Airplane crashes and financial crashes

Oh and regarding airplane crashes and flight safety...thanks to those government FAA bureaucrats that do such a good job. The Fed, the Treasury and the SEC needs similar objective bureaucrats.

No, as I posted below the NTSB has demonstrated a blindness to the fact that delays kill, delays resulting from NOT allocating landing slot via profit motive. Why thank bureaucrats who are blind to the hazards of allocating scarce landing slots by non-market mechanisms?

Oh and regarding airplane crashes and flight safety...thanks to those government FAA bureaucrats that do such a good job. The Fed, the Treasury and the SEC needs similar objective bureaucrats.

The economic equivalent to a defective bolt on the planes vertical stabilizer are complex financial products. This fact takes far less investigation then most FAA investigations. There is absolutely no need for these products. Get rid of them and this won't happen again. You want a casino go to Vegas. You want to earn money in finance you're going to do it by actually being productive and not just a clever jack ass.

This analogy is useless because what is complex is undefined? Complex to a novice is simplicity to a professional. And where does the complexity derive from? If it derives from government regulations, then you may be on to something, but again your loose analogy is just smoke without more specificity.

Russ,

The FAA and NTSB (National Transportation Safety Board) "experts", on the occassion of the crash of American Eagle 4184 that killed all 68 aboard some year back, concluded that "wing icing" was the cause. This was rather like saying that a bullet is the cause of death if a drive by shooting occurrs. Flight 4184 was in a prolonged "holding pattern" due to traffic congestion on a Friday evening at an airport that allocates landing space on criteria other than profit motive. "Experts" who ignore the pricing of landing slots/times in airplane crashes involving delayed landing risk missing the forest for the trees as the surely did in the sad case of Flight 4184.

In an absolutely stunning discovery, investigators seeking to understand the causes of the U.S. financial crises of 2008 have discovered that President Bush and the Republican-dominated U. S. Congress have secretly deregulated the banking industry.

To deregulate banking, the following legislation was repealed:

The Federal Reserve Act of 1913

Emergency Banking Relief Act of 1933

Banking Act of 1935

Federal Deposit Insurance Act of 1950

Bank Holding Company Act of 1956

Fair Housing Act of 1968

Equal Credit Opportunity Act of 1974

Home Mortgage Disclosure Act of 1975

Community Reinvestment Act of 1977

International Banking Act of 1978

Financial Institutions Regulatory and Interest Rate Control Act of 1978

Depository Institutions Deregulation and Monetary Control Act of 1980

Depository Institutions Act of 1982

Competitive Equality Banking Act of 1987

Financial Institutions Reform, Recovery, and Enforcement Act of 1989

National Affordable Housing Act of 1990

Crime Control Act of 1990

Federal Deposit Insurance Corporation Improvement Act of 1991

Housing and Community Development Act of 1992

RTC Completion Act of 1993

Community Development and Regulatory Improvement Act of 1994

Riegle Community Development and Regulatory Improvement Act of 1994

Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

Economic Growth and Regulatory Paperwork Reduction Act of 1996

Gramm-Leach-Bliley Act of 1999
.
International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

Sarbanes-Oxley Act of 2002

Fair and Accurate Credit Transactions Act of 2003

American Dream Down Payment Act of 2003

The repeal of these laws has meant the repeal of countless rules and regulations promulgated by the agencies created by these laws. A partial list of some of the banking rules and regulations that were lifted by these repeals follows:

Federal Deposit Insurance Corporation Rules And Regulations

303 Filing Procedures
304 Forms, Instructions, and Reports
305 [Reserved]
306 [Reserved]
307 Certification of Assumption of Deposits and Notification of Changes of Insured Status
308 Rules of Practice and Procedure
309 Disclosure of Information
310 Privacy Act Regulations
311 Rules Governing Public Observation of Meetings of the Corporation's Board of Directors
313 Procedures for Corporate Debt Collection
323 Appraisals
324 [Reserved]
325 Capital Maintenance
326 Minimum Security Devices and Procedures and Bank Secrecy Act Compliance
327 Assessments
328 Advertisement of Membership
329 Interest on Deposits
330 Deposit Insurance Coverage
331 [Reserved]
332 Privacy of Consumer Financial Information
333 Extension of Corporate Powers
334 Fair Credit Reporting
335 Securities of Nonmember Insured Banks
336 FDIC Employees
337 Unsafe and Unsound Banking Practices
338 Fair Housing
339 Loans in Areas Having Special Flood Hazards
340 Restrictions on Sale of Assets by the Federal Deposit Insurance Corporation
341 Registration of Securities Transfer Agents
342 [Reserved]
343 Consumer Protection in Sales of Insurance
344 Recordkeeping and Confirmation Requirements for Securities Transactions
345 Community Reinvestment
346 Disclosure and Reporting of CRA-Related Agreements
347 International Banking
348 Management Official Interlocks
349 [Reserved]
350 Disclosure of Financial and Other Information by FDIC-Insured State Nonmember Banks
351 [Reserved]
352 Nondiscrimination on the Basis of Disability
353 Suspicious Activity Reports
357 Determination of Economically Depressed Regions
359 Golden Parachute and Indemnification Payments
360 Resolution and Receivership Rules
361 Minority and Women Outreach Program-Contracting
362 Activities of Insured State Banks and Insured Savings Associations
363 Annual Independent Audits and Reporting Requirements
364 Standards for Safety and Soundness
365 Real Estate Lending Standards
366 Minimum Standards of Integrity and Fitness for an FDIC Contractor
367 Suspension and Exclusion of Contractors and Termination of Contracts
368 Government Securities Sales Practices
369 Prohibition Against Use of Interstate Branches Primarily for Deposit Production
370 Temporary Liquidity Guarantee Program
371 Recordkeeping Requirements for Qualified Financial Contracts


FEDERAL RESERVE ACT
SEC. 11 Reports of assets and liabilities
SEC. 11A Pricing of services
SEC. 19(b) Reserve requirements
SEC. 19(c) Form of reserves
SEC. 22(g) Loans to executive officers of banks
SEC. 22(h) Extensions of credit to executive officers, directors, and principal shareholders of member banks
SEC. 23A Banking Affiliates Act of 1982
(a) Restrictions on transactions with affiliates
(b) Definitions
(c) Collateral for certain transactions with affiliates
(d) Exemptions
(e) Rules relating to banks with financial subsidiaries
(f) Rulemaking and additional exemptions
SEC. 23B Restrictions on transactions with affiliates
SEC. 25A Banking corporations authorized to do foreign banking business
PART 204—RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D)
Regulations

SEC. 204.1 Authority, purpose and scope
SEC. 204.2 Definitions
SEC. 204.3 Computation and maintenance
SEC. 204.4 [Reserved]
SEC. 204.5 Emergency reserve requirement
SEC. 204.6 Supplemental reserve requirement
SEC. 204.7 Reserve deficiencies
SEC. 204.8 International banking facilities
SEC. 204.9 Reserve requirement ratios
SEC. 204.10 Payment of interest on balances
Interpretations

SEC. 204.121 Bankers' banks
SEC. 204.122 Secondary market activities of International Banking Facilities
SEC. 204.123 Sale of federal funds by investment companies or trusts in which the entire beneficial interest is held exclusively by depository institutions
SEC. 204.124 Repurchase agreement involving shares of a money market mutual fund whose portfolio consists wholly of United States Treasury and federal agency securities
SEC. 204.125 Foreign, international, and supranational entities referred to in §§ 204.2(c)(1)(iv)(E) and 204.8(a)(2)(i)(B)(5)
SEC. 204.126 Depository institution participation in ``federal funds'' market
SEC. 204.127 Nondepository participation in ``federal funds'' market
SEC. 204.128 Deposits at foreign branches guaranteed by domestic office of a depository institution
SEC. 204.129 [Removed]
SEC. 204.130 Eligibility for NOW accounts
SEC. 204.131 Participation by a depository institution in the secondary market for its own time deposits
SEC. 204.132 Treatment of loan strip participations
SEC. 204.133 Multiple savings deposits treated as a transaction account
SEC. 204.134 Linked time deposits and transaction accounts
SEC. 204.135 Shifting funds between depository institutions to make use of the low reserve tranche
SEC. 204.136 Treatment of trust overdrafts for reserve requirement reporting purposes
PART 206—LIMITATIONS ON INTERBANK LIABILITIES (REGULATION F)

SEC. 206.1 Authority, purpose, and scope
SEC. 206.2 Definitions
SEC. 206.3 Prudential standards
SEC. 206.4 Credit exposure
SEC. 206.5 Capital levels of correspondents
SEC. 206.6 Waiver
PART 211—INTERNATIONAL BANKING OPERATIONS (REGULATION K)
Subpart A—International Operations of U.S. Banking Organizations

SEC. 211.1 Authority, purpose, and scope
SEC. 211.2 Definitions
SEC. 211.3 Foreign branches of U.S. banking organizations
SEC. 211.4 Permissible activities and investments of foreign branches of member banks
SEC. 211.5 Edge and agreement corporations
SEC. 211.6 Permissible activities of Edge and agreement corporations in the United States
SEC. 211.7 Voluntary liquidation of Edge and agreement corporations
SEC. 211.8 Investments and activities abroad
SEC. 211.9 Investment procedures
SEC. 211.10 Permissible activities abroad
SEC. 211.11 Advisory opinions under Regulation K
SEC. 211.12 Lending limits and capital requirements
SEC. 211.13 Supervision and reporting
Subpart B—Foreign Banking Organizations

SEC. 211.20 Authority, purpose, and scope
SEC. 211.21 Definitions
SEC. 211.22 Interstate banking operations for foreign banking organizations
SEC. 211.23 Nonbanking activities of foreign banking organizations
SEC. 211.24 Approval of offices of foreign banks; procedures for applications; standards for approval; representative office activities and standards for approval; preservation of existing authority
SEC. 211.25 Termination of offices of foreign banks
SEC. 211.26 Examination of offices and affiliates of foreign banks
SEC. 211.27 Disclosure of supervisory information to foreign supervisors
SEC. 211.28 Provisions applicable to branches and agencies: limitation on loans to one borrower
SEC. 211.29 Applications by state branches and state agencies to conduct activities not permissible for federal branches
SEC. 211.30 Criteria for evaluating the U.S. operations of foreign banks not subject to consolidated supervision
Subpart C—Export Trading Companies

SEC. 211.31 Authority, purpose, and scope
SEC. 211.32 Definitions
SEC. 211.33 Investments and extensions of credit
SEC. 211.34 Procedures for filing and processing notices
Subpart D—International Lending Supervision

SEC. 211.41 Authority, purpose and scope
SEC. 211.42 Definitions
SEC. 211.43 Allocated transfer risk reserve
SEC. 211.44 Reporting and disclosure of international assets
SEC. 211.45 Accounting for fees on international loans
Interpretations

SEC. 211.601 Status of certain offices for purposes of the International Banking Act restrictions on interstate banking operations
SEC. 211.602 Investments by United States banking organizations in foreign companies that transact business in the United States
SEC. 211.603 Commodity swap transactions
SEC. 211.604 Data processing activities
SEC. 211.605 Permissible underwriting activities of foreign banks
PART 215—LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL
SHAREHOLDERS OF MEMBER BANKS (REGULATION O)
Subpart A—Loans by Member Banks to Their Executive Officers, Directors, and Principal Shareholders

SEC. 215.1 Authority, purpose, and scope
SEC. 215.2 Definitions
SEC. 215.3 Extension of credit
SEC. 215.4 General prohibitions
SEC. 215.5 Additional restrictions on loans to executive officers of member banks
SEC. 215.6 Prohibition on knowingly receiving unauthorized extension of credit
SEC. 215.7 Extensions of credit outstanding on March 10, 1979
SEC. 215.8 Records of member banks
SEC. 215.9 Disclosure of credit from member banks to executive officers and principal shareholders
SEC. 215.10 Reporting requirement for credit secured by certain bank stock
SEC. 215.11 Civil penalties
Appendix A to Part 215–Section 5200 of the Revised Statutes total loans and extensions of credit
Background and summary of Regulation O and FIRA title VIII and IX
Board interpretations of Regulation O
Board rulings and staff opinions interpreting Regulation O
PART 217—PROHIBITION AGAINST THE PAYMENT OF INTEREST ON DEMAND DEPOSITS (REGULATION Q)

SEC. 217.1 Authority, purpose, and scope
SEC. 217.2 Definitions
SEC. 217.3 Interest on demand deposits
Interpretations

SEC. 217.101 Premiums on deposits
PART 220—CREDIT BY BROKERS AND DEALERS (REGULATION T)
Regulations

SEC. 220.1 Authority, purpose, and scope
SEC. 220.2 Definitions
SEC. 220.3 General provisions
SEC. 220.4 Margin account
SEC. 220.5 Special memorandum account
SEC. 220.6 Good faith account
SEC. 220.7 Broker-dealer credit account
SEC. 220.8 Cash account
SEC. 220.9 Clearance of securities, options, and futures
SEC. 220.10 Borrowing and lending securities
SEC. 220.11 Requirements for the list of marginable OTC stocks and the list of foreign margin stocks
SEC. 220.12 Supplement: Margin requirements
SEC. 220.132 Credit to brokers and dealers


Forms
Agreement of Domestic (T–1) and Foreign (T–2) Nonmember Banks (Federal Reserve Form T–1, T–2)
Statement of Purpose of an Extension of Credit by a Creditor (Federal Reserve Form T–4)
PART 221—CREDIT BY BANKS AND PERSONS OTHER THAN BROKERS OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U)

SEC. 221.1 Authority, purpose, and scope
SEC. 221.2 Definitions
SEC. 221.3 General Requirements
SEC. 221.4 Employee stock option, purchase, and ownership plans
SEC. 221.5 Special purpose loans to brokers and dealers
SEC. 221.6 Exempted transactions
SEC. 221.7 Supplement: Maximum loan value of margin stock and other collateral
Interpretations

SEC. 221.101 Determination and effect of purpose of loan
SEC. 221.102 Application to committed credit where funds are disbursed thereafter
SEC. 221.103 Loans to brokers or dealers
SEC. 221.104 Federal credit unions
SEC. 221.105 Arranging for extensions of credit to be made by a bank
SEC. 221.106 Reliance in ``good faith'' on statement of purpose of loan
SEC. 221.107 Arranging loan to purchase open-end investment company shares
SEC. 221.108 Effect of registration of stock subsequent to making of loan
SEC. 221.109 Loan to open-end investment company
SEC. 221.110 Questions arising under this part
SEC. 221.111 Contribution to joint venture as extension of credit when the contribution is disproportionate to the contributor's share in the venture's profits or losses
SEC. 221.112 Loans by bank in capacity as trustee
SEC. 221.113 Loan which is secured indirectly by stock
SEC. 221.114 Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock Plan
SEC. 221.115 Accepting a purpose statement through the mail without benefit of face-to-face interview
SEC. 221.116 Bank loans to replenish working capital used to purchase mutual fund shares
SEC. 221.117 When bank in ``good faith'' has not relied on stock as collateral
SEC. 221.118 Bank arranging for extension of credit by corporation
SEC. 221.119 Applicability of plan-lender provisions of financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code
SEC. 221.120 Allocation of stock collateral to purpose and nonpurpose credits to same customer
SEC. 221.121 Extension of credit in certain stock option and stock purchase plans
SEC. 221.122 Applicability of margin requirements to credit in connection with Insurance Premium Funding Programs
SEC. 221.123 Combined credit for exercising employees stock options and paying income taxes incurred as a result of such exercise
SEC. 221.124 Purchase of debt securities to finance corporate takeovers
SEC. 221.125 Credit to brokers and dealers
PART 223—TRANSACTIONS BETWEEN MEMBER BANKS AND THEIR AFFILIATES (REGULATION W)
Subpart A — INTRODUCTION AND DEFINITIONS

SEC. 223.1 Authority, purpose and scope
SEC. 223.2 What is an ``affiliate'' for purposes of sections 23A and 23B and this part?
SEC. 223.3 What are the meanings of the other terms used in sections 23A and 23B and this part?
Subpart B — General Provisions of Section 23A

SEC. 223.11 What is the maximum amount of covered transactions that a member bank may enter into with any single affiliate?
SEC. 223.12 What is the maximum amount of covered transactions that a member bank may enter into with all affiliates?
SEC. 223.13 What safety and soundness requirement applies to covered transactions?
SEC. 223.14 What are the collateral requirements for a credit transaction with an affiliate?
SEC. 223.15 May a member bank purchase a low-quality asset from an affiliate?
SEC. 223.16 What transactions by a member bank with any person are treated as transactions with an affiliate?
Subpart C — Valuation and Timing Principles Under Section 23A

SEC. 223.21 What valuation and timing principles apply to credit transactions?
SEC. 223.22 What valuation and timing principles apply to asset purchases?
SEC. 223.23 What valuation and timing principles apply to purchases of and investments in securities issued by an affiliate?
SEC. 223.24 What valuation principles apply to extensions of credit secured by affiliate securities?
Subpart D — Other Requirements Under Section 23A

SEC. 223.31 How does section 23A apply to a member bank's acquisition of an affiliate that becomes an operating subsidiary of the member bank after the acquisition?
SEC. 223.32 What rules apply to financial subsidiaries of a member bank?
SEC. 223.33 What rules apply to derivative transactions?
Subpart E — Exemptions from the Provisions of Section 23A

SEC. 223.41 What covered transactions are exempt from the quantitative limits and collateral requirements?
SEC. 223.42 What covered transactions are exempt from the quantitative limits, collateral requirements, and low-quality asset prohibition?
SEC. 223.43 What are the standards under which the Board may grant additional exemptions from the requirements of section 23A?
Subpart F — General Provisions of Section 23B

SEC. 223.51 What is the market terms requirement of section 23B?
SEC. 223.52 What transactions with affiliates or others must comply with section 23B's market terms requirement?
SEC. 223.53 What asset purchases are prohibited by section 23B?
SEC. 223.54 What advertisements and statements are prohibited by section 23B?
SEC. 223.55 What are the standards under which the Board may grant exemptions from the requirements of section 23B?
SEC. 223.56 What transactions are exempt from the market-terms requirement of section 23B?
Subpart G — Application of Sections 23A and 23B to U.S. Branches and Agencies of Foreign Banks

SEC. 223.61 How do sections 23A and 23B apply to U.S. branches and agencies of foreign banks?
Subpart H — Miscellaneous Interpretations

SEC. 223.71 How do sections 23A and 23B apply to transactions in which a member bank purchases from one affiliate an asset relating to another affiliate?
PART 224—BORROWERS OF SECURITIES CREDIT (REGULATION X)

SEC. 224.1 Authority, purpose and scope
SEC. 224.2 Definitions
SEC. 224.3 Margin regulations to be applied by nonexempted borrowers
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8000 - Miscellaneous Statutes and Regulations
MISCELLANEOUS STATUTES AND REGULATIONS
______________
TABLE OF CONTENTS
ADMINISTRATIVE PROCEDURE
Chapter 5—Administrative Procedure
SUBCHAPTER I—GENERAL PROVISIONS
SEC. 500 Administrative practice; general provisions
SEC. 501 Advertising practice; restrictions
SEC. 502 Administrative practice; Reserves and National Guardsmen
SEC. 503 Witness fees and allowances
SEC. 504 Costs and fees of parties
SUBCHAPTER II—ADMINISTRATIVE PROCEDURE

SEC. 551 Definitions
SEC. 552 Public information; agency rules, opinions, orders, records, and proceedings
SEC. 552a Records maintained on individuals
SEC. 552b Open meetings
SEC. 553 Rule making
SEC. 554 Adjudications
SEC. 555 Ancillary matters
SEC. 556 Hearings; presiding employees; powers and duties; burden of proof; evidence; record as basis of decision
SEC. 557 Initial decisions; conclusiveness; review by agency; submissions by parties; contents of decisions; record
SEC. 558 Imposition of sanctions; determination of applications for licenses; suspension, revocation, and expiration of licenses
SEC. 559 Effect on other laws; effect of subsequent statute
Chapter 6—The Analysis of Regulatory Functions

SEC. 601 Definitions
SEC. 602 Regulatory agenda
SEC. 603 Initial regulatory flexibility analysis
SEC. 604 Final regulatory flexibility analysis
SEC. 605 Avoidance of duplicative or unnecessary analyses
SEC. 606 Effect on other law
SEC. 607 Preparation of analyses
SEC. 608 Procedure for waiver or delay of completion
SEC. 609 Procedures for gathering comments
SEC. 610 Periodic review of rules
SEC. 611 Judicial review
SEC. 612 Reports and intervention rights
Chapter 7—Judicial Review

SEC. 701 Application; definitions
SEC. 702 Right of review
SEC. 703 Form and venue of proceeding
SEC. 704 Actions reviewable
SEC. 705 Relief pending review
SEC. 706 Scope of review
ANNUZIO-WYLIE ANTI-MONEY LAUNDERING ACT OF 1992

SEC. 1542 Reports of information regarding safety and soundness of depository institutions
BANK PROTECTION ACT OF 1968

SEC. 1 Short title
SEC. 2 Federal supervisory agency defined
SEC. 3 Security measures—Rules for installation, maintenance, and operation of security devices and procedures
SEC. 4 Insurance rates; report to Congress
SEC. 5 Penalties for violations
BANK RECORDS AND FOREIGN TRANSACTIONS

SEC. 121 Congressional findings and purpose
SEC. 122 Authority of Secretary with respect to reports on ownership and control
SEC. 123 Authority of Secretary with respect to recordkeeping and procedures
SEC. 124 Injunctions
SEC. 125 Civil penalties
SEC. 126 Criminal penalty
SEC. 127 Additional criminal penalty in certain cases
SEC. 128 Compliance
SEC. 129 Administrative procedure
BANK SERVICE COMPANY ACT

SEC. 1 Short title and definitions
SEC. 2 Amount of investment in bank service company
SEC. 3 Permissible bank service company activities for depository institutions
SEC. 4 Permissible bank service company activities for other persons
SEC. 5 Prior approval for investments in bank service companies
SEC. 6 Services to nonstockholders
SEC. 7 Regulation and examination of bank service companies
CHAPTER IV—DEPARTMENT OF THE TREASURY
SUBCHAPTER A—REGULATIONS UNDER SECTION 15C OF THE SECURITIES EXCHANGE ACT OF 1934
PART 400—RULES OF GENERAL APPLICATION

Sec. 400.1 Scope of regulations
Sec. 400.2 Office responsible for regulations; filing of requests for exemptions, for interpretations, and for other materials
Sec. 400.3 Definitions
Sec. 400.4 Information concerning associated persons of financial institutions that are government securities brokers or dealers
Sec. 400.5 Amendments to application for registration and to notice of status as a government securities broker or dealer
Sec. 400.6 Notice of withdrawal from business as a government securities broker or dealer by a financial institution
PART 401—EXEMPTIONS

Sec. 401.1 Exemption for organizations handling transactions in United States Savings Bonds
Sec. 401.2 Exemption for depository institutions that submit tenders for the account of customers for purchase on original issue of United States Treasury securities
Sec. 401.3 Exemption for financial institutions that are engaged in limited government securities brokerage activities
Sec. 401.4 Exemption for financial institutions engaged in limited government securities dealer activities
Sec. 401.5 Exemption for corporate credit unions transacting limited government securities business with other credit unions
Sec. 401.6 Exemption for branches and agencies of foreign banks that deal solely with non-United States citizens resident offshore
Sec. 401.7 Temporary exemption for certain government securities brokers and dealers terminating business on or before October 31, 1987
Sec. 401.8 Temporary exemption for government securities brokers and dealers that are futures commission merchants registered with the CFTC
PART 402—FINANCIAL RESPONSIBILITY

Sec. 402.1 Application of part to registered brokers and dealers and financial institutions; special rules for futures commission merchants and government securities interdealer brokers; effective date
PART 403—PROTECTION OF CUSTOMER SECURITIES AND BALANCES

Sec. 403.5 Custody of securities held by financial institutions that are government securities brokers or dealers
Sec. 403.7 Effective dates
PART 404—RECORDKEEPING AND PRESERVATION OF RECORDS

Sec. 404.4 Records to be made and preserved by government securities brokers and dealers that are financial institutions
PART 405—REPORTS AND AUDIT

Sec. 405.1 Application of part to registered brokers and dealers and to financial institutions; transaction rule
Sec. 405.4 Financial recordkeeping and reporting of currency and foreign transactions by registered government securities brokers and dealers
PART 449—FORMS, SECTION 15C OF THE SECURITIES EXCHANGE ACT OF 1934

Sec. 449.1 Form G–FIN, notification by financial institutions of status as government securities broker or dealer pursuant to section 15C(a)(1)(B)(i) of the Securities Exchange Act of 1934
Sec. 449.2 Form G–FINW, notification by financial institutions of cessation of status as government securities broker or dealer pursuant to section 15C(a)(1)(B)(i) of the Securities Exchange Act of 1934 and § 400.6 of this chapter
Sec. 449.3 Form G–FIN–4, notification by persons associated with financial institutions that are government securities brokers and dealers pursuant to section 15C(a)(1)(B)(i) of the Securities Exchange Act of 1934 and § 400.4 of this chapter
Sec. 449.4 Form G–FIN–5, notification of termination of association with a financial institution that is a government securities broker or dealer pursuant to section 15C(a)(1)(B)(i) of the Securities Exchange Act of 1934 and § 400.4 of this chapter
PART 450—CUSTODIAL HOLDINGS OF GOVERNMENT SECURITIES BY DEPOSITORY INSTITUTIONS

Sec. 450.1 Scope of regulations; office responsible
Sec. 450.2 Definitions
Sec. 450.3 Exemption for holdings subject to fiduciary standards
Sec. 450.4 Custodial holdings of government securities
Sec. 450.5 Effective date
DEPARTMENT OF THE TREASURY STAFF INTERPRETATIONS OF GOVERNMENT SECURITIES REGULATIONS

DT-1 Definition of ``associated person'' and ``fiduciary capacity'' in section 400.3 of the temporary securities regulations
DT-2 Custodial holdings of government securities by depository institutions
DT-3 Confirmation of government securities transactions
DT-4 Application of the Government Securities Act to the operations of a trust department
DT-5 Financial institutions performing clearing and custodial services for exempt depository institutions are subject to ``no lien'' provision of section 450.4
DT-6 Interpretation of the temporary lag provision in section 403.5; hold-in-custody repurchase transactions
DT-7 Distinctions between ``tri-party'' and ``hold-in-custody'' repurchase agreement transactions
DT-8 Clarification of the purpose of Treasury Form PD 1832
DT-8A Continuing misuse of Form PD F 1832
DT-9 Interpretation regarding the proper treatment of government securities in certain repurchase transactions
CRIMINAL LAWS AND PROCEDURES
Applicable Sections of Title 18, United States Code

SEC. 1 [Repealed]
SEC. 6 Department and agency defined
SEC. 20 Financial institution defined
SEC. 111 Assaulting, resisting, or impeding certain officers or employees
SEC. 212 Offer of loan or gratuity to financial institution examiner
SEC. 213 Acceptance of loan or gratuity by financial institution examiner
SEC. 214 Offer for procurement of Federal Reserve bank loan and discount of commercial paper
SEC. 215 Receipt of commissions or gifts for procuring loans
SEC. 333 Mutilation of national bank obligations
SEC. 334 Issuance of Federal Reserve or national bank notes
SEC. 337 Coins as security for loans
SEC. 493 Bonds and obligations of certain lending agencies
SEC. 644 Banker receiving unauthorized deposit of public money
SEC. 655 Theft by bank examiner
SEC. 656 Theft, embezzlement, or misapplication by bank officer or employee
SEC. 657 Lending, credit and insurance institutions
SEC. 709 False advertising or misuse of names to indicate Federal agency
SEC. 986 Subpoenas for bank records
SEC. 1001 Statements or entries generally
SEC. 1004 Certification of checks
SEC. 1005 Bank entries, reports and transactions
SEC. 1006 Federal credit institution entries, reports and transactions
SEC. 1007 Federal Deposit Insurance Corporation transactions
SEC. 1014 Loan and credit applications generally; renewals and discounts; crop insurance
SEC. 1032 Concealment of assets from conservator, receiver, or liquidating agent of financial institution
SEC. 1114 Protection of officers and employees of the United States
SEC. 1306 Participation by financial institutions
SEC. 1341 Frauds and swindles
SEC. 1343 Fraud by wire, radio, or television
SEC. 1344 Bank fraud
SEC. 1517 Obstructing examination of financial institution
SEC. 1905 Disclosure of confidential information generally
SEC. 1906 Disclosure of information from a bank examination report
SEC. 1909 Examiner performing other services
SEC. 1956 Laundering of monetary instruments
SEC. 1957 Engaging in monetary transactions in property derived from specified unlawful activity
SEC. 2113 Bank robbery and incidental crimes
SEC. 2314 Transportation of stolen goods, securities, moneys, fraudulent State tax stamps, or articles used in counterfeiting
SEC. 3056 Powers, authority, and duties of United States Secret Service
SEC. 3056A Powers, authorities, and duties of United States Secret Service Uniformed Division
SEC. 3293 Financial institution offenses
SEC. 3322 Disclosure of certain matters occurring before grand jury
SEC. 6001 Definitions
SEC. 6002 Immunity generally
SEC. 6003 Court and grand jury proceedings
SEC. 6004 Certain administrative proceedings
SEC. 6005 Congressional proceedings

CONSUMER CREDIT PROTECTION ACT

SEC. 1 Short title of entire Act
Title I—Consumer Credit Cost Disclosure
CHAPTER 1—GENERAL PROVISIONS

SEC. 101 Short title
SEC. 102 Findings and declaration of purpose
SEC. 103 Definitions and rules of construction
SEC. 104 Exempted transactions
SEC. 105 Regulations
SEC. 106 Determination of finance charge
SEC. 107 Determination of annual percentage rate
SEC. 108 Administrative enforcement
SEC. 109 Views of other agencies
SEC. 110 [Repealed]
SEC. 111 Effect on other laws
SEC. 112 Criminal liability for willful and knowing violation
SEC. 113 Effect on governmental agencies
SEC. 114 Reports by Board and Attorney General
SEC. 115 [Repealed]
CHAPTER 2—CREDIT TRANSACTIONS

SEC. 121 General requirement of disclosure
SEC. 122 Form of disclosure; additional information
SEC. 123 Exemption for State-regulated transactions
SEC. 124 Effect of subsequent occurrence
SEC. 125 Right of rescission as to certain transactions
SEC. 126 [Repealed]
SEC. 127 Open end consumer credit plans
SEC. 127A Disclosure requirements for open end consumer credit plans secured by the consumer's principal dwelling
SEC. 128 Consumer credit not under open end credit plans
SEC. 129 Requirements for certain mortgages
SEC. 130 Civil liability
SEC. 131 Liability of assignees
SEC. 132 Issuance of credit cards
SEC. 133 Liability of holder of credit card
SEC. 134 Fraudulent use of credit card
SEC. 135 Business credit cards
SEC. 136 Dissemination of annual percentage rates
SEC. 137 Home equity plans
SEC. 138 Reverse mortgages
SEC. 139 Certain limitations on liability
CHAPTER 3—CREDIT ADVERTISING

SEC. 141 Catalogs and multiple-page advertisements
SEC. 142 Advertising of downpayments and installments
SEC. 143 Advertising of open end credit plans
SEC. 144 Advertising of credit other than open end plans
SEC. 145 Nonliability of media
SEC. 146 Use of annual percentage rate in oral disclosures
SEC. 147 Advertising of open end consumer credit plans secured by consumer's principal dwelling
CHAPTER 4—CREDIT BILLING

SEC. 161 Correction of billing errors
SEC. 162 Regulation of credit reports
SEC. 163 Length of billing period
SEC. 164 Prompt crediting of payments
SEC. 165 Treatment of credit balances
SEC. 166 Prompt notification of returns
SEC. 167 Use of cash discounts
SEC. 168 Prohibition of tie-in services
SEC. 169 Prohibition of offsets
SEC. 170 Rights of credit card customers
SEC. 171 Relation to State laws
CHAPTER 5—CONSUMER LEASES

SEC. 181 Definitions
SEC. 182 Consumer lease disclosures
SEC. 183 Lessee's liability on expiration or termination of lease
SEC. 184 Consumer lease advertising
SEC. 185 Civil liability
SEC. 186 Relation to State laws
SEC. 187 Regulations
Title II—Extortionate Credit Transactions

SEC. 201 Findings and purpose
SEC. 202 Amendments to title 18, United States Code
CHAPTER 42—EXTORTIONATE CREDIT TRANSACTIONS

Sec. 891 Definitions and rules of construction
Sec. 892 Making extortionate extensions of credit
Sec. 893 Financing extortionate extensions of credit
Sec. 894 Collection of extensions of credit by extortionate means
Sec. 895 [Repealed]
Sec. 896 Effect on State laws
Title III—Restriction on Garnishment

SEC. 301 Findings and purpose
SEC. 302 Definitions
SEC. 303 Restriction on garnishment
SEC. 304 Restriction on discharge from employment by reason of garnishment
SEC. 305 Exemption for State-regulated garnishments
SEC. 306 Enforcement by Secretary of Labor
SEC. 307 Effect on State laws
Title IV—National Commission on Consumer Finance

SEC. 401 Establishment
SEC. 402 Membership of the Commission
SEC. 403 Compensation of members
SEC. 404 Duties of the Commission
SEC. 405 Powers of the Commission
SEC. 406 Administrative arrangements
SEC. 407 Authorization of appropriations
Title V—General Provisions

SEC. 501 Severability
SEC. 502 Captions and catchlines for reference only
SEC. 503 Grammatical usages
SEC. 504 Effective dates
Title VI—Consumer Credit Reporting

SEC. 601 Short title
SEC. 602 Findings and purpose
SEC. 603 Definitions and rules of construction
SEC. 604 Permissible purposes of reports
SEC. 605 Requirements relating to information contained in consumer reports
SEC. 605A Identity theft prevention; fraud alerts and active duty alerts
SEC. 605B Block of information resulting from identity theft
SEC. 606 Disclosure of investigative consumer reports
SEC. 607 Compliance procedures
SEC. 608 Disclosures to governmental agencies
SEC. 609 Disclosures to consumers
SEC. 610 Conditions and form of disclosure to consumers
SEC. 611 Procedure in case of disputed accuracy
SEC. 612 Charges for certain disclosures
SEC. 613 Public record information for employment purposes
SEC. 614 Restrictions on investigative consumer reports
SEC. 615 Requirements on users of consumer reports
SEC. 616 Civil liability for willful noncompliance
SEC. 617 Civil liability for negligent noncompliance
SEC. 618 Jurisdiction of courts; limitation of actions
SEC. 619 Obtaining information under false pretenses
SEC. 620 Unauthorized disclosures by officers or employees
SEC. 621 Administrative enforcement
SEC. 623 Responsibilities of furnishers of information to consumer reporting agencies
SEC. 624 Affiliate sharing
SEC. 625 Relation to State laws
SEC. 626 Disclosures to FBI for counterintelligence purposes
SEC. 627 Disclosures to governmental agencies for counterterrorism purposes
SEC. 628 Disposal of records
SEC. 629 Corporate and technological circumvention prohibited
Title VII—Equal Credit Opportunity

SEC. 701 Prohibited discrimination; reasons for adverse action
SEC. 702 Definitions
SEC. 703 Regulations
SEC. 704 Administrative enforcement
SEC. 704A Incentives for self-testing and self-correction
SEC. 705 Relation to State laws
SEC. 706 Civil liability
SEC. 707 Annual reports to Congress
SEC. 708 Effective date
SEC. 709 Short title
Title VIII—Debt Collection Practices

SEC. 801 Short title
SEC. 802 Findings and purpose
SEC. 803 Definitions
SEC. 804 Acquisition of location information
SEC. 805 Communication in connection with debt collection
SEC. 806 Harassment or abuse
SEC. 807 False or misleading representations
SEC. 808 Unfair practices
SEC. 809 Validation of debts
SEC. 810 Multiple debts
SEC. 811 Legal actions by debt collectors
SEC. 812 Furnishing certain deceptive forms
SEC. 813 Civil liability
SEC. 814 Administrative enforcement
SEC. 815 Reports to Congress by the Commission
SEC. 816 Relation to State laws
SEC. 817 Exemption for State regulation
SEC. 818 Exception for certain bad check enforcement programs operated by private entities
SEC. 819 Effective date
Federal Trade Commission Staff Commentary on the Fair Debt Collection Practices Act
Title IX—Electronic Fund Transfers

SEC. 901 Short title
SEC. 902 Findings and purpose
SEC. 903 Definitions
SEC. 904 Regulations
SEC. 905 Terms and conditions of transfers
SEC. 906 Documentation of transfers; periodic statements
SEC. 907 Preauthorized transfers
SEC. 908 Error resolution
SEC. 909 Consumer liability for unauthorized transfers
SEC. 910 Liability of financial institutions
SEC. 911 Issuance of cards or other means of access
SEC. 912 Suspension of obligations
SEC. 913 Compulsory use of electronic fund transfers
SEC. 914 Waiver of rights
SEC. 915 Civil liability
SEC. 916 Criminal liability
SEC. 917 Administrative enforcement
SEC. 918 Reports to Congress
SEC. 919 Relation to State laws
SEC. 920 Exemption for State regulation
SEC. 921 Effective date
FEDERAL RESERVE BOARD'S REGULATION Z
PART 226—TRUTH IN LENDING
Subpart A—General

SEC. 226.1 Authority, purpose, coverage, organization, enforcement and liability
SEC. 226.2 Definitions and rules of construction
SEC. 226.3 Exempt transactions
SEC. 226.4 Finance charge
Subpart B—Open-End Credit

SEC. 226.5 General disclosure requirements
SEC. 226.5a Credit and charge card applications and solicitations
SEC. 226.5b Requirements for home equity plans
SEC. 226.6 Initial disclosure statement
SEC. 226.7 Periodic statement
SEC. 226.8 Identification of transactions
SEC. 226.9 Subsequent disclosure requirements
SEC. 226.10 Prompt crediting of payments
SEC. 226.11 Treatment of credit balances
SEC. 226.12 Special credit card provisions
SEC. 226.13 Billing error resolution
SEC. 226.14 Determination of annual percentage rate
SEC. 226.15 Right of rescission
SEC. 226.16 Advertising
Subpart C—Closed-End Credit

SEC. 226.17 General disclosure requirements
SEC. 226.18 Content of disclosures
SEC. 226.19 Certain residential mortgage and variable rate transactions
SEC. 226.20 Subsequent disclosure requirements
SEC. 226.21 Treatment of credit balances
SEC. 226.22 Determination of annual percentage rate
SEC. 226.23 Right of rescission
SEC. 226.24 Advertising
Subpart D—Miscellaneous

SEC. 226.25 Record retention
SEC. 226.26 Use of annual percentage rate in oral disclosures
SEC. 226.27 Spanish language disclosures
SEC. 226.28 Effect on state laws
SEC. 226.29 State exemptions
SEC. 226.30 Limitation on rates
Subpart E—Special rules for certain home mortgage transactions

SEC. 226.31 General rules
SEC. 226.32 Requirements for certain closed-end home mortgages
SEC. 226.33 Requirements for reverse mortgages
SEC. 226.34 Prohibited acts or practices in connection with credit secured by a consumer's dwelling
SEC. 226.35 Prohibited acts or practices in connection with higher-priced mortgage loans
SEC. 226.36 Prohibited acts or practices in connection with credit secured by a consumer's principal dwelling
Appendix A—Effect on state laws
Appendix B—State exemptions
Appendix C—Issuance of staff interpretations
Appendix D—Multiple advance construction loans
Appendix E—Rules for card issuers that bill on a transaction-by-transaction basis
Appendix F—Annual percentage rate computations for certain open-end credit plans
Appendix G—Open-end model forms and clauses
Appendix H—Closed-end model forms and clauses
Appendix I—Federal enforcement agencies
Appendix J—Annual percentage rate computations for closed-end credit transactions
Appendix K—Total annual loan cost rate computations for reverse mortgage transactions
Appendix L—Assumed loan periods for computations of total annual loan cost rates
FEDERAL RESERVE BOARD'S REGULATION M PART 213—CONSUMER LEASING

SEC. 213.1 Authority, scope, purpose, and enforcement
SEC. 213.2 Definitions
SEC. 213.3 General disclosure requirements
SEC. 213.4 Content of disclosures
SEC. 213.5 Renegotiations, extensions, and assumptions
SEC. 213.6 [Reserved]
SEC. 213.7 Advertising
SEC. 213.8 Record retention
SEC. 213.9 Relation to state laws
Appendix A to Part 213—Model Forms
Appendix B to Part 213—Federal Enforcement Agencies
Appendix C to Part 213—Issuance of Staff Interpretations
Supplement I to Part 213—Official Staff Commentary to Regulation M
FEDERAL RESERVE BOARD'S TRUTH IN LENDING OFFICIAL STAFF COMMENTARY TO REGULATION Z
[Commentary] Subpart A—General

226.1 Authority, Purpose, Coverage, Organization, Enforcement and Liability
226.2 Definitions and Rules of Construction
226.3 Exempt Transactions
226.4 Finance Charge
[Commentary] Subpart B—Open-End Credit

226.5 General Disclosure Requirements
226.6 Initial Disclosure Statement
226.7 Periodic Statement
226.8 Identification of Transactions
226.9 Subsequent Disclosure Requirements
226.10 Prompt Crediting of Payments
226.11 Treatment of Credit Balances
226.12 Special Credit Card Provisions
226.13 Billing-Error Resolution
226.14 Determination of Annual Percentage Rate
226.15 Right of Rescission
226.16 Advertising
[Commentary] Subpart C—Closed-End Credit

226.17 General Disclosure Requirements
226.18 Content of Disclosures
226.19 Certain Residential Mortgage Transactions and Variable Rate Transactions
226.20 Subsequent Disclosure Requirements
226.21 Treatment of Credit Balances
226.22 Determination of the Annual Percentage Rate
226.23 Right of Rescission
226.24 Advertising
[Commentary] Subpart D—Miscellaneous

226.25 Record Retention
226.26 Use of Annual Percentage Rate in Oral Disclosures
226.27 Spanish Language Disclosures
226.28 Effect on State Laws
226.29 State Exemptions
226.30 Limitation on Rules
[Commentary] Subpart E—Special Rules for Certain Home Mortgage Transactions

226.31 General Rules
226.32 Requirements for Certain Closed-End Home Mortgages
226.33 Requirements for Reverse Mortgages
226.34 Prohibited Acts or Practices in Connection with Credit Secured by a Consumer's Dwelling; Open-end Credit
Appendix A to Part 226—Effect on State Laws
Appendix B to Part 226—State Exemptions
Appendix C to Part 226—Issuance of Staff Interpretations
Appendix D to Part 226—Multiple-Advance Construction Loans
Appendix E to Part 226—Rules for Card Issuers That Bill on a Transaction-by-Transaction Basis
Appendix F to Part 226—Annual Percentage Rate Computations for Certain Open-End Credit Plans
Appendix G to Part 226—Open-End Model Forms and Clauses
Appendix H to Part 226—Closed-End Model Forms and Clauses
Appendix I to Part 226—Federal Enforcement Agencies
Appendix J to Part 226—Annual Percentage Rate Computations for Closed-End Credit Transactions
Appendix K to Part 226—Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions
Appendix L to Part 226—Assumed Loan Periods for Computations of Total Annual Loan Cost Rates
CIVIL RIGHTS ACT OF 1968—TITLE VIII (FAIR HOUSING)

SEC. 800 Short title
SEC. 801 Policy
SEC. 802 Definitions
SEC. 803 Effective dates of certain prohibitions
SEC. 804 Discrimination in the sale or rental of housing and other prohibited practices
SEC. 805 Discrimination in residential real estate-related transactions
SEC. 806 Discrimination in the provision of brokerage services
SEC. 807 Exemption
SEC. 808 Administration
SEC. 808a Collection of certain data
SEC. 809 Education and conciliation
SEC. 810 Administrative enforcement; preliminary matters
SEC. 811 Subpoenas; giving of evidence
SEC. 812 Enforcement by secretary
SEC. 813 Enforcement by private persons
SEC. 814 Enforcement by the Attorney General
SEC. 814a Incentives for self-testing and self-correction
SEC. 815 Rules to implement title
SEC. 816 Effect on state laws
SEC. 817 Cooperation with state and local agencies administering fair housing laws
SEC. 818 Interference, coercion, or intimidation
SEC. 819 Appropriations
SEC. 820 Separability of provisions
SEC. 901 Violations; penalties
HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1977—TITLE VIII (COMMUNITY REINVESTMENT)

SEC. 801 Short title
SEC. 802 Requirements of financial institutions
SEC. 803 Definitions
SEC. 804 Examinations by Federal supervisory agencies
SEC. 805 Annual report to Congress
SEC. 806 Regulations implementing the Act
SEC. 807 Written evaluations
SEC. 808 Operation of branch facilities by minorities and women
SEC. 809 Small bank regulatory relief
COMPETITIVE EQUALITY BANKING ACT OF 1987
TITLE XII—MISCELLANEOUS PROVISIONS

SEC. 1204 Adjustable rates mortgage caps
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'S REGULATION X
PART 3500—REAL ESTATE SETTLEMENT PROCEDURES ACT

SEC. 3500.1 Designation
SEC. 3500.2 Definitions
SEC. 3500.3 Questions or suggestions from public and copies of public guidance documents
SEC. 3500.4 Reliance upon rule, regulation or interpretation by HUD
SEC. 3500.5 Coverage of RESPA
SEC. 3500.6 Special information booklet at time of loan application
SEC. 3500.7 Good faith estimate
SEC. 3500.8 Use of HUD–1 or HUD–1A settlement statements
SEC. 3500.9 Reproduction of settlement statements
SEC. 3500.10 One-day advance inspection of HUD–1 or HUD–1A settlement statement; delivery; recordkeeping
SEC. 3500.11 Mailing
SEC. 3500.12 No fee
SEC. 3500.13 Relation to state laws
SEC. 3500.14 Prohibition against kickbacks and unearned fees
SEC. 3500.15 Affiliated business arrangements.
SEC. 3500.16 Title companies
SEC. 3500.17 Escrow accounts
SEC. 3500.18 Validity of contracts and liens
SEC. 3500.19 Enforcement
SEC. 3500.20 [Reserved]
SEC. 3500.21 Mortgage servicing transfers
SEC. 3500.22 Severability
SEC. 3500.23 ESIGN applicability
Appendix A to Part 3500—Instructions for Completing HUD–1 and HUD–1A Settlement Statements; Sample HUD–1 and HUD 1–A Statements
Appendix B to Part 3500—Illustration of Requirements of RESPA
Appendix C to Part 3500—Sample Form of Good Faith Estimate
Appendix D to Part 3500—Affiliated Business Arrangement Disclosure Statement Format
Appendix E to Part 3500—Arithmetic Steps
Appendix MS-1 to Part 3500—Servicing Disclosure Statement
Appendix MS-2 to Part 3500—Notice of Assignment, Sale, or Transfer of Servicing Rights
RESPA interpretive rulings
REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974

SEC. 1 Short title
SEC. 2 Findings and purpose
SEC. 3 Definitions
SEC. 4 Uniform settlement statement
SEC. 5 Special information booklets
SEC. 6 Servicing of mortgage loans and administration of escrow accounts
SEC. 7 Exempted transactions
SEC. 8 Prohibition against kickbacks and unearned fees
SEC. 9 Title companies
SEC. 10 Escrow accounts
SEC. 12 Prohibition of fees for preparation of truth-in-lending, uniform settlement, and escrow account statements
SEC. 13 [Repealed]
SEC. 14 [Repealed]
SEC. 15 [Repealed]
SEC. 16 Jurisdiction of courts
SEC. 17 Validity of contracts and liens
SEC. 18 Relation to State laws
SEC. 19 Authority of the Secretary
SEC. 20 Effective date
NOW ACCOUNTS

SEC. 2 Prohibition on certain activities by depository institutions
FINANCIAL INSTITUTIONS REGULATORY AND INTEREST RATE CONTROL ACT OF 1978
Title XI—Right to Financial Privacy

SEC. 1100 Short title
SEC. 1101 Definitions
SEC. 1102 Confidentiality of records—government authorities
SEC. 1103 Confidentiality of records–financial institutions
SEC. 1104 Customer authorizations
SEC. 1105 Administrative subpena and summons
SEC. 1106 Search warrants
SEC. 1107 Judicial subpena
SEC. 1108 Formal written request
SEC. 1109 Delayed notice—preservation of records
SEC. 1110 Customer challenge provisions
SEC. 1111 Duty of financial institutions
SEC. 1112 Use of information
SEC. 1113 Exceptions
SEC. 1114 Special procedures
SEC. 1115 Cost reimbursement
SEC. 1116 Jurisdiction
SEC. 1117 Civil penalties
SEC. 1118 Injunctive relief
SEC. 1119 Suspension of Statutes of Limitations
SEC. 1120 Grand Jury Information
SEC. 1121 [Repealed]
SEC. 1122 Securities and Exchange Commission
SEC. 2101 Effective date
DEPARTMENT OF LABOR REGULATIONS:
RESTRICTION ON GARNISHMENT
Part 870—Restriction On Garnishment
SUBPART A—GENERAL

SEC. 870.1 Purpose and scope
SEC. 870.2 Amendments to this part
SUBPART B—DETERMINATIONS AND INTERPRETATIONS

SEC. 870.10 Maximum part of aggregate disposable earnings subject to garnishment
SEC. 870.11 Exceptions to the restrictions provided by section 303(a) of the CCPA and priorities among garnishments
SUBPART C—EXEMPTIONS FOR STATE-REGULATED GARNISHMENTS

SEC. 870.50 General provision
SEC. 870.51 Exemption policy
SEC. 870.52 Application for exemption of State-regulated garnishments
SEC. 870.53 Action upon an application for exemption
SEC. 870.54 Standards governing the granting of an application for exemption
SEC. 870.55 Terms and conditions of every exemption
SEC. 870.56 Termination of exemption
SEC. 870.57 Exemptions
Federal Trade Commission Trade Regulation Rule Concerning the Preservation of Consumers, Claims and Defenses
FEDERAL TRADE COMMISSION REGULATIONS: STATEMENT OF GENERAL POLICY OR INTERPRETATION
Part 600—Statement of General Policy or Interpretation

SEC. 600.1 Authority and purpose
SEC. 600.2 Legal effect
Appendix—Commentary on the Fair Credit Reporting Act
FDIC RELEASE: QUESTIONS AND ANSWERS REGARDING THE APPLICABILITY OF THE FAIR CREDIT REPORTING ACT TO THE OPERATIONS OF BANKS
Financial Institutions and the Fair Credit Reporting Act

Introduction
I. The financial institution as a user of consumer reports
II. The financial institution as a consumer reporting agency
III. Responsibilities of a financial institution to consumers when it is a consumer reporting agency
IV. Disputes about material in a consumer reporting agency's file
V. The financial institution as a purchaser of dealer paper
VI. Investigative consumer reports
VII. Responsibilities of a financial institution when it furnishes or uses consumer reports for employment purposes
VIII. Penalties, liabilities and the Act's effect on State law
FEDERAL RESERVE BOARD'S REGULATION B
PART 202—EQUAL CREDIT OPPORTUNITY

202.1 Authority, scope and purpose
202.2 Definitions
202.3 Limited exceptions for certain classes of transactions
202.4 General rules
202.5 Rules concerning requests for information
202.6 Rules concerning evaluation of applications
202.7 Rules concerning extensions of credit
202.8 Special purpose credit programs
202.9 Notifications
202.10 Furnishing of credit information
202.11 Relation to state law
202.12 Record retention
202.13 Information for monitoring purposes
202.14 Rules on providing appraisal reports
202.15 Incentives for self-testing and self-correction
202.16 Enforcement, penalties and liabilities
Appendix A to Part 202—Federal enforcement agencies
Appendix B to Part 202—Model application forms
Appendix C to Part 202—Sample notification forms
Appendix D to Part 202—Issuance of staff interpretations
Supplement I to Part 202—Official Staff Interpretations
PART 203—HOME MORTGAGE DISCLOSURE (REGULATION C)

203.1 Authority, purpose, and scope
203.2 Definitions
203.3 Exempt institutions
203.4 Compilation of loan data
203.5 Disclosure and reporting
203.6 Enforcement
Appendix A to Part 203—Form and Instructions for Completion of HMDA Loan/Application Register
Appendix B—Form and Instructions for Data Collection on Ethnicity, Race, and Sex
Supplement I to Part 203—Staff Commentary
HOME MORTGAGE DISCLOSURE ACT OF 1975

SEC. 301 Short title
SEC. 302 Findings and purposes
SEC. 303 Definitions
SEC. 304 Maintenance of records and public disclosure
SEC. 305 Enforcement
SEC. 306 Relation to State laws
SEC. 307 Research and improved methods
SEC. 308 Study
SEC. 309 Effective date
SEC. 310 Compilation of aggregate data
SEC. 311 Disclosure by the Secretary
FEDERAL RESERVE BOARD'S REGULATION E
PART 205—ELECTRONIC FUND TRANSFERS

SEC. 205.1 Authority and purpose
SEC. 205.2 Definitions
SEC. 205.3 Coverage
SEC. 205.4 General disclosure requirements; jointly offered services
SEC. 205.5 Issuance of access devices
SEC. 205.6 Liability of consumer for unauthorized transfers
SEC. 205.7 Initial disclosures
SEC. 205.8 Change in terms notice; error resolution notice
SEC. 205.9 Receipts at electronic terminals; periodic statements
SEC. 205.10 Preauthorized transfers
SEC. 205.11 Procedures for resolving errors
SEC. 205.12 Relation to other laws
SEC. 205.13 Administrative enforcement; record retention
SEC. 205.14 Electronic fund transfer service provider not holding consumer's account
SEC. 205.15 Electronic fund transfer of government benefits
SEC. 205.16 Disclosures at automated teller machines
SEC. 205.17 [Reserved]
SEC. 205.18 Requirements for financial institutions offering payroll card accounts
Appendix A to Part 205—Model Disclosure Clauses and Form
Appendix B to Part 205—Federal Enforcement Agencies
Appendix C to Part 205—Issuance of Staff Interpretations
Supplement 1 to Part 205—Official Staff Interpretations
PART 227—UNFAIR OR DECEPTIVE ACTS OR PRACTICES
(REGULATION AA)
Subpart A—Consumer Complaints

227.1 Definitions
227.2 Consumer complaint procedure
Subpart B—Credit Practices Rule

227.11 Authority, purpose, and scope
227.12 Definitions
227.13 Unfair credit contract provisions
227.14 Unfair or deceptive practices involving cosigners
227.15 Unfair late charges
227.16 State exemptions
Staff Guidelines on the Credit Practices Rule—Subpart B of Regulation AA
PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)
Subpart A—General

SEC. 229.1 Authority and purpose; organization
SEC. 229.2 Definitions
SEC. 229.3 Administrative enforcement
Subpart B—Availability of Funds and Disclosure of Funds Availability Policies

SEC. 229.10 Next-day availability
SEC. 229.11 [Reserved]
SEC. 229.12 Availability schedule
SEC. 229.13 Exceptions
SEC. 229.14 Payment of interest
SEC. 229.15 General disclosure requirements
SEC. 229.16 Specific availability policy disclosure
SEC. 229.17 Initial disclosures
SEC. 229.18 Additional disclosure requirements
SEC. 229.19 Miscellaneous
SEC. 229.20 Relation to state law
SEC. 229.21 Civil liability
Subpart C—Collection of Checks

SEC. 229.30 Paying bank's responsibility for return of checks
SEC. 229.31 Returning bank's responsibility for return of checks
SEC. 229.32 Depositary bank's responsibility for returned checks
SEC. 229.33 Notice of nonpayment
SEC. 229.34 Warranties
SEC. 229.35 Indorsements
SEC. 229.36 Presentment and issuance of checks
SEC. 229.37 Variation by agreement
SEC. 229.38 Liability
SEC. 229.39 Insolvency of bank
SEC. 229.40 Effect of merger transaction
SEC. 229.41 Relation to state law
SEC. 229.42 Exclusions
SEC. 229.43 Checks payable to Guam, American Samoa, and the Northern Mariana Islands
SEC. 229.51 General Provisions governing substitute checks
SEC. 229.52 Substitute check warranties
SEC. 229.53 Substitute check indemnity
SEC. 229.54 Expedited recredit for consumers
SEC. 229.55 Expedited recredit for banks
SEC. 229.56 Liability
SEC. 229.57 Consumer awareness
SEC. 229.58 Mode of delivery of information
SEC. 229.59 Relation to other law
SEC. 229.60 Variation by agreement
Appendix A to Part 229—Routing Number Guide to Next-Day Availability Checks and Local Checks
Appendix B to Part 229—Reduction of Schedules for Certain Nonlocal Checks
Appendix C to Part 229—Model Availability Policy Disclosures, Clauses, and Notices; Model Substitute Check Policy Disclosures and Notices
Appendix D to Part 229—Indorsement, Reconverting Bank Identification, and Truncating Bank Identification Standards
Appendix E to Part 229—Commentary
Appendix F to Part 229—Official Board Interpretations; Preemption Determinations
Board Policy Statement on Delayed Disbursement of Teller's Checks and Cashier's Checks
COMPETITIVE EQUALITY BANKING ACT OF 1987
TITLE I—FINANCIAL INSTITUTIONS COMPETITIVE EQUALITY

Sec. 101 Amendments to the Bank Holding Company Act of 1956
TITLE II—MORATORIUM ON CERTAIN NONBANKING ACTIVITIES

Sec. 201 Moratorium on certain nonbanking activities
Sec. 202 Authority of federal banking agencies
TITLE VI—EXPEDITED FUNDS AVAILABILITY

Sec. 601 Short title
Sec. 602 Definitions
Sec. 603 Expedited funds availability schedules
Sec. 604 Safeguard exceptions
Sec. 605 Disclosure of funds availability policies
Sec. 606 Payment of interest
Sec. 607 Miscellaneous provisions
Sec. 608 Effect on state law
Sec. 609 Regulations and reports by Board
Sec. 610 Administrative enforcement
Sec. 611 Civil liability
Sec. 613 Effective dates
FEDERAL RESERVE BOARD'S REGULATION DD
PART 230—TRUTH IN SAVINGS

SEC. 230.1 Authority, purpose, coverage, and effect on state laws
SEC. 230.2 Definitions
SEC. 230.3 General disclosure requirements
SEC. 230.4 Account disclosures
SEC. 230.5 Subsequent disclosures
SEC. 230.6 Periodic statement disclosures
SEC. 230.7 Payment of interest
SEC. 230.8 Advertising
SEC. 230.9 Enforcement and record retention
SEC. 230.10 [Reserved]
SEC. 230.11 Additional disclosure requirements for institutions advertising the payment of overdrafts
Appendix A—Annual percentage yield calculation
Appendix B—Model clauses and sample forms
Appendix C—Effect on state laws
Appendix D—Issuance of staff interpretations
Supplement I to Part 230—Official Staff Interpretations
FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991
Title II—Regulatory Improvement
Subtitle F—Truth in Savings

SEC. 261. Short Title
SEC. 262. Findings and Purpose
(a) Findings
(b) Purpose
SEC. 263. Disclosure of Interest Rates and Terms of Accounts
(a) In general
(b) Broadcast and electronic media and outdoor advertising exception
(c) Disclosure required for on-premise displays
(d) Misleading description of free or no-cost accounts prohibited
(e) Misleading or inaccurate advertisements, etc., prohibited
SEC. 264. Account Schedule
(a) In general
(b) Information on fees and changes
(c) Information on interest rates
(d) Other information
(e) Style and format
SEC. 265. Disclosure Requirements for Certain Accounts
SEC. 266. Distribution of Schedules
(a) In general
(b) Distribution in case of certain initial deposits
(c) Distribution of notice of certain changes
(d) Distribution in case of accounts established by more than 1 individual or by a group
(e) Notice to account holders as of the effective date of regulations
SEC. 267. Payment of Interest
(a) Calculated on full amount of principal
(b) No particular method of compounding interest required
(c) Date by which interest must accrue
SEC. 268. Periodic Statements
SEC. 269. Regulations
(a) In general
(b) Model forms and clauses
SEC. 270. Administrative Enforcement
(a) In general
(b) Additional enforcement powers
(c) Regulations by agencies other than the Board
SEC. 271. [Repealed]
SEC. 272. Credit Unions
(a) In general
(b) Regulations prescribed by the NCUA
SEC. 273. Effect on State Law
SEC. 274. Definitions
RIEGLE-NEAL INTERSTATE BANKING AND BRANCHING EFFICIENCY ACT OF 1994

SEC. 1 Short title; table of contents
SEC. 107 Equalizing competitive opportunities for United States and foreign banks
SEC. 109 Prohibition against deposit production offices
SEC. 111 Restatement of existing law
SEC. 112 GAO report on data collection under interstate branching
SEC. 210 Study and report on the United States financial services system



It is now believed that this freeing of the banking system caused a mental health problem known as Freedom Induced Insanity Syndrome -- a well-known affliction that is brought on by an excess of freedom and is characterized by completely irrational, economical-suicidal behavior.

In the case of the American economy, the Bush deregulation of banking caused an excess of freedom, causing this Insanity Syndrome in thousands of previously profit-seeking lenders and investors. These lenders and investors -- the very same “selfish”, “greedy”, “risk averse“ “tightwad” “money bags” whose reluctance to loan money to “needy” people forced the government to create the FHA, Fannie, Freddie, Ginny Mae, the FHLB, the CRA, the FHEO, HUD and all those other institutions and laws designed to “insure an adequate flow of funds” to the housing market -- those very same supremely “selfish” individuals, faced with an excess of freedom, were collectively afflicted with the Insanity Syndrome and decided that the best way to maximize their profits was to give their money away to people not likely to repay it. Thus was the crises born.

There are many recorded instances of Freedom Induced Insanity Syndrome (FIIS). The discoverer of FIIS -- Dr. Muir -- notes that this syndrome was the cause of the massive depressions that hit all of the economies of the nations that were freed by the fall of communism.

“It’s a fact” said Dr. Muir, “that only having a government gun held to one’s head can prevent the sort of economic calamity we see in every nation that tries free markets.”

There is no word yet on when the Obama administration will move to have these crucial regulations re-imposed.

Great post! Annoying... but great!

Sorry Michael size doesn't matter.

Repeal of Glass Steagall
Commodity Futures Modernization Act of 2000
Tax cuts for the wealthy
Free Trade agreements
CEO stock option compensation
Non-enforcement of the Shermann Anti-trust act
A Fed Chairman who declined to enforce regulations
A slew of policies that generally transfered wealth from main street to Wall street.


It's clear these policies and other libertarian policies have had far more sway since 1980 and the end results are economic colllapse just as they were in 1929 when your big long stupid list of regulations didn't exist to explain away the collapse.

Not one thing or any group of them in your list can you point to as a causative factor that might explain why the crash occured in 2008 and not in 1970.

You're simply a denialist and an ideolgue with no good place to hide in the real world.

Not one thing or any group of them in your list can you point to as a causative factor that might explain why the crash occured in 2008 and not in 1970.

I have explained this to you many times, Dr. Muir. Government rules and regulations on the economy are enforced selectively.

The rules against discrmination in lending -- for one example -- that went into affect many years ago -- are enforced selectively according to the whims of whichever brand of statist happen to be in power.

The Clinton and Bush statists -- pushed by organizations like ACORN -- decided to enforce these regulations stringently. And thus the law against discrimination in lending led to the only thing it could lead to: a great deal of indiscriminate lending -- which is the root of this whole mess (though there are obviously other compounding factors).

But I am not here to convince you of anything -- for you are clearly beyond persuasion. I only made that post to illustrate the utter nonsense of claiming that our banks had been "deregulated".

Michael, I've tried to explain the basics of options to Muirpid about a year an a half ago - right around the time he started frothing at the mouth about them. Got nowhere. Don and Russ also got nowhere on any other subject. In fact, nobody here has ever been able to drill through the muirdiots thick but empty skull.

I do remember once having an exchange where muirdiot seemed to understand. It was an amazing time. He stopped flailing around calling libertarians and republicans stupid and seemed to make a real effort to try to understand something. Of course, after that brief ray of light, he went right back to his stream of consciousness posts as if nothing ever happened. As long as any of your explanations to not fit his narrative (which he is also confused about), you're screaming into a hurricane. So....good luck.

I understand, Methinks. I'm not commenting in any hope of reaching muirgeo -- if you, the men who run this website and the other highly intelligent commenters here can't get through to him, I certainly don't expect to either. I'm just trying to counter the effects his comments may have on others that drop by this web site.

Michael,

Good point. I enjoy every one of your comments immensely and if Muirpid's posts elicit more comments from you, I think I can safely say I'm speaking for many readers here that we are glad.

You have no idea what any of those things are or how they work in practice. And neither does your buddy, DK. But, you're both sure you have the answer to what is "correct" and "good" regulation and what isn't. Seeing as you're both ignorant of both finance and financial regulation, I'm sure you think that makes you both experts.

Yeah and you're the dope who tried to tell us financial derivatives weren't a problem. There are plenty of good academic economist and actual people who work in finance on Wall Street from which my opinions are formed.

ummm....how do I put this in language you can understand, Muirpid?

Railing against stuff you can't even begin to wrap your mind around is generally not considered by most people to be "forming an opinion".

I'm sure looking forward to your snappy, misspelled reply.

So you admit you don't form your own opinions...

Glass-Steagall was repealled? Does that mean that the FDIC no longer exists? After all, the FDIC was created by Glass-Steagall. Oh wait, or maybe you just have no idea what you're talking about.

Half of your list has questionable links to the current crisis. The other half is irrelevant.

I have to agree with muirgeo, at least insofar as "size doesn't matter". I'm not sure what the length of this list is supposed to illustrate. I saw a lot of criminal statutes in there (ie - no money laundering or fraud... yes, THAT one is a real infringement on our liberty). Large chunks of it were just definitions. Other chunks I skimmed just outlined court jurisdictions.

I'm not trying to say we have heavy or light legislation in this country - I'm just saying that in an economy as robust and complex as ours, a couple pages of listed reg titles doesn't mean much of anything. Are you just making the case that the regs are voluminous? Length alone doesn't tell you anything about how restrictive and distortionary the regulations that are on the books are. You can draft a very short financial regulatory code that can do a lot of damage, or you can have a voluminous regulatory code that requires nothing but a series of banal public disclosures which will certainly raise the costs of doing business (because you have to hire someone to do all that work of putting together all those disclosures), but won't substantially distort anything in the financial markets.

So what does your big long list tell us, Michael Smith? That you know how to copy and paste and you're a clever poster? I'm not sure it really tells us much more than that.

"I have to agree with muirgeo, at least insofar as "size doesn't matter"."

Well that certainly explains a few things...

So what does your big long list tell us, Michael Smith?

It tells us that the notion that the U.S. banking system has been deregulated is false -- and, as a consequence, it also tells us that the claim that said banking deregulation led to the financial crises is also false.

Isn't it amazing that Daniel felt the need to ask such a question? MichaelSmith, you have been gracious in not answering with sarcasm and/or astonishment.

I agree. Michael is a better person than I am.

Well, it tells us that complete deregulation is false, not that deregulation is false.

And I'm not sure how it tells us anything about the financial crisis. Presumably if regulation or deregulation had any role in the crisis it was qualitative changes to the regulatory burden that contributed, not the mere existence of regulations.

People who say deregulation played a role don't generally argue "there is no regulation and that caused the crisis", they say "there is regulation, but the recent repeal of certain provisions in the Glass-Steagall Act contributed to the crisis". Those are two different statements. Your cut-and-pasting addresses the first, strawman position. It doesn't speak at all to the second position.

I don't know what the answer is - I don't know much of anything about financial market regulation or it's role in the crisis. I do know that copying and pasting regulatory code doesn't expand my knowledge of it at all.

Well, it tells us that complete deregulation is false, not that deregulation is false.

The expression “complete deregulation” is a redundancy. To “deregulate” means to remove regulations -- all regulations. To maintain that a “deregulated market” includes cases where a large amount of regulation remains, is to say that a market can be both “deregulated” and “regulated“ at the same time. This is every bit as much of a contradiction as saying a device is both deactivated and activated at the same time -- or that a body is both deloused and lice infested at the same time -- or that a thing is both de-emphasized and emphasized at the same time.

Properly, then, the burden of including a modifier to clearly express what one is talking about falls with the person who refers to markets where regulation has been reduced but not eliminated. Such markets can only logically be referred to as “partially deregulated” or “somewhat deregulated”, etc.

This is why muirgeo’s description of our banking system as “deregulated” is thoroughly unjustified -- and I posted the long list of rules and regulations to highlight the contradiction of calling such a market “deregulated“.

Nor do I accept your claim that the argument being offered by those blaming “deregulation” for this crises amounts to only this: “there is regulation, but the recent repeal of certain provisions in the Glass-Steagall Act contributed to the crisis.” I agree that some individuals are making that argument, but the left is going a lot further.

Muirgeo, for instance, has repeatedly argued here that the last 30 years of our economic history has been “dominated” by a “libertarian philosophy” of “gutting regulations” and expanding economic freedom -- a claim that clearly goes well beyond a limited claim about changes in portions of the Glass-Steagall Act.

Indeed, one of the left’s most cherished arguments at the moment is that Alan Greenspan himself has admitted that laissez-faire capitalism has failed and that he was wrong to believe in it.

So pointing out the vast amount of regulation that remains on our banking industry -- as an illustration of how far, FAR away we are from any sort of “libertarian” economic policy or “laissez-faire” -- is not at all addressing a “straw man”.

OK - in response to your question below:

I think (a.) is wholly grammatically accurate, and I'd expect people to point out "but that was a fairly paltry deregulation". A regulation of the market has been eliminated, therefore there has been deregulation in the market, but the market is not deregulated.

I think (b.) is true and POTENTIALLY misleading if you think the public is dumb as a post. As per my response to (a.), deregulation is an act that has been performed upon the market. Another example: "Joey kicked the ball", and "the ball has been kicked". Perfectly acceptable. Now, I say it's "potentially" misleading because "deregulated" is both an adjective and a past tense verb. In this case it is clearly a past tense verb. If the public is as dumb as a post, they MAY think it is an adjective. But their misunderstanding does not make it inaccurate. I think this is very unlikely. Anyone who actually thinks there are no regulations in the American economy probably isn't going to be engaging in a discussion about the American economy. Essentially, if you know the definition of "regulation", you're probably intelligent enough to know that there are regulations. You have to assume a great deal of stupidity on the part of listeners to argue that they'd be confused about this.

As for (c.) - I think "the market was deregulated" in this sentence is accurate for the same reason I thought (b.) was accurate. The rest of the sentence has absolutely nothing to do with word choice anymore - it's horrendous analysis and should be criticized on that basis. I don't see how that extremely poorly reasoned argument has anything to do with accurate word choice. It's a logical fallacy not a grammatical or linguistic fallacy.

I also want to comment on this statement: "I hold statement "b" to be both false and misleading, because a market cannot be regulated and deregulated at the same time."

I don't think that is what (b.) is saying. The market "is" regulated, but it "has been" deregulated. "Deregulated" is an action that has been performed on it in the past, "regulated" is a word that currently describes the market.

As for your "-ate" endings, I'm not sure why "-ate" and "-tion" implies what you're saying it implies. Another example you guys like: liberate - to free someone. Let's say you were being held prisoner in a foreign country and the Marines came and broke you out - they "liberated" you. But obviously that doesn't mean you have complete freedom. You still end up back in the U.S. where you've gotta pay taxes and follow all these nasty regulations. You were "liberated" but you weren't completely "liberated". There is an implied delimitation as to what you were liberated from, and nobody is dumb enough to here "MichaelSmith was liberated by the Marines today" and think "wow that's sweet - he's completely free he doesn't have to pay taxes anymore!". No. It's understood there's a limited sense in which he is liberated, just like it's understood that there's a limited sense in which the market is deregulated.

Re: "The expression “complete deregulation” is a redundancy. To “deregulate” means to remove regulations -- all regulations. "

That's an interesting vocabularly lesson. So if we were to wipe two thirds of those regulations off the books, you would say that can't be legitimately described as "deregulation"?

Correct, I would not consider it legitimate to describe a still-regulated market with the unmodified term, "deregulated". "Partially deregulated"? Yes. “Largely deregulated"? Perhaps, depending on the extent of the regulations still in place.

But if “deregulated” means any market that has had any amount of regulations removed, then this would mean that a market with 10% of its regulations removed, one with 50% of its regulations removed, and one with 100% of its regulations removed, would all qualify as “deregulated”. Used thusly, “deregulated” can refer to everything from actual laissez-faire markets to those still laboring under heavy regulation -- which effectively renders the term meaningless.

The only thing this sort of usage of the term “deregulated” accomplishes is that it permits statists to point to the failures of the still-heavily-regulated “deregulated” markets and claim that such failures prove that capitalism has failed, laissez-faire doesn’t work, etc -- which is precisely what muirgeo did at the start of this discussion.

But the simple fact is that the failure of a regulated market proves nothing about the free market.

I’ll offer one more analogy. A man is known to be addicted to both alcohol and cocaine; he enters a detoxification program. He emerges a few weeks later and tells you, “I’m detoxed!” But in fact, he’s still using cocaine.

Was his description of his condition as “detoxed” accurate and honest? No -- the most he can honestly claim is to have been partially detoxed. And if the man dies of a cocaine overdose the next day, are you going to buy the argument that his death was caused by the “detoxification”. No!

Yet this is precisely what muirgeo and other leftists are doing regarding the financial crises. Our financial markets are being made sick by regulations. Along the way a few regulations are dropped and the market is declared “detoxed”. But also along the way, the remaining regulations -- such as the laws against discrimination in lending -- begin to be enforced much more stringently, which makes the market much, much sicker, maybe even terminally sick. And what does the left blame? The “detoxification”!

Such is what comes from letting the left destroy the meaning of words.

Re: "But if “deregulated” means any market that has had any amount of regulations removed, then this would mean that a market with 10% of its regulations removed, one with 50% of its regulations removed, and one with 100% of its regulations removed, would all qualify as “deregulated”. Used thusly, “deregulated” can refer to everything from actual laissez-faire markets to those still laboring under heavy regulation -- which effectively renders the term meaningless."

OK - but now we're jumbling adjectives and verbs. I was talking about "regulation". Of course an administration can pursue a policy of "deregulation" and still come out with a "regulated" market that is less "regulated" than the former market. In that sense the market is definitely still "regulated" but you also still have an instance of "deregulation". You said that the verb "to deregulate" means removing all regulations. That's the point I was disagreeing with initially.


RE: "But the simple fact is that the failure of a regulated market proves nothing about the free market."

I would agree - I'm not taking muirgeo's side on that point. But I would further argue that the failure of a regulated market says nothing about other variants of regulated markets.

DK wrote:

OK - but now we're jumbling adjectives and verbs. I was talking about "regulation".

Everything I said about the adjective applies to the verb as well.

You said that the verb "to deregulate" means removing all regulations. That's the point I was disagreeing with initially.

Yes, and I’ve shown why: to “deregulate” is to produce a “deregulated” market -- and a market cannot be “deregulated” and “regulated” at the same time.

But you’ve not addressed anything I’ve written -- you’ve just tried to maintain that “deregulation” can be a process that leaves regulation in place.

And so you offer this formulation:

Of course an administration can pursue a policy of "deregulation" and still come out with a "regulated" market that is less "regulated" than the former market. In that sense the market is definitely still "regulated" but you also still have an instance of "deregulation".

So let me try one more time. Your statement above is like saying:

Of course an administration can pursue a policy of “deactivation” and still come out with an “activated” bomb that is less “activated” than before. In that sense the bomb is definitely still “activated” but you also have an instance of “deactivation”.

When the bomb blows up, are you still going to maintain that this was an instance of “deactivation” -- or are you going to agree that all that can accurately be said is that this was an instance of “partial deactivation” or “incomplete deactivation”?

An “instance” of “deregulation” that leaves a market “regulated” is a contradiction in terms -- unless one adds some sort of qualifier -- such as “partial” -- to indicate clearly that this instance of “deregulation” has a meaning different than a “deregulation” that produces a truly deregulated, laissez-faire market.

Using the term "deregulation" without such a qualifier will mean that a market that has been made laissez-faire and a market that is still almost totally controlled can both held out as examples of “deregulation” -- which means, that the failures and problems of the still-highly-controlled market can be used as an indictment of laissez-faire on the grounds that “deregulation” has been shown not to work.

The more honest term to use in these cases of “partial deregulation” is to simply describe it as “slightly/somewhat/significantly reduced regulation” -- while being prepared to defend the adverb of your choice. That expression leaves no grounds for misrepresentation of what has been done, and no way to blame laissez-faire for problems in markets that are still highly regulated.

RE: "So let me try one more time. Your statement above is like saying:

Of course an administration can pursue a policy of “deactivation” and still come out with an “activated” bomb that is less “activated” than before. "

Let me start out by saying that at this point this is purely and simply a game of semantics, in my mind. Which is fine by me - semantic games can be entertaining.

Anyway - your choice of analogy demonstrates that you probably know I'm right, even if you haven't admitted it to yourself. You specifically chose a dichotomous example - the activation of a bomb. In that case, the only comparison is between "on" and "off". Not so with regulation. An economy can be highly regulated, moderately regulated, barely regulated, or unregulated. A bomb can't be "moderately activated" or "barely activated", so the verb describing the activation of the bomb is going to reflect this.

Let me put it this way - when I responded to your verb choice and called it inappropriate, you responded by providing an adjective choice that I agreed with but that was irrelevant to my verb choice. So let me ask the question this way: if an administration were to embrace a policy that reduced the burden of regulations by two thirds but did not entirely eliminate regulations, what VERB would you use to describe that? You claim to think that "deregulation" is inappropriate - would you call the reduction of regulation an act of "regulation"?

I think "deregulation" as a verb is fine - and I think you know it is, you just don't want to back down.

And to drive home my point, I'll modify your bomb example but get rid of the dichotomous element of the example. Instead of "activating" a bomb, let's say we are upgrading/downgrading the bomb (I suppose by switching out a different warhead? I don't know - whatever the process is). If you replace hte existing warhead with a new warhead that has only half the payload, wouldn't you say that you've "downgraded" the bomb? You obviously haven't completely eliminated the nuclear payload, but you've reduced it. It seems to me that you've still "downgraded" the bomb.

DK, while you are thinking about this issue, consider this question:

Suppose we have a market to which government has applied 3 regulations:

1) Every business owner must purchase a business license from the government at a price of $100 every year.

2) Every business owner must pay all his employees time and a half for all work done in excess of 40 hours in a week.

3) All products sold in this market must be sold at the same, fixed price set by the government, with the government free to change this price at any time, up to and including weekly or daily changes.

So we have three regulations in this market. How would you evaluate the following statements, made to a public that is not versed in the details of this market's regulation:

a) Regulation "1" is lifted and then public is told, "Deregulation has occurred in this market."

b) Regulation 1 is lifted, and the public is told, "This market has been deregulated."

c) Regulations 1 & 2 have been lifted, and after 6 months the public is told, "This market was deregulated and it is still racked with problems, therefore deregulation has been shown not to work.

I hold that "a" is misleading, because anyone who knows the details of this market will realize that regulation "1" is economically trivial, and therefore its removal is irrelevant. I realize that you are trying to make the case that statement "1" is accurate -- and that that is the very issue we are debating -- but I'm just wondering whether you will also defend it as not being misleading.

I hold statement "b" to be both false and misleading, because a market cannot be regulated and deregulated at the same time.

I hold statement "c" to be both wrong and intellectually dishonest. To remove regulations that one knows to be economically irrelevant while leaving intact a regulation as draconian as total government price controls -- and then conclude that "deregulation doesn't work" -- is indefensible.

According to your interpretation, however, that statement is accurate. Do you also hold it to be not misleading and not dishonest.

Just curious as to your interpretations.

By the way, in my last comment where I noted the common prefixes and suffixes used in the example of "activated" and "deactivated" versus "regulated" and "deregulated", I forgot to note that they also obviously share the suffix "-ion". Just an oversight on my part. No intention to avoid a comparison of the meaning of "deactivation" versus "deregulation".

See my answer above soon - this is getting thin. Very interesting framing of the question!

It would certainly appear that you don’t actually read what I write, at least not very carefully -- otherwise, you'd see that I've already addressed a question you just asked:

So let me ask the question this way: if an administration were to embrace a policy that reduced the burden of regulations by two thirds but did not entirely eliminate regulations, what VERB would you use to describe that? You claim to think that "deregulation" is inappropriate - would you call the reduction of regulation an act of "regulation"?

As I said in my last comment:

The more honest term to use in these cases of “partial deregulation” is to simply describe it as “slightly/somewhat/significantly reduced regulation” -- while being prepared to defend the adverb of your choice. That expression leaves no grounds for misrepresentation of what has been done, and no way to blame laissez-faire for problems in markets that are still highly regulated.

So no, I wouldn’t call a policy of “2/3 deregulation” “regulation“ -- I‘d either call it a policy of “significantly reduced regulation“ or I‘d call it a policy of “2/3 deregulation“

As I’ve said over and over in these comments -- which you evidently have not comprehended -- it is not the use of the term “deregulation” that is “inappropriate”, it is the failure to include a modifier to distinguish between the cases of 1% repeal of regulations versus 50% or 100% repeal of regulations. It is the attempt to hold all three of those cases as equally valid examples of “deregulation” that is inappropriate.

What’s more, I’ve repeatedly noted the problems the absence of such a modifier generates -- another fact which seems to have eluded you.

As to the example I chose, I selected that one because it involves the same set of suffixes and the same prefix applied to a root, namely “-ate” (going from active to activate is like going from regular to regulate), “-ed” (going from activate to activated is like going from regulate to regulated) and “de-” (going from activated to deactivated is like going from regulated to deregulated).

So, no, I didn’t specifically choose a “dichotomous” term, I chose a term that is grammatically treated the same way. I did consider the fact that “activated” and “deactivated” are bimodal in nature -- but so are “regulated“ and “deregulated“; just as a bomb can either explode or not -- which are the two states to which the terms “activated” and “deactivated” refer -- so a market is either regulated or not, which is the two states referred to by “regulated” and “deregulated”.

As for your point that, unlike “activation”, there are intermediate states of regulation, that fact supports my case -- as your “downgraded bomb” example illustrates.

Yes, I’d agree that when you are talking about a bomb whose destructive power has been reduced -- but not eliminated -- “downgraded“ would be accurate -- it would fool no one into thinking that the bomb could no longer explode -- while “deactivate” would be wholly misleading.

Likewise, when we are talking about a market whose regulations have been reduced -- but not eliminated -- we should use a comparable term to “downgraded” as opposed to “deregulated” -- precisely because using the term “deregulated“ to refer to a market that is still regulated is wholly misleading.

This is not a semantics game to me. The very fallacy that I’ve been addressing in these comments was committed in “muirgeo’s” first comment in this thread when he alluded to the financial problems stemming from our “deregulated banks”. In my view, to refer to the U.S. banking system at present as “deregulated” -- or to hold out what has been done to the banking industry as “deregulation” -- is simply preposterous, and can lead to nothing but confusion and fallacious arguments aimed at discrediting laissez-faire.

I understood quite well your point about "partial deregulation", I just found it ironic that you would be the one complaining about "rendering a term meaningless" when you're the one insisting that we can only use the verb "deregulate" if all regulations are wiped off the books. That's what would render the term meaningless.

You further complain: "It is the attempt to hold all three of those cases as equally valid examples of “deregulation” that is inappropriate", without even realizing that your chosen modified version - "partial deregulation" does the EXACT SAME THING - it holds multiple intermediate reductions of regulation as "equal". Why is it that "partial deregulation" passes on this point for you, but "deregulation" doesn't? It is certainly true - neither are as specific as they could potentially be. But that doesn't make either of them "inappropriate" - and the same problem you're complaining about in "deregulation" holds for "partial deregulation".

To deregulate is to eliminate a regulation. It does not imply that you eliminate all regulations. I don't even think muirgeo is arguing that. If you're basing your point on the fact that muirgeo uses hyperbole, I don't think that's a valid reason for imposing arbitrary grammatical rules of your own.

I don't see why anyone is any more likely to assume that "deregulate" means that all regulations have been done away with than they are to assume that to "downgrade" means that all explosive force of a bomb has been done away with. Why do you assume that people would assume that all is gone in one instance but not in the other? What does the ending "-ate" have to do with that?

Great points; thanks for making them. Muirgeo does not understand it, but he is setting up the perfect openings for you to make your points with ever greater clarity to anyone interested in reason and evidence (not muirgeo, judging from his comments).

But Yasafi's "regulation=GOOD - freedom=BAD" resonates with you.

Oh, but you're no socialist.

Good regulation = more freedom

As opposed to the simpleton mantra touted here

Less regulation = more freedom Which is patently false and is why you are paying taxes for Llyod BlankF's bonus.

"Less regulation = more freedom Which is patently false and is why you are paying taxes for Llyod BlankF's bonus."

No, our tax $s are going to him because people in power (those YOU want to give more power to) gave it to him. How's that for simplicity? Moron...

That's exactly why I said "I agree with muirgeo insofar as 'size doesn't matter'", precisely because as a rule of thumb I think regulation=bad and freedom=good and I suspect he doesn't.

Now... am I totally on board with Cafe Hayek? Of course not - because I can actually conceive of situations where regulation!=bad. But that doesn't change my rule of thumb.

MichaelSmith,

This was a bit long, but it was one of those cases when length was appropriate. Very well done.

Thank you sir, and I apologize for the length of that list. That list, incidentally, is only a table of contents for the regulations.

There really is a staggering amount of regulation on the books when you actually look at it.

Good one, Michael. And it's not as draconian as it appears in your fine post either.

Every new regulatory rule raises a million questions. We ask for clarification from the regulator. When the regulator gets back to us (after a few weeks or months - what's the hurry? it's not like we have to actually do business and comply or anything), the answer doesn't really answer the original question well, but raises 15 more questions. And on it goes.

The truth is that the regulator wants to make the rules and the "clarifications" of those rules as fuzzy as possible. That way, companies will be forced to interpret the rules themselves and regulators will have enough leeway to haul companies in for supposed violations when it's time to create a lot of media hoopla to justify the regulatory body's existence to the taxpaying public.

Firms are accused of "ignoring" or "skirting" regulation. In fact, they're just trying to work in a framework of purposely fuzzy rules and that make it impossible for them to predict the consequences of their actions. A new rule is a special kind of hell because there is not even precedent to fall back on.

Yeah, "sound regulation" works really really well.

Methinks, that's a great point about the rules being fuzzy. That is exactly what I experienced in producing medical devices under the FDA's "Good Manufacturing Practices": fuzzy, vague, ill-defined generalities that were wide-open to many different interpretations.

Muirduck you fool, after Michael shoved all that up your ass does your fat ass really really hurt? God, fool, how do you do it day after day and still come back and try again?

It would never occur to a freaking idiot like you that perhaps the reason Canadian banking suffered less just might be because they had less regulation and just possibly more intelligent regulation than the USA? Oh my lord, is that possible?

Your track record is that given a choice of two, you will always choose the broken.

"...just possibly more intelligent regulation than the USA? "



Yeah that's all I'm suggesting.

There is plenty of evidence to suggest markets do better with good regulation.

Just look to Canada. Their banks were better regulated and had none of the major problems our deregulated banks did.

Hell I could solve most of the economies problems in 5 easy steps.

1) Overhaul lobbying/ have publically fuinded elections
2) have a transaction tax on all trades
3) Increase the tax rate to 80% on all income greater then $1 million dollars
4) Make complex financal products illegal.
5) deny corporate personhood


Overpaid CEO's and Wall Street jack asses will now have to produce something of value comparable to their earnings because unregulated markets are incompetant at meatingout worth in proportion to value.

Jackass is one word, Jackass.

Yeah and jack assess is two words. Jack asses.

No it's not.

http://encarta.msn.com/encnet/features/dictiona...

Jackass.

LMAO

With brilliance such as this, why are you wasting your valuable time here?

More variables. A bolt on an airplane wing can't make a million decisions every day. That's exactly what people do, thus controlling people is impossible. And the more people one tries to control, the more impossible the task and that's the goal of all government economic policy. I cannot muster any respect for economists who doesn't understand this basic truth.

that'll teach me to pop off a quick post in the middle of the day. Sorry for the grammatical errors. Yikes.

> astute readers have found ways to get it.

Can't find it. A small tip would be appreciated ;-)

Follow Russ's link. On the right is a link that says "download." It will allow you to download as a guest. Select non-profit. Make up an institution name. Voila!

Yep, that'll do it. Thanks

The economy is more analogous to weather than it is to an airplane. The weather obeys the laws of physics but is so complex that it resists our best efforts to predict it beyond a few days in advance. But in weather, attempts are made to measure important parameters world-wide: temperature, precipitation, amount of sunlight, etc. These measurements are then fed into computer odels to help make predictions. Do economists have metrics to help them understand the state of the economy? Do they have models that make predictions based on these measurements? It would be nice if economics had some predictive capability, rather than being a forensic science.

Weather might indeed be a better analogy.

There is predictive capability in economics (see, e.g., Human Action, by Mises, not to mention the fortunes amassed by those who understand principles of economics), but too many economists ignore the principles of economics when they provide policy prescriptions.

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." -- F.A. Hayek, The Fatal Conceit

The distinction to be made is between complex and complicated. Airplanes, cars, computers, and other intentionally designed things follow laws of physics and their designs, however, complicated, can be nearly fully understood. Complex orders, such as markets, however, are neither designed nor do they come close to being fully understood--at least not in a way that is analogous to the depth of understanding of, say, a motor.

I fear that the analogy you use will tempt both economists and non-economists into believing that, given enough effort or given sufficiently smart experts, complex order can be fully understood and then controlled via smart regulation.