efficient way for the club’s operators to fund the future acquisition of books and facilitate the distribution of those books to token holders. In contrast, many token offerings appear to have gone beyond this construct and are more analogous to interests in a yet-to-be-built publishing house with the authors, books and distribution networks all to come. It is especially troubling when the promoters of these offerings emphasize the secondary market trading potential of these tokens. Prospective purchasers are being sold on the potential for tokens to increase in value – with the ability to lock in those increases by reselling the tokens on a secondary market – or to otherwise profit from the tokens based on the efforts of others. These are key hallmarks of a security and a securities offering. <br />
<br />
By and large, the structures of initial coin offerings that I have seen promoted involve the offer and sale of securities and directly implicate the securities registration requirements and other investor protection provisions of our federal securities laws. Generally speaking, these laws provide that investors deserve to know what they are investing in and the relevant risks involved.<br />
<br />
I have asked the SEC’s Division of Enforcement to continue to police this area vigorously and recommend enforcement actions against those that conduct initial coin offerings in violation of the federal securities laws. <br />
<br />
Conclusion<br />
<br />
We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike. <br />
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I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so. When advising clients, designing products and engaging in transactions, market participants and their advisers should thoughtfully consider our laws, regulations and guidance, as well as our principles-based securities law framework, which has served us well in the face of new developments for more than 80 years. I also encourage market participants and their advisers to engage with the SEC staff to aid in their analysis under the securities laws. Staff providing assistance on these matters remain available at FinTech@sec.gov .
Sample Questions for Investors Considering a Cryptocurrency or ICO
Investment Opportunity[8]<br />
<br />
Who exactly am I contracting with? <br />
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Who is issuing and sponsoring the product, what are their backgrounds, and have they provided a full and complete description of the product? Do they have a clear written business plan that I understand?<br />
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Who is promoting or marketing the product, what are their backgrounds, and are they licensed to sell the product? Have they been paid to promote the product?
Where is the enterprise located?<br />
<br />
Where is my money going and what will be it be used for? Is my money going to be used to “cash out” others?
What specific rights come with my investment?<br />
<br />
Are there financial statements? If so, are they audited, and by whom?<br />
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Is there trading data? If so, is there some way to verify it? <br />
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How, when, and at what cost can I sell my investment? For example, do I have a right to give the token or coin back to the company or to receive a refund? Can I resell the coin or token, and if so, are there any limitations on my ability to resell?<br />
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If a digital wallet is involved, what happens if I lose the key? Will I still have access to my investment?
If a blockchain is used, is the blockchain open and public? Has the code been published, and has there been an independent cybersecurity audit?
Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my investment?
What legal protections may or may not be available in the event of fraud, a hack, malware, or a downturn in business prospects? Who will be responsible for refunding my investment if something goes wrong?<br />
<br />
If I do have legal rights, can I effectively enforce them and will there be adequate funds to compensate me if my rights are violated?
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<br />
[1] This statement is my own and does not reflect the views of any other Commissioner or the Commission. This statement is not, and should not be taken as, a definitive discussion of applicable law, all the relevant risks with respect to these products, or a statement of my position on any particular product. Additionally, this statement is not a comment on any particular submission, in the form of a proposed rule change or otherwise, pending before the Commission. <br />
<br />
[2] The CFTC has designated bitcoin as a commodity. Fraud and manipulation involving bitcoin traded in interstate commerce are appropriately within the purview of the CFTC, as is the regulation of commodity futures tied directly to bitcoin. That said, products linked to the value of underlying digital assets, including bitcoin and other cryptocurrencies, may be structured as securities products subject to registration under the Securities Act of 1933 or the Investment Company Act of 1940.<br />
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[3] Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others (Nov. 1, 2017), available at https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos; Investor Alert: Public Companies Making ICO-Related Claims (Aug. 28, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_icorelatedclaims; Investor Bulletin: Initial Coin Offerings (July 25, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings; Investor Alert: Bitcoin and Other Virtual Currency-Related Investments (May 7, 2014), available at https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency; Investor Alert: Ponzi Schemes Using Virtual Currencies (July 23, 2013), available at https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf.<br />
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[4] It is possible to conduct an ICO without triggering the SEC’s registration requirements. For example, just as with a Regulation D exempt offering to raise capital for the manufacturing of a physical product, an initial coin offering that is a security can be structured so that it qualifies for an applicable exemption from the registration requirements.
[5] Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO (July 25, 2017), available at https://www.sec.gov/litigation/investreport/34-81207.pdf.<br />
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[6] Press Release, Company Halts ICO After SEC Raises Registration Concerns (Dec. 11, 2017), available at https://www.sec.gov/news/press-release/2017-227; Press Release, SEC Emergency Action Halts ICO Scam (Dec. 4, 2017), available at https://www.sec.gov/news/press-release/2017-219; Press Release, SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds (Sept. 29, 2017), available at https://www.sec.gov/news/press-release/2017-185-0.<br />
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[7] I am particularly concerned about market participants who extend to customers credit in U.S. dollars – a relatively stable asset – to enable the purchase of cryptocurrencies, which, in recent experience, have proven to be a more volatile asset.<br />
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[8] This is not intended to represent an exhaustive list. Please also see the SEC investor bulletins, alerts and statements referenced in note 3 of this statement.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-90022283465642844992017-11-29T13:37:00.000-05:002017-11-29T13:37:08.234-05:00Subcommittee Examines Ginnie Mae’s Role in Housing Finance System<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKPZ0FsP6kOT8R_kiPDzrmI2PlkW8ny0qHvoffoIMCEY0mXsSm2HiIYJyJszFR6sqP-xddlnHjcOfbj1TIbsq0SG-FtV-YfEYNSYbjDEnOUZ8Q1CV0c0ve1t0DFAfQoWbddHoT/s1600/1980084_531841147158483_7158496675657824007_o.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1088" data-original-width="1080" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKPZ0FsP6kOT8R_kiPDzrmI2PlkW8ny0qHvoffoIMCEY0mXsSm2HiIYJyJszFR6sqP-xddlnHjcOfbj1TIbsq0SG-FtV-YfEYNSYbjDEnOUZ8Q1CV0c0ve1t0DFAfQoWbddHoT/s320/1980084_531841147158483_7158496675657824007_o.jpg" width="317" /></a></div>
November 29,2017<br />
onesmallvoice<br />
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WASHINGTON DC, The Housing and Insurance Subcommittee met today to assess the role of the Government National Mortgage Association – commonly referred to as “Ginnie Mae” – as members continued to examine the need to reform the U.S. housing finance system.
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“It’s important that we understand how Ginnie has been able to manage their growth, which has been significant, and their responsibility to the taxpayer. We also must further explore the Ginnie model more in depth as we look to reform the housing finance system and bring more private sector skin in the game,” said Subcommittee Chairman Sean Duffy (R-WI). “As I have said at previous hearings, I think we need to move forward with housing finance reform in a bipartisan manner. I hope today’s hearing will help inform members on both sides of the aisle on what Ginnie’s future role in the housing market could be.”
Ginnie Mae guarantees investors the timely payment of principal and interest on mortgage-backed securities (MBS) collateralized by loans insured or guaranteed by the federal government, such as loans insured by Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Ginnie Mae uses the explicit full faith and credit guarantee of the U.S. Government to back its MBS.
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Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include the Department of Agriculture’s Rural Housing Service and the Department of Housing and Urban Development’s Office of Public and Indian Housing.
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<b>Key Takeaways</b>
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Ginnie Mae’s portfolio has grown significantly since it was founded in 1968.
America deserves a better housing finance system – one that’s designed for homeowners and taxpayers where every American works hard and plays by the rules so that they can have opportunities and make choices to buy a home they can actually afford to keep.
America needs a housing policy that is sustainable over time, not one that causes endless boom-bust cycles in real estate that harm our economy.
Reforming the housing finance system would ensure equal market access for lenders of all sizes and business models, allowing for more competitive prices to occur.
Topline Quotes from Witnesses
“As Secretary Carson said recently in his testimony to this committee, reform to our secondary mortgage market is an important piece of unfinished business from the housing crisis. Reform efforts should be built on shared goals of ensuring a well-functioning housing finance system that provides credit access, and reduces overall taxpayer exposure. It is notable that many of the recent housing finance reform proposals include, in some way, an explicit government guaranty as a catastrophic backstop for some portion of the mortgage market.” – Michael R. Bright, Acting President, Government National Mortgage Associationpjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-33689757728041755922017-11-29T11:25:00.000-05:002017-11-29T11:34:03.103-05:00‘The problem is not so much who is running the CFPB. The problem is the CFPB.’November 29.2017<br />
onesmallvoice <br />
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<br />
WASHINGTON DC, House Financial Services Committee Chairman Jeb Hensarling (R-TX) was interviewed on Tuesday and Wednesday about the change in leadership at the Consumer Financial Protection Bureau (CFPB). Click on the images below to watch.
<br />
<a data-saferedirecturl="https://www.google.com/url?hl=en&q=https://financialservices.house.gov/components/redirect/r.aspx?ID%3D478263-71707932&source=gmail&ust=1512058779633000&usg=AFQjCNFg3dHGMMWTW7qpBpfs4pZzG2qlpQ" href="https://financialservices.house.gov/components/redirect/r.aspx?ID=478263-71707932" target="_blank"><img alt="" class="CToWUd" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgJITJfJYeNoxRY06alxR6IhLB3_hg-5Qh0ZerCiUTq2jgz4KgvYMdYGgzJVH84O1lLn3Rzqx-0-YyxwdQ_G6jEAhbGnvDZu4wb8jjsMCBnn-1o6h7t62uPZDIdvbqc7GKI0_1i7U6VPSRfTjI_T30EzplkbIRwk9vgZHWlNWyvGxH-c580ERA8c4xGLS7SdDCTcYd5RLBEnKobYEBVXwktaXOrJx5HyQ=s0-d-e1-ft" style="vertical-align: middle;" /></a><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />
“This is a last, desperate gasp of the previous director who came in under a legal cloud and he will go out under a legal cloud. This is a waste of time. But the problem is not so much who is running the CFPB. The problem is the CFPB…This is an agency that absolutely has to be reformed.”
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“We have an institution that is arguably the most powerful, unaccountable agency in the history of our Republic. Ostensibly they’re supposed to be on the vanguard, on the forefront of consumer protection and they’re totally asleep at the wheel on Wells Fargo, where obviously cases of theft and cases of fraud took place.”
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<a data-saferedirecturl="https://www.google.com/url?hl=en&q=https://financialservices.house.gov/components/redirect/r.aspx?ID%3D478264-71707932&source=gmail&ust=1512058779633000&usg=AFQjCNH5xf4k1WvCBpW8GJpZ5hRV3y2wtw" href="https://financialservices.house.gov/components/redirect/r.aspx?ID=478264-71707932" target="_blank"><img alt="" class="CToWUd" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEg5j0TnDKyN_QILx3xkQ9Sh4rb_QTh48yG_IiWmYL72qy-NuNj_P9TCO3PqlzmSX16WIwRVV5xJLmWiADl1k9n5whtuuhocRVGbmYzPrH0y2GFu4oO_Ju0lORonk79bVmIG284me0lIytHMq_etw3qln3LMiNDeISiOtPdAZeu15JCkGzTxkcajnskdNn7az3ZfERQSJrzAAb7zRzDKFTAv0iRpaNQpRw=s0-d-e1-ft" style="vertical-align: middle;" /></a><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />
“We have an institution that is arguably the most powerful, unaccountable agency in the history of our Republic. Ostensibly they’re supposed to be on the vanguard, on the forefront of consumer protection and they’re totally asleep at the wheel on Wells Fargo, where obviously cases of theft and cases of fraud took place.”pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-65091268809126490662017-10-31T14:03:00.002-04:002017-10-31T14:04:21.852-04:00Consumer confidence Jumps to highest level since December 2000<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCOiiqxXU0eo7KuIpB1yUGG_jmnSk8SmGmrGYEW3nK9__OxUQElxezWkoaQW4Bw2NdiAI1_PyBX9nwlAXjWZBCZbhe-I3XY4bEstQ-FKMDbL4E5Cj-G4Cyo-wHMb8cT5T08dSj/s1600/rolls.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="235" data-original-width="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCOiiqxXU0eo7KuIpB1yUGG_jmnSk8SmGmrGYEW3nK9__OxUQElxezWkoaQW4Bw2NdiAI1_PyBX9nwlAXjWZBCZbhe-I3XY4bEstQ-FKMDbL4E5Cj-G4Cyo-wHMb8cT5T08dSj/s1600/rolls.jpg" /></a></div>
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October 31.2017<br />
one small voice
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Ridgewood NJ, Consumer confidence rose to 125.9 in October, according to the Conference Board.The rating is at the highest level since December 2000.This accounts for Americans' views of current economic conditions and their expectations for the next six months.
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Consumers were even more optimistic in October than economists polled by Reuters expected. Boosted by the job market which had not received such favorable ratings since the summer of 2001.The economic weight of Hurricanes Harvey and Irma pulled down the spirits of U.S. consumers in September, when the index was relatively flat.The high level of confidence suggests the economy will continue to expand for the rest of 2017,
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The index takes into account Americans' views of current economic conditions and their expectations for the next six months. Economists pay close attention to the numbers because consumer spending accounts for about 70 percent of U.S. economic activity.pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0tag:blogger.com,1999:blog-8432168.post-37223133461208867742017-10-25T11:02:00.000-04:002017-10-25T11:02:40.261-04:00Consumers Win As Congress Overturns Unconstitutional Bureaucracy’s Harmful Rule<div class="separator" style="clear: both; text-align: center;">
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October 25,2017<br />
one small voice
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WASHINGTON DC, Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement about the Senate's vote to reject the CFPB’s rule to deprive consumers of a low-cost, easy way to resolve legal disputes without having to hire trial lawyers:
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“This is a victory for consumers, a defeat for the wealthy trial lawyers lobby and a rejection of the unchecked, unconstitutional and unaccountable CFPB. Instead of carrying water for the Democrats’ favored special interests, the CFPB should actually work to protect consumers. I commend the Senate for joining the House in fighting for consumers and for draining the bureaucratic swamp of yet another political regulation. Laws that Americans live under must be written by their elected representatives, not unelected and unaccountable bureaucrats. It’s good to see Congress reclaim its legislative authority and operate as our Constitution requires.”pjblogger62http://www.blogger.com/profile/16535411466306603832noreply@blogger.com0