Senate Banking Committee Chairman Richard Shelby (R-AL) became instrumental in advocating for the Financial CHOICE Act, legislation aimed at significantly restructuring financial regulation by repealing major parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Shelby, who had …
Richard ShelbySenate Banking CommitteeWall StreetDodd-Frank Actregulatory-capturefinancial-sectorbanking-committeederegulationcongressional-corruption
Investigation revealed that Citigroup lobbyists drafted a House bill aimed at rolling back Dodd-Frank financial regulations, with 70 of the 85 lines in the final House legislation directly reflecting Citigroup’s recommendations. Two complete paragraphs were copied almost word-for-word from …
The House of Representatives voted on the Emergency Economic Stabilization Act (TARP), with senators who supported the $700 billion Wall Street bailout having received an average of $3,986,723 from the financial sector since 1989—39% more than bailout opponents who received an average of $1,671,029. …
President Franklin D. Roosevelt issues a military order on June 13, 1942, establishing the Office of Strategic Services (OSS) under William “Wild Bill” Donovan, a Wall Street lawyer, Medal of Honor recipient, and well-connected Republican. The OSS becomes America’s first …
William DonovanFranklin D. RooseveltAllen DullesOffice of Strategic ServicesWall Street+1 moreintelligence-apparatusnational-security-stateelite-networkscovert-operationswall-street-government-revolving-door
President Roosevelt appoints Joseph P. Kennedy, a wealthy Wall Street speculator known for stock manipulation and insider trading, as the first chairman of the newly-created Securities and Exchange Commission on July 2, 1934. The appointment shocks New Deal reformers and delights Wall Street, …
Franklin D. RooseveltJoseph P. KennedySecurities and Exchange Commission (SEC)Wall Streetregulatory-capturenew-dealsecfinancial-regulationrevolving-door
President Roosevelt signs the Gold Reserve Act on January 30, 1934, nationalizing all gold holdings in the United States, transferring ownership of Federal Reserve gold to the U.S. Treasury, and authorizing the President to set the gold value of the dollar between 50 and 60 percent of its previous …
Franklin D. RooseveltU.S. CongressFederal ReserveWall Streetbanking industry+1 morenew-dealmonetary-policygold-standardfinancial-regulationcorporate-resistance
President Franklin D. Roosevelt signs the Securities Act of 1933 into law on May 27, 1933, establishing the first major federal regulation of securities markets and requiring that investors receive financial and material information about securities offered for public sale. Often called the …
Franklin D. RooseveltHuston ThompsonFederal Trade CommissionWall StreetSecurities Industryfinancial-regulationnew-dealsecurities-lawinvestor-protectionregulatory-victory+1 more
Congress passes the Legal Tender Act on February 25, 1862, authorizing the issuance of $150 million in United States Notes (popularly called “greenbacks” for their distinctive color) to finance the Union war effort after spiraling costs rapidly deplete gold and silver reserves. The …
U.S. CongressAbraham LincolnEdmund Dick TaylorWall Streetcurrencyfiat-moneyfinancial-manipulationspeculationinflation+1 more