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Skinned in the Game
Amar Bhide, Barron's The 848-page Dodd-Frank Act overflows with abstruse rules that have profound consequences, but attract little public attention. One such rule requires banks to keep at least 5% of the risk of the mortgages they originate, instead of passing it all off to buyers of securitized mortgages. Co-sponsor Rep. Barney Frank (D., Mass.) explained the theory: If banks have skin in the game, "we'll just get better-quality loans." Regulators published a 97-page proposed rule in the Federal Register in April 2011 to implement the risk-retention requirements. Bankers lobbied against the proposal, arguing that it would retard the securitization of mortgages, deprive the housing industry of funds, and impede an economic recovery. Regulators retreated. A year has now gone by without a final rule. Read More
TARIFF-IED: Trade Talk with Matthew Rooney
Bush Institute-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict with India.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.