The Consumer Financial Protection Bureau notified employees of potential job cuts after Congress halved its funding cap, following Trump’s earlier purge of Director Rohit Chopra. The CFPB, established after the 2008 financial crisis to protect consumers from predatory lending, credit card …
The Trump Administration’s Justice Department, led by Deputy Attorney General Todd Blanche, disbanded the National Cryptocurrency Enforcement Team (NCET), effectively ending federal prosecutorial oversight of complex crypto-related financial crimes. The move represents a significant …
Donald TrumpTodd BlancheTrump Administrationcryptoregulatory-capturejustice-weaponizationtrump-administrationfinancial-deregulation
President Clinton signs the Financial Services Modernization Act (Gramm-Leach-Bliley Act), officially repealing key provisions of the Glass-Steagall Act of 1933 that separated commercial and investment banking. The law retroactively legalizes the 1998 Citicorp-Travelers merger that created …
President Bill ClintonPhil GrammJim LeachThomas Bliley JrCitigroup+2 moregramm-leach-blileyglass-steagall-repealfinancial-deregulationcitigroupregulatory-capture+1 more
President Bill Clinton signs the Financial Services Modernization Act (Gramm-Leach-Bliley Act), formally repealing key provisions of the Glass-Steagall Act after two decades of systematic erosion. The legislation, sponsored by Senator Phil Gramm, Representative Jim Leach, and Representative Thomas …
Bill ClintonPhil GrammJim LeachThomas BlileyCongressgramm-leach-bliley-actglass-steagall-repealfinancial-deregulationclinton-administrationbipartisan-support
Robert Rubin joins Citigroup just four months after leaving his position as Treasury Secretary, shortly after the November 1999 passage of the Gramm-Leach-Bliley Act that repealed Glass-Steagall. Rubin’s move to Citigroup - the principal beneficiary of Glass-Steagall repeal - represents one of …
Robert RubinCitigroupSandy WeillGoldman SachsTreasury Departmentrevolving-doorcitigroupglass-steagallcorruptionregulatory-capture+2 more
In September 1998, the Federal Reserve Board granted Citicorp a temporary waiver allowing its merger with Travelers Group, effectively circumventing the Glass-Steagall Act and Bank Holding Company Act. This strategic regulatory maneuver created Citigroup, the first ‘universal bank’ since …
Federal ReserveAlan GreenspanCiticorpTravelers GroupSandy Weill+4 morefederal-reservecitigroupglass-steagall-violationregulatory-waiversystemic-corruption+3 more
In 1997 and 1998, the banking, insurance, and securities industries spend over $300 million to advance financial deregulation, including $58 million in direct campaign contributions to Democratic and Republican candidates, $87 million in soft money contributions to both parties, and $163 million on …
Banking IndustryInsurance IndustrySecurities IndustryDemocratic PartyRepublican Party+1 morecampaign-financelobbyingfinancial-deregulationglass-steagallcorruption+2 more
Robert E. Rubin was sworn in as the 70th Secretary of the Treasury, bringing Wall Street directly into the highest levels of economic policymaking. Rubin had spent 26 years at Goldman Sachs, rising to co-chairman from 1990-1992, before joining the Clinton administration as director of the National …
Robert RubinBill ClintonGoldman Sachsrevolving-doorgoldman-sachstreasuryfinancial-deregulationregulatory-capture
The Federal Reserve Board approved a pivotal regulatory decision allowing JP Morgan & Co., Citicorp, and Bankers Trust to establish Section 20 subsidiaries, marking a significant first breach in the Glass-Steagall Act’s separation of commercial and investment banking. The approval …
Federal Reserve BoardJP Morgan & Co.CiticorpBankers TrustPaul Volcker+1 moresection-20-subsidiariesglass-steagall-erosionfederal-reservesecurities-underwritingregulatory-approval+1 more