Daniel Indiviglio is a Reuters Breakingviews columnist, based in Washington, where he covers the intersection of politics and business. He joined from The Atlantic, where he covered a similar beat, providing analysis on topics such as financial regulation, housing finance policy, the Treasury, and the Fed. He also wrote for Forbes. He is a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. Prior to becoming a journalist, Dan spent several years working as an investment banker and a consultant for financial services firms. He holds a BA from Cornell University, where he triple majored in economics, philosophy and physics. Follow Dan on Twitter @indiviglio
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Democrats delivered bankers a whipping after the financial crisis. More draconian regulation was only kept at bay by Republican pushback. With the GOP now calling for a big bank surcharge and a tax hike on fund bosses, the industry looks even more friendless and vulnerable.
Congress is considering both flood and terrorism backstops this week. There may be a role for the feds, but not if it usurps private markets. And if lawmakers want to check Uncle Sam’s actuarial ambitions, they could start with the most sweeping: mortgage guarantees.
The CFTC is delaying cross-border derivatives rules, a relief for the industry. But other rulemaking deadlines loom. With 90 pct of interest-rate swaps now centrally cleared, regulators have made great strides. They should finish the job, but allowing some leeway now makes sense.
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