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In a presidential election year, banks tend to hedge their campaign donations. But in 2012, banks are betting heavily on Romney, in part because they don't think Obama can take a harsher view of their business.
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Often ignored in the current political environment, Mitt Romney gave clues to his banking positions before, during and after the financial crisis.
January 17
WASHINGTON — Mitt Romney has participated in 23 debates and sat for scores of interviews since launching his campaign for president, but nearly a year later, he's still maddeningly vague about his views on financial policy.
"You need to have regulation that's up to date," Romney
While he has declared that he wants to repeal the Dodd-Frank Act, the former Massachusetts governor has not given much indication about what he would replace it with beyond saying he favored a
What Romney means is: Yes, some regulation is necessary. No, I'm not going to give you any more details about my policy agenda than I have to.
This is what politicians do, of course. But in the wake of losses at JPMorgan Chase & Co., questions about the Volcker Rule and ongoing legislative attempts to roll back portions of Dodd-Frank, more details are needed about what, precisely, Romney wants to do.
Following is a cheat sheet of financial-policy questions the presumptive Republican nominee should have to answer:
1) Gov. Romney, the House
2) Would you abolish the Consumer Financial Protection Bureau and return the agency's authorities to the other bank regulators?
3) Would you repeal the government's new consumer-protection authority over non-bank lenders?
4) Do you believe there are advantages to the U.S. economy as a whole from having banks as large as JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs?
5) Do you believe that U.S. taxpayers should provide a backstop, through the FDIC, for the kind of trading activities that led to the recent $2 billion loss at JPMorgan Chase?
6) You've
7) You've
8) How would your approach to regulating derivatives differ from the approach taken under Dodd-Frank?
9) You've
10) In late 2009 you
11) You
12) At a town hall meeting in March, you were asked whether you'd repeal Sarbanes-Oxley, and you
13) One of the most important issues in the first term of a Romney administration will be defining the role of the federal government in the mortgage market. Should the U.S. government get out of the business of guaranteeing mortgages altogether, or is there a proper role, and where would you draw that line?
As the former head of a hugely successful private equity firm, Mitt Romney is undoubtedly one of the most financially sophisticated candidates for president in U.S. history.
He knows these issues. He should take a clearer stand.