How America's First Central Bank Was Killed

Amid current political pressures to abolish the Fed, Independence Day weekend is a good time to look back at the end of the Fed’s early precursor. This year is the 200th anniversary of a political fight that terminated the Bank of the United States, the nation’s long-ago central bank. Amid …

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Written by Kenneth Silber on Sunday July 3, 2011

Big Banks Fight Small Business Jobs Bill

Next week, the Senate will consider a bill that will free up business credit and create thousands of jobs without costing the U.S. a dime. So why are banks trying to kill it? Next week, the Senate will hold hearings on something called the “Small Business Lending Enhancement Act.” On its …

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Written by Eli Lehrer on Saturday June 11, 2011

Swipe Fee Limits Won't Help Consumers

Frum's right: interest groups are twisting the debate over card swipe fees. But it's not banks seeking special help, it's the retailers who want favorable price controls. David Frum is wrong about “swipe” or “interchange” fees. Quite simply, the merchants that take payment cards, not the …

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Written by Eli Lehrer on Tuesday April 12, 2011

TARP Profit Proves It Was the Right Call

There's a lot to indict in the recent financial management of the United States. TARP should not have been necessary. But it was, and the news of its $24 billion profit is the proof. Here's why TARP's $24 billion profit is so important: The profit confirms that what happened in October 2008 was …

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Written by David Frum on Monday April 4, 2011

Wall Street Fights New Loan Risk Regs

Bankers are objecting to a new regulation that would require them to keep a percentage of loans on their own books. But don't expect anyone to buy their argument. Bankers object to a new regulation requiring them to keep a percentage of their loans on their books: "If we have to keep these loans …

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Written by David Frum on Tuesday March 29, 2011