Gregg Gelzinis

The GOP slipped a last-minute carveout for crypto wallets into the GENIUS Act—and now the Trump family is planning to launch one.

I’ll introduce an amendment to close this loophole, but this bill shouldn’t pass without serious anti-corruption fixes.

04.06.2025 12:41 — 👍 1195    🔁 288    💬 61    📌 17

Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal - The Boston Globe It’s a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways.

The entire Federal Reserve Board should be embarrassed by this outrageous giveaway to one of Wall Street’s most derelict banks.
 
The Fed must release Wells Fargo’s exam reports for the last five years to the Senate Banking Committee so that Congress can review them.

03.06.2025 23:23 — 👍 2325    🔁 660    💬 92    📌 29

The Senate's stablecoin bill risks repeating past legislative mistakes The GENIUS Act, in its current form, fails to account for the substantial risk of stablecoin runs and blocks regulators from imposing necessary oversight. It also lacks measures to prevent their use i...

"As currently drafted, the GENIUS bill paves another road to financial self-destruction that will undermine the American and global economy."

One author predicted the 2008 crash. The other won a Nobel prize.

Without fixes, this bill shouldn't pass.

03.06.2025 15:08 — 👍 826    🔁 231    💬 34    📌 8

Do you have a credit card or own a small business? This could affect you.

Capital One and Discover just merged to create the biggest credit card company in the nation, with the blessing of the Trump Administration.

That means higher rates and fees—thanks to President Trump.

21.05.2025 16:18 — 👍 659    🔁 176    💬 22    📌 13

Capital One Deal for Discover Wins Approval From US Regulators Capital One Financial Corp. received approval from US regulators to buy Discover Financial Services, a deal that creates the nation’s biggest credit-card issuer by loan volume.

President Trump promised to cap credit card interest rates, but his Administration just rubber-stamped the creation of the nation's largest credit card company––meaning higher interest rates and junk fees.

Another win for Trump's Wall Street friends at the expense of consumers.

18.04.2025 18:12 — 👍 781    🔁 208    💬 43    📌 8

The CFPB is back to work.

28.03.2025 21:41 — 👍 4    🔁 1    💬 0    📌 0

Text of an Executive Order stating the "non-statutory components and functions of the [Treasury Department's Community Development Financial Institutions (CDFI) Fund] shall be eliminated to the maximum extent consistent with applicable law, and [the CDFI Fund] shall reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law..."

I oversaw the CDFI Fund while at the Treasury Department. The White House Executive Order gutting CDFI Fund is wrong and short-sighted.

CDFIs are mission-driven lenders that deliver critical investments in low-income communities, including a lot of rural communities in Republican-leaning states.

15.03.2025 16:13 — 👍 35    🔁 13    💬 3    📌 4

If President Trump is serious about lowering costs and capping credit card interest rates, he needs a strong CFPB and a strong CFPB Director.

If he and Republicans decide to cower to Wall Street billionaires and try to destroy the agency, they will have a fight on their hands.

01.02.2025 15:49 — 👍 3076    🔁 430    💬 460    📌 55