Click here to receive the Daily Digest via email.
Finally, Bank Regulators Have Had Enough (ProPublica)
Jesse Eisinger looks at the new rules regulators are finally pushing through, which place more stringent capital ratio requirements on U.S. banks. He argues that this higher standard will advantage U.S. banks in the international market, because it will protect them from crises.
Elizabeth Warren’s New Fight: Why Even the Tea Party Backs It! (Salon)
David Dayen explains why Senator Warren’s 21st Century Glass-Steagal Act is drawing such broad bipartisan support. Everyone, left and right, is tired of seeing big finance put people’s money at risk for the sake of profit.
High Profits Signal Danger for Big Banks (NYT)
Simon Johnson argues that it’s hard to accept the notion that regulation will harm the financial industry’s business model when banks continue to report such high profits. That’s encouraging to reformers as further regulations come down the pipe.
A New Season for Reform (The Nation)
William Greider sees the possibilities of real financial reform emerging in the current Congress. No one has ended too big to fail yet, but a coalition is forming that might be willing to fight back against Wall Street.
Bernanke Builds In Leeway on Bond Buying (WSJ)
Jon Hilsenrath and Victoria McGrane report that in his first of two days of congressional testimony, Ben Bernanke stated that the Fed’s timeline for tapering its bond-buying program is flexible and will change if growth, inflation, and the markets call for it.
Sorry, Deficit Hawks: The Debt Crisis Ended Before It Could Begin (The Atlantic)
Matthew O’Brien points out that the deficit no longer needs fixing, much to the dismay of those pushing austerity policies. New Congressional Budget Office figures cut short-term concerns, and he argues that the long-term changes needed can wait.
Will Immigration Reform Protect Workers? (Reuters)
Josh Eidelson questions whether immigration reform might have the side effect of protecting workers whose employers have used their immigration status against them when they try to organize. Comprehensive reform should reduce some of the risks of retaliation.
New on Next New Deal
Roosevelt Institute Fellow Mike Konczal looks at how men and women are doing in the search for employment in the weak recovery. He finds that men are not suffering in the manner David Brooks suggested in his recent column.