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Banking regulations might just survive the GOP

first_imgJudging by the bill moving through the Senate with bipartisan support, it is to grant regulatory relief to small banks while letting some big ones, but not the biggest, go along for the ride.Specifically, banks with less than $10 billion in assets would be exempt from the Volcker rule, a ban on trading risky securities; and the level of assets at which banks are considered systemically risky and subject to stricter capital requirements and other crisis-prevention rules would grow from $50 billion to $250 billion.The effect of the latter change would be to relax crisis-prevention controls on 26 of the 38 biggest banks in the United States, though the Federal Reserve could adjust that in certain cases.The bill will certainly please much of the financial sector, especially politically influential community banks; but this is not the same as saying it is wise.The failure of one or more $200 billon banks could pose systemic risks. Nor is it necessary.Community banks — 92 percent of federally insured institutions — are generally doing fine, according to the latest Federal Deposit Insurance Corp. statistics, which show that lending grew among these institutions during 2017, and that fourth-quarter net income would have increased 17 percent from a year ago but for one-time income tax charges.Indeed, bank stability and profitability had both recovered in recent years under Dodd-Frank, as has the economy as a whole, thus calling into question the bank lobby’s claim that deregulation is vital to restored growth. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post:“We’re going to be doing a big number on Dodd-Frank,” President Donald Trump promised in the early days of his administration, implying imminent achievement of the long-standing Republican goal of repealing, or gutting, the signature financial reform law of President Barack Obama’s tenure.What Trump neglected to mention, of course, is that the only relevant number, big or small, was 60. That’s how many senators it would take to pass new legislation. Republicans could change Dodd-Frank only to the extent consistent with attracting sufficient Democratic votes. Now we’re finding out what the lowest common denominator may be. A case could be made that further toughening of capital requirements for the largest banks is in order and that Democrats should have insisted on it as the price of regulatory relief for small ones.Federal Reserve Bank of Minneapolis President Neel Kashkari advocates a 38 percent equity capital minimum — which could force the giants to break up.You don’t have to agree with Kashkari to worry nevertheless that the Senate bill sets a precedent for the biggest institutions to demand lower capital requirements the next time Congress takes up the issue.For now, that doesn’t seem politically possible; the Senate bill could represent the high-water mark of this Republican deregulatory wave.The House financial deregulation bill, which really would gut Dodd-Frank, has no chance of attracting enough Democratic support to pass the Senate.Though weakened, the basic Dodd-Frank regulatory framework might just survive two years of Republican control of the presidency and Congress, which certainly beats the alternative.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Beware of voter intimidationEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Thruway tax unfair to working motoristsFoss: Should main downtown branch of the Schenectady County Public Library reopen?last_img read more

Roger Federer back as world number two ahead of US Open

first_imgFive-times winner Roger Federer will go into next week’s US Open as the world number two after beating Novak Djokovic in the final of the Western & Southern Open in Cincinnati at the weekend.Monday’s new ATP rankings put the Swiss back in front of Britain’s Andy Murray, the player he defeated in the semi-finals in Cincinnati.It means Federer, 34, who last won the US pen in 2008, cannot meet world number one Djokovic until the final. Richard Gasquet of France went up one place to number 12, replacing American John Isner, but the biggest mover was Feliciano Lopez of Spain, up five places to number 18.–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySportslast_img

Dodgers’ Joc Pederson returning to Home Run Derby

first_img How Dodgers pitcher Ross Stripling topped the baseball podcast empire Related Articles Dodgers’ Max Muncy trying to work his way out of slow start Dodgers hit seven home runs, sweep Colorado Rockies Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco “I asked for Johnny Washington. He threw to me last time,” Pederson said. “He’s now with the Padres and it did not go over well on their side so he will not be pitching to me. It’s tough. He’s been with me. It was definitely special having him out there.”Pederson joked that he will be holding tryouts to choose a pitcher, but it is likely to be Dodger coaches Dino Ebel or Jose Vizcaino who will be there as part of Manager Dave Roberts’ All-Star staff.Ebel has even more Derby experience than Pederson. He pitched to Albert Pujols in the 2015 Derby and Vladimir Guerrero when the Hall of Famer won the Derby in 2007.Pederson has 20 home runs this season (all off right-handed pitchers), a number he has reached in four of his five seasons in the majors.“Hit the ball over the fence,” Pederson said of his Derby strategy. “It’s more about just enjoying the moment and taking it all in.”center_img LOS ANGELES — Joc Pederson will be making a return trip to the Home Run Derby.The Dodgers outfielder-first baseman was named to the Derby field on Wednesday, joining MLB home run leader Christian Yelich, Pittsburgh’s Josh Bell, Mets rookie Pete Alonso, Astros third baseman Alex Bregman, Blue Jays rookie Vladimir Guerrero Jr., Braves outfielder Ronald Acuña Jr. and Cleveland’s Carlos Santana for Monday’s event at Cleveland’s Progressive Field.Pederson said MLB contacted him Tuesday morning and he talked with family and “some mentors” before deciding to accept the invitation.“I’ve been extremely fortunate to play the game for five years now, and I think the two highlights of my career have been participating in the Home Run Derby in 2015 and playing in the World Series,” Pederson said. “That’s kind of how I thought about it. If someone said, ‘Hey, you want to play in the World Series tomorrow?’ I would say, ‘100 percent.’ Who knows when another opportunity will come to participate, so it kind of seemed like a no-brainer.” Cody Bellinger homer gives Dodgers their first walkoff win of season All but Pederson and Bregman had been announced as participants before Wednesday night. Pederson is seeded fifth and will square off with the fourth-seeded Bregman in the first round. Yelich and Alonso are the top two seeds, respectively. The winner will take home $1 million.Cody Bellinger (who hit his 28th and 29th home runs of the season in the second inning on Wednesday night) said last week that he had declined an invitation to participate in the Derby. He did it as a rookie in 2017.Pederson also participated in the HR Derby as a rookie. At Great American BallPark in 2015, it went down to “bonus time” in the final round before hometown favorite Todd Frazier (then with the Reds) beat Pederson in the final round.“It was so much fun,” Pederson said last week of his Derby day. “It was an incredible experience.”Former Dodgers minor-league coach Johnny Washington – a big influence on Pederson as he came up through the Dodgers’ system – pitched to Pederson in Cincinnati and Pederson wanted to repeat that pairing in Cleveland. But Washington is on the San Diego Padres’ major-league staff as hitting coach now. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more