Slideshow

‘Straight out of the Reign of Terror’: Comments of the week

April 5, 2019 9:51 AM

Readers react to Sen. Elizabeth Warren's "too big to jail" bill, respond to legislation prohibiting banks from denying service to gun dealers, consider the impact of housing finance reform on small lenders and more.

James Dimon, chief executive officer of JPMorgan Chase & Co., pauses during a Bloomberg Television interview at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 18, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17 - 20. Photographer: Simon Dawson/Bloomberg

Simon Dawson/Bloomberg

On Jamie Dimon predicting more market volatility in his sweeping annual shareholder letter:

"I wonder, how many shareholders sit down and read a 51 page missive? If Mr. Dimon truly wants to shut down suggestions of his political aspirations, perhaps his letter to shareholders should be kept to a single page. In my view, by the way, there is more certainty now about U.S. global leadership than in the last 30 years. Having said all this, I sincerely stipulate that Mr. Dimon is smarter than I and that his hubris is exceeded only by my own."

Related: Dimon sees recent volatility as harbinger of things to come

Senator Elizabeth Warren, a Democrat from Massachusetts, speaks during a Bloomberg Television interview in New York, U.S., on Wednesday, Jan. 30, 2019. Warren commented on her proposed wealth tax plan. Photographer: Christopher Goodney/Bloomberg

Christopher Goodney/Bloomberg

On Sen. Elizabeth Warren's new bill that would require top executives of large companies that commit crimes to serve jail time:

"This is straight out of the Reign of Terror. Would Senator Warren agree to be personally criminally liable for any crime committed by a member of her staff? Can she certify that no one on her staff has violated a law?"

Related: Warren doubles down on ending ‘too big to jail’

Senator Sherrod Brown, a Democrat from Ohio and ranking member of the Senate Banking, Housing and Urban Affairs Committee, listens during a hearing with Mary Jo White, chairman of the U.S. Securities and Exchange Commission (SEC), not pictured, in Washington, D.C., U.S., on Tuesday, June 14, 2016. Investment advisers registered with SEC would need to create and maintain transition plans to prepare for a major disruption in their business under rule that will be proposed, White said today. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On four Democrats, including Sen. Sherrod Brown, D-Ohio, urging the Trump administration to speed up their confirmation of Democrat members to the Federal Deposit Insurance Corp. and the Securities and Exchange Commission:

"Accusations of playing partisan political games from Senator Brown? Has he no sense of the irony in what he says?"

Related: Dem senators press Trump administration to fill regulatory posts

rubber stamp marked with regulation

Wolfgang Filser/Wolfilser - stock.adobe.com

On an argument that the Financial Stability Oversight Council should make addressing economic inequality part of its mission:

"Banks already bear huge and costly responsibilities for law enforcement activities (AML/BSA) and community development (CRA), with complex regulations and draconian enforcement mechanisms should they fail to live up to them. These remarks from [the author], normally an astute and shrewd observer of the industry, makes one wonder if she has been into the wrong Kool-Aid, or perhaps been spending time in Colorado or California. Banks are not the proper playthings of the 'social justice' movement."

Related: Bank regulators aren't doing enough to address economic inequality

An attendee holds a pistol during the Defense and Security Equipment International exhibition at Excel in London.

On a new Republican bill that would stop banks from cutting off service to lawful firearms businesses:

"The Constitution creates an individual right to bear arms. That’s not a right to sell them, much less a right to force any bank you choose to do business with you. Kind of hard to square with Masterpiece Cake Shop."

Related: Financial firms could not cut ties to firearms clients under GOP bill

Gun sales, gun shop, assault guns, gun store

Semi-automatic long guns sit on display for sale below manufacturer advertisements at a gun store in Orem, Utah, U.S., on Thursday, Aug. 11, 2016. The constitutional right of Americans to bear arms has become a flash point in the presidential contest between Democrat Hillary Clinton and Republican Donald Trump. Photographer: George Frey/Bloomberg

George Frey/Bloomberg

Another reader weighs in on legislation that would require banks to work with gun shops:

"It's a sad day when it's necessary to pass legislation to ensure protection for businesses that are protected by the Constitution."

Related: Financial firms could not cut ties to firearms clients under GOP bill

business and office concept - businessman and businesswoman trying to connect puzzle pieces in office

lev dolgachov/Syda Productions - stock.adobe.com

On an argument that small banks and credit unions should be embracing fintechs as partners rather than lobbying against them:

"It's not about equal consumer protection it's about fundamental solvency. Fintech firms do not have a 'safety and soundness' regulator. They are usually also non-depositories and starved for cash. Therefore they do have a lighter touch from regulators and to imply otherwise is a fantasy."

Related: Smaller institutions should embrace, not oppose, fintechs

Stephen Moore, visiting fellow at the Heritage Foundation, stands for a photograph following a Bloomberg Television interview in Washington, D.C., U.S., on Friday, March 22, 2019. President Donald Trump said he's nominating Moore, a long-time supporter of the president, for a seat on the Federal Reserve Board. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On critics arguing that Stephen Moore, the White House's pick for Federal Reserve governor, lacks "intellectual gravitas" and is unprepared for the position:

"They don't think Moore is unqualified. They fear him and the influence he would have."

Related: Swift pushback on Stephen Moore, Trump's latest pick for the Fed

different balls in false balance

Gualtiero Boffi/tiero - stock.adobe.com

On the debate over whether reform of Fannie Mae and Freddie Mac will adequately provide smaller institutions with a level playing field:

"Big lenders like to throw their weight around. Sometimes small banks make production claims about loan delivery they are unable to keep. It would be difficult to remove all pricing variation. That said the regulators could regulate (tighten) the dispersion of fees to lessen disparate impact. They must also ensure volume or market share doesn't tempt the gluttonous Enterprises to grant imprudent waivers or exceptions to their credit policy as they have in the past."

Related: Will GSE reform hurt small lenders? Senators weigh in