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"Penalties levied against firms and individuals by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016," the Wall Street Journal reported. (Photo: Jens Schott Knudsen/Flickr/cc)
Since taking office in January, President Donald Trump has chosen ex-Goldman Sachs bankers to fill several key positions within his administration. According to a Wall Street Journalanalysis published Sunday, it appears that the nation's largest financial institutions are benefiting greatly from having their friends in government.
"The Wall Street bankers against whom Trump ran are making policy now."
--Robert Weismann, Public Citizen"Wall Street regulators have imposed far lower penalties in the first six months of Donald Trump's presidency than they did during the first six months of 2016, a comparable period in the Obama administration," the Journal reported.
Throughout his campaign for the presidency, Trump promised to loosen regulations on big banks by dismantling Dodd-Frank, which was established following the financial crisis of 2008.
But the Journal's report indicates that the Trump team has found another way to ease up on Wall Street: namely, by not levying hefty fines for wrongdoing.
Attributing the rapid drop in fines to the "shift to a business-friendly stance at regulatory agencies," the Journal notes that "[p]enalties levied against firms and individuals by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016."
This, the Journal adds, "put[s] regulators on track for the lowest annual level of fines since at least 2010," and Wall Street continues to lobby in favor of lowering this level even further.
Critics have argued that Trump's decision to fill his administration with bankers is conclusive evidence that his populist pro-worker rhetoric was always a sham.
"The Wall Street bankers against whom Trump ran are making policy now," Robert Weissman, president of watchdog group Public Citizen, said back in February.
In response to the Journal's analysis, Gary Rosen, editor of the Journal's Weekend Review, remarked: "You do have to wonder when working-class Trump supporters will start to notice such things."
As Common Dreams has reported, the Trump administration has over the last several weeks taken concrete steps toward relieving Wall Street of even the most basic restrictions and exposing consumers to the potentially devastating consequences. Recent reports indicate that he is now looking to repeal the Volcker rule, which was designed to prevent risky trading and betting.
Sen. Elizabeth Warren (D-Mass.) has argued--echoing consumer advocacy groups--that such moves, if successful, would "make it easier for big banks to cheat their customers and spark another financial meltdown."
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
Since taking office in January, President Donald Trump has chosen ex-Goldman Sachs bankers to fill several key positions within his administration. According to a Wall Street Journalanalysis published Sunday, it appears that the nation's largest financial institutions are benefiting greatly from having their friends in government.
"The Wall Street bankers against whom Trump ran are making policy now."
--Robert Weismann, Public Citizen"Wall Street regulators have imposed far lower penalties in the first six months of Donald Trump's presidency than they did during the first six months of 2016, a comparable period in the Obama administration," the Journal reported.
Throughout his campaign for the presidency, Trump promised to loosen regulations on big banks by dismantling Dodd-Frank, which was established following the financial crisis of 2008.
But the Journal's report indicates that the Trump team has found another way to ease up on Wall Street: namely, by not levying hefty fines for wrongdoing.
Attributing the rapid drop in fines to the "shift to a business-friendly stance at regulatory agencies," the Journal notes that "[p]enalties levied against firms and individuals by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016."
This, the Journal adds, "put[s] regulators on track for the lowest annual level of fines since at least 2010," and Wall Street continues to lobby in favor of lowering this level even further.
Critics have argued that Trump's decision to fill his administration with bankers is conclusive evidence that his populist pro-worker rhetoric was always a sham.
"The Wall Street bankers against whom Trump ran are making policy now," Robert Weissman, president of watchdog group Public Citizen, said back in February.
In response to the Journal's analysis, Gary Rosen, editor of the Journal's Weekend Review, remarked: "You do have to wonder when working-class Trump supporters will start to notice such things."
As Common Dreams has reported, the Trump administration has over the last several weeks taken concrete steps toward relieving Wall Street of even the most basic restrictions and exposing consumers to the potentially devastating consequences. Recent reports indicate that he is now looking to repeal the Volcker rule, which was designed to prevent risky trading and betting.
Sen. Elizabeth Warren (D-Mass.) has argued--echoing consumer advocacy groups--that such moves, if successful, would "make it easier for big banks to cheat their customers and spark another financial meltdown."
Since taking office in January, President Donald Trump has chosen ex-Goldman Sachs bankers to fill several key positions within his administration. According to a Wall Street Journalanalysis published Sunday, it appears that the nation's largest financial institutions are benefiting greatly from having their friends in government.
"The Wall Street bankers against whom Trump ran are making policy now."
--Robert Weismann, Public Citizen"Wall Street regulators have imposed far lower penalties in the first six months of Donald Trump's presidency than they did during the first six months of 2016, a comparable period in the Obama administration," the Journal reported.
Throughout his campaign for the presidency, Trump promised to loosen regulations on big banks by dismantling Dodd-Frank, which was established following the financial crisis of 2008.
But the Journal's report indicates that the Trump team has found another way to ease up on Wall Street: namely, by not levying hefty fines for wrongdoing.
Attributing the rapid drop in fines to the "shift to a business-friendly stance at regulatory agencies," the Journal notes that "[p]enalties levied against firms and individuals by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016."
This, the Journal adds, "put[s] regulators on track for the lowest annual level of fines since at least 2010," and Wall Street continues to lobby in favor of lowering this level even further.
Critics have argued that Trump's decision to fill his administration with bankers is conclusive evidence that his populist pro-worker rhetoric was always a sham.
"The Wall Street bankers against whom Trump ran are making policy now," Robert Weissman, president of watchdog group Public Citizen, said back in February.
In response to the Journal's analysis, Gary Rosen, editor of the Journal's Weekend Review, remarked: "You do have to wonder when working-class Trump supporters will start to notice such things."
As Common Dreams has reported, the Trump administration has over the last several weeks taken concrete steps toward relieving Wall Street of even the most basic restrictions and exposing consumers to the potentially devastating consequences. Recent reports indicate that he is now looking to repeal the Volcker rule, which was designed to prevent risky trading and betting.
Sen. Elizabeth Warren (D-Mass.) has argued--echoing consumer advocacy groups--that such moves, if successful, would "make it easier for big banks to cheat their customers and spark another financial meltdown."
"Trade and tariff wars have no winners," said China's foreign ministry. "We urge the U.S. to stop doing the wrong thing."
The Chinese government on Friday responded to U.S. President Donald Trump's sweeping new tariffs with 34% import duties on all American goods beginning next week, intensifying global blowback against the White House and accelerating a worldwide financial market tailspin.
China's tariffs on U.S. imports, which match the tariffs the Trump administration moved this week to impose on Chinese goods, are set to take effect on April 10. Trump's 34% tariffs on Chinese imports come on top of the 20% tariffs the U.S. president imposed earlier this year.
"The U.S. approach does not conform to international trade rules, seriously damages China's legitimate rights and interests, and is a typical unilateral bullying practice," China's Ministry of Finance said in a Friday statement.
Additionally, China's Commerce Ministry announced immediate export restrictions on rare earth materials and "added 16 entities from the U.S., including High Point Aerotechnologies and Universal Logistics Holdings Inc., to its export control list," according to the state-run China Daily.
"Under the new rule," the outlet reported, "Chinese companies are prohibited from exporting dual-use items to these 16 U.S. entities. Any ongoing related export activities should be immediately halted, said the Ministry of Commerce."
Retaliatory tariffs from the world's second-largest economy mark the latest step in a global trade war launched by the Trump White House, which—despite warnings of disastrous impacts for working-class U.S. households and the broader economy—plowed ahead this week with a 10% universal tariff on imports and larger tariffs on a number of trading partners, including China.
Following Trump's official tariff announcement, Beijing condemned the duties as "unacceptable" and vowed to "take measures as necessary to firmly defend [China's] legitimate interests."
"Trade and tariff wars have no winners. Protectionism leads nowhere," said the spokesperson for China's foreign ministry on Thursday. "We urge the U.S. to stop doing the wrong thing, and resolve trade differences with China and other countries through consultation with equality, respect, and mutual benefit."
Other nations hit by Trump's tariffs are expected to respond in the coming days.
European Commission President Ursula von der Leyen told reporters Thursday that the E.U. was "already finalizing the first package of countermeasures in response to tariffs on steel, and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."
Canadian Prime Minister Mark Carney vowed that "we are going to fight these tariffs with countermeasures."
"In a crisis, it's important to come together and it's essential to act with purpose and with force," Carney added. "And that's what we will do."
"What Republicans are trying to jam through Congress right now is a level of economic recklessness we’ve never seen before," said a group of Democratic lawmakers.
A new analysis indicates Republicans' plan to extend soon-to-expire provisions of their party's 2017 tax law, as well as their push to tack on additional tax breaks largely benefitting the rich and big corporations, would cost $7 trillion over the next decade, a figure that a group of congressional Democrats called "staggering."
The analysis from the nonpartisan Congressional Budget Office (CBO), published on Thursday, updates previous estimates that suggested the GOP effort to extend expiring provisions of the 2017 law would cost $4.6 trillion over a 10-year period. The new assessment shows that extending the law's temporary provisions—which disproportionately favored the wealthy—would cost $5.5 trillion over the next decade.
The projected cost of the GOP agenda balloons to $7 trillion after adding Senate Republicans' call for $1.5 trillion in additional tax cuts in the budget resolution they advanced in a party-line vote on Thursday. The GOP has come under fire for using an accounting trick to claim their proposed tax cuts would have no budgetary impact.
"The Republican handouts to billionaires and corporations will come at a staggering cost, and it's unconscionable that their plan to pay for those handouts includes kicking millions of Americans off their health insurance, hiking the cost of living with tariffs, and driving up child hunger," Sen. Ron Wyden (D-Ore.), Sen. Jeff Merkley (D-Ore.), Rep. Richard Neal (D-Mass.), and Rep. Brendan Boyle (D-Pa.) said in a joint statement issued in response to the CBO figures.
"Even after making painful cuts that will inflict hardship on typical American families, Republicans will still risk sending us into a catastrophic debt spiral that does permanent harm to our economy," the Democrats added. "What Republicans are trying to jam through Congress right now is a level of economic recklessness we've never seen before."
The CBO's updated cost analysis came as President Donald Trump plowed ahead with what's been characterized as the biggest tax hike in U.S. history, one that will hit working-class Americans in the form of price increases on household staples and other goods.
Trump administration officials, not known for providing reliable numbers, have claimed the president's sweeping new tariffs could produce roughly $6 trillion in federal revenue over the next decade. The Trump tariffs have sent financial markets into a tailspin, heightened recession fears, and prompted swift retaliation from targeted nations, including China.
In an appearance on MSNBC on Thursday, Boyle—the top Democrat on the House Budget Committee—said Trump's tariffs represent "the single largest tax increase in American history."
"It's a tax that everyone will pay in this country, based on the goods that they buy," said Boyle. "However, it's also a tax that is highly regressive—the poorest amongst us will end up paying a higher percentage of their income."
The new Centers for Medicare and Medicaid Services administrator joins "a team of snake oil salesmen and anti-science flunkies that have already shown disdain for the American people and their health," said one critic.
Echoing a party-line vote by the U.S. Senate Finance Committee last week, the chamber's Republicans on Thursday confirmed President Donald Trump's nominee to head the Centers for Medicare and Medicaid Services, former televison host Dr. Mehmet Oz.
Since Trump nominated Oz—who previously ran as a Republican for a U.S. Senate seat in Pennsylvania—a wide range of critics have argued that the celebrity cardiothoracic surgeon "is profoundly unqualified to lead any part of our healthcare system, let alone an agency as important as CMS," in the words of Robert Weissman, co-president of the consumer advocacy group Public Citizen.
After Thursday's 53-45 vote to confirm Oz, Weissman declared that "Republicans in the Senate continued to just be a rubber stamp for a dangerous agenda that threatens to turn back the clock on healthcare in America."
Weissman warned that "in addition to having significant conflicts of interest, Oz is now poised to help enact the Trump administration's dangerous agenda, which seeks to strip crucial healthcare services through Medicare, Medicaid, and the Affordable Care Act from hundreds of millions of Americans and to use that money to give tax breaks to billionaires."
"As he showed in his confirmation hearing, Oz will also seek to further privatize Medicare, increasing the risk that seniors will receive inferior care and further threatening the long-term health of the Medicare program. We already know that privatized Medicare costs taxpayers nearly $100 billion annually in excess costs," he continued, referring to Medicare Advantage plans.
CMS is part of the Department of Health and Human Services, now led by Secretary Robert F. Kennedy Jr.—who, like Oz, came under fire for his record of dubious claims during the confirmation process. Weissman said that "Dr. Oz is joining a team of snake oil salesmen and anti-science flunkies that have already shown disdain for the American people and their health. This is yet another dark day for healthcare in America under Trump."
In the middle of Trump's tariff disaster, the Senate is voting to confirm quack grifter Dr. Oz to lead the Centers for Medicaid & Medicare Services.
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— Jen Bendery (@jbendery.bsky.social) April 3, 2025 at 12:29 PM
Oz's confirmation came a day after Trump announced globally disruptive tariffs and Senate Republicans unveiled a budget plan that would give the wealthy trillions of dollars in tax cuts at the expense of federal food assistance and healthcare programs.
"While Dr. Oz would rather play coy, this is no hypothetical. Harmful cuts to Medicaid or Medicare are unavoidable in the Trump-Republican budget plan that prioritizes another giant tax break for the president's billionaire and corporate donors," Tony Carrk, executive director of the watchdog group Accountable.US, said ahead of the vote.
"None of Dr. Oz's 'miracle' cures that he's peddled over the years will help seniors when their fundamental health security is ripped away to make the rich richer," Carrk continued. "And while privatizing Medicare may enrich Dr. Oz's family and big insurance friends, it will cost taxpayers far more and leave millions of patients vulnerable to denials of care and higher out-of-pocket costs."
Lee Saunders, president of the American Federation of State, County, and Municipal Employees (AFSCME), was similarly critical, saying after the vote that "at a time when our population is growing older and the need for access to home care, nursing homes, affordable prescription drugs, and quality medical care has never been greater, Americans deserve better than a snake oil salesman leading the Centers for Medicare and Medicaid Services."
"Dr. Mehmet Oz has been shilling pseudoscience to line his own pockets. He can't be trusted to defend Medicare and Medicaid from billionaires who want to dismantle and privatize the foundation of affordable healthcare in this country," the union leader added. "AFSCME members—including nurses, home care and childcare providers, social workers and more—will be watching and fighting back against any effort to weaken Medicare and Medicaid. The 147 million seniors, children, Americans with disabilities, and low-income workers who rely on these programs for affordable access to healthcare deserve nothing less."