It's just telling that you've got an authoritarian playbook that sort of, at every pass, seems to be more focused on driving up corporate profits at the expense of the American people.
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Department of the Treasury
liquidation authority (OLA), the law’s alternative to bankruptcy for large financial firms. OLA was based on the faulty premise that large financial institutions cannot fail in a judicial bankruptcy proceeding without causing a financial crisis. It gives such companies access to subsidized funding and creates incentives for management to overleverage and expand high-risk investments.* Congress should repeal each of these provisions to guard against bailouts and too-big-to-fail problems.*°
Treasury plays a role in funding the conservatorships of Fannie Mae and Freddie Mac. It should work to end the conservatorships and move toward privatization of these massive housing finance agencies. This would restore a sustainable housing finance market with a robust private mortgage market that does not rely on explicit or implicit taxpayer guarantees.
Direct government ownership has worsened the risks that government-sponsored enterprises (GSEs) pose to the mortgage market, and stock sales and other reforms should be pursued. Treasury should take the lead in the next President’s legislative vision guided by the following principles:
• Fannie Mae and Freddie Mac (both GSEs) must he wound down in an orderly manner.
• The Common Securitization Platform® should be privatized and broadly available.
• Barriers to private investment must be removed to pave the way for a robust private market.
• The missions of the Federal Housing Administration and the Government National Mortgage Association (“Ginnie Mae“) must he right-sized to serve a defined mission.
ANTI-MONEY LAUNDERING AND BENEFICIAL OWNERSHIP REPORTING REFORM
The Financial Crimes Enforcement Network is a relatively small bureau within the Treasury Department with approximately 285 employees anda FY 2022 budget of $173 million.** Although FinCEN makes a significant contribution to law enforcement efforts, it also does demonstrable, substantial and widespread economic harm because it: (1) is largely oblivious to those adverse economic effects; (2) conducts almost no meaningful cost-benefit analysis or retrospective review of regulations; (3) has been subject to extraordinarily lax oversight by both Congress and the Treasury Department; and (4) demands total transparency by those it regulates but is itself disturbingly and purposefully opaque. For example, FinCEN no longer issues an annual report® and no longer publishes cash transaction report (CTR) data.