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- W2601064006 abstract "In recent years, the Department of Justice (DOJ) has settled allegations of wrongdoing in the 2008-2009 financial crisis with multi-billion-dollar agreements with major financial institutions such as Bank of America, Citigroup, and Goldman Sachs. On the political left, voices such as Elizabeth Warren have criticized these settlements as inadequate reparation for the damage allegedly done by banks in the financial crisis. On the political right, however, the conservative Heritage Foundation’s Paul Larkin has singled out these agreements – particularly their provisions for donations to third-party organizations such as the National Council of La Raza and housing counseling agencies – as unlawful cronyism. This article reconsiders these arguments by closely examining the monetary payments and laws used in the settlement agreements. The DOJ has primarily used two federal laws – FIRREA and the False Claims Act – to induce banks to settle. Despite no provision in these laws for consumer relief, the DOJ has constructed settlement agreements that provide incentives for banks to provide relief to consumers, some who may not have been directly harmed by the bank’s alleged wrongdoing, as well as to third-party organizations. The article concludes that these policymaking decisions are best left with the Congress, as it has the constitutional responsibility to appropriate money intended for the federal Treasury. Congress should enact legal reforms and reclaim its appropriations power." @default.
- W2601064006 created "2017-04-07" @default.
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- W2601064006 date "2017-06-15" @default.
- W2601064006 modified "2023-09-26" @default.
- W2601064006 title "Evaluating 'Consumer Relief' Payments in Recent Bank Settlement Agreements" @default.
- W2601064006 hasPublicationYear "2017" @default.
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