'It's bad enough when democracy goes on sale,' writes RJEskow, 'but somehow it hurts even more when it's sold so cheaply.'
. Dimon's committee supervised the pay of senior Fed executives and approved the self-evaluation of senior Fed executives. That, in practice, meant giving senior leadership its performance reviews.That committee also reviews and approves the Fed's overall budget, including the budget for auditing bankers like ... Jamie Dimon.
The Fed's actions, combined with those taken by Congressional Republicans and collaborating Democrats, hit vulnerable Americans especially hard. Regulations were eased under Trump so that affected banks could stop including race and gender in the data they provide to regulators. That made it harder to identify discrimination in lending, for both racial minorities and women.
That's an incredible return on investment for the banking industry. It's bad enough when democracy goes on sale, but somehow it hurts even more when it's sold soA nonpartisan council set up to prevent future financial crises wrote back then that "if the Dodd-Frank reforms were to be recalibrated, minimum capital requirements should be higher, not lower." They did the opposite. Now, after weakening the rules for bankers, they're strengthening5.
If you're putting out mousetraps, mice have gotten into the house. You'll play a losing game until you find their point of entry.
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