Financial freedom is under fire. Policies like the Digital Asset Anti- Money Laundering Act, the Credit Card Competition Act, the Consumer Financial Protection Bureau's slew of price controls, and Basel III reforms are designed to increase financial surveillance, dictate prices, and tell businesses how to operate. To make matters worse, some of these policies are already projected to cost financial institutions billions of dollars per year (Table 1). Yet, it can be difficult to recognize what is taking place when the attacks are scattered and often hidden in the weeds of legislative text, dense regulations, and specialized jargon. Therefore, let's take a brief look at some of the things that have been put on the table as of late to see how policymakers are seeking to restrict the market and expand the government within the realm of monetary and financial policy.
Authors
- Published in
- United States of America