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Report: Lawmakers Seeking to Weaken Volcker Rule Receive More Than Four Times as Much From Industry as Those Asking for Stronger Measure

March 30, 2012 Comments off

Report: Lawmakers Seeking to Weaken Volcker Rule Receive More Than Four Times as Much From Industry as Those Asking for Stronger Measure
Source: Public Citizen

Members of Congress who submitted comments asking federal agencies to weaken the proposed regulations for the Volcker Rule have on average received more than four times as much in campaign contributions from the financial sector as those who asked agencies to strengthen the rule, a Public Citizen study released today shows.

The study, “Industry’s Messengers,” found that those seeking a weaker rule have received an average of $388,010 from the financial sector since the 2010 election cycle, compared to an average of $96,897 received by those seeking a stronger rule. Cumulatively, members asking for a weaker rule have received more than 35 times as much ($66.7 million) from the sector as those seeking a stronger rule ($1.9 million).

The Volcker Rule was one of the most important reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It prohibits federally insured banks from engaging in proprietary trading, participating in complex securitizations, owning hedge funds or private equity funds, or engaging in any other high-risk activities. It also prohibits banks from taking actions that conflict with the interests of their customers.

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Regulations at Work: Five Rules that Save Workers’ Lives and Protect their Health

August 18, 2011 Comments off

Regulations at Work: Five Rules that Save Workers’ Lives and Protect their Health
Source Public Citizen

Lax regulation was a chief culprit in a number of recent disasters in the U.S. The financial meltdown, the BP oil spill, and the Upper Big Branch mine explosion each demonstrate the need for government oversight of corporations. But despite this recent history, Republicans, small-government conservatives, and even some Democrats have spent much of the past two years denouncing regulations and blaming them for slowing the economic recovery.

But the real-world record contradicts the critics’ narrative. Contrary to the broadsides against regulations in general, many actual regulations impose minimal costs on industry in proportion to the benefits they yield. This paper looks at five worker-safety regulations that were tremendously successful in reducing employee injuries, illnesses and fatalities.

+ Full Report (PDF)

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