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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


Cricket News 3rd ODI preview – Shikhar Dhawan the key, India eye series win vs West Indies


first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. Virat Kohli scored his 42nd century in ODIs in previous match.India last lost an ODI series to West Indies in 2006.The first match of the three-match series was abandoned in Guyana. highlightscenter_img New Delhi: Shikhar Dhawan would be desperate for a big knock after four consecutive failures as India eye another series victory when they clash with the West Indies in the third and final ODI at Port of Spain on Wednesday. With scores of 1, 23, 3 in the Twenty series and single-digit score of 2 in the second ODI, Dhawan’s comeback post injury has been far from ideal. Troubled by in-coming deliveries, twice Dhawan lost his wicket to pacer Sheldon Cottrell.  Since Dhawan is not part of the Test squad, the Delhi left-hander would like to finish the Caribbean assignment on a high. West Indies, on the other hand, would be desperate to save the series with a win. But for that to happen, West Indies’ batting unit will have to take more responsibility. It’s time talents like Shai Hope, Shimron Hetmyer and Nicholas Pooran rise up to the occasion for West Indies cricket to thrive. The match at the Queen’s Park Oval could see the final international match for Chris Gayle in the Caribbean. Windies would be hoping to give the Universe Boss a potentially fitting farewell by squaring the series.Team CombinationIndia Bhuvneshwar Kumar was the key in India’s win and Virat Kohli will be happy with the way Shreyas Iyer batted. The ODI offers Rishabh Pant one more chance to showcase his batting prowess while the team might be tempted to replace Khaleel Ahmed or Mohammed Shami with Navdeep SainiProbable XI: Rohit Sharma, Shikhar Dhawan, Virat Kohli(c), Shreyas Iyer, Rishabh Pant(w), Kedar Jadhav, Ravindra Jadeja, Bhuvneshwar Kumar, Kuldeep Yadav, Mohammed Shami, K Khaleel Ahmed/Navdeep SainiWest IndiesWest Indies might not tinker with their combination much. With the game in Guyana being abandoned after just 13 overs, West Indies might not want to make any changes. They will be hoping that Chris Gayle will fire on his 300th ODI and there will be an added bonus of breaking Brian Lara’s record of most runs for West Indies and that too on his home ground.Probable XI: Evin Lewis, Chris Gayle, Shai Hope(w), Nicholas Pooran, Shimron Hetmyer, Roston Chase, Jason Holder(c), Carlos Brathwaite, Oshane Thomas, Sheldon Cottrell, Kemar RoachWho will win? The Indian cricket team know how to win the big moments as compared to the West Indies team. Be it in the bowling or batting, India hold an edge against the Windies.Weather and PitchThe chances of rain for the third ODI is 30 percent at Port of Spain. The forecast for the second ODI was 10 percent and even that resulted in a delay of more than one hour. Stadium and TimingsThe encounter will take place at Port of Spain Trinidad at 07:00 pm IST local.last_img read more