Daniel Tarullo, Fed’s “Regulatory Point Man”, Unexpectedly Resigns

Last October, as part of the Podesta email leaks, we disclosed the particularly close relationship between Fed governor Dan Tarullo and Barack Obama, which emerged as part of a previously undisclosed memo involving the AIG bailout. We speculated that as a result of this now public disclosure it was possible that Tarullo’s days at the Fed were numbered should Donald Trump win the election. Trump won, and moments ago Dan Tarullo unexpectedly announced that he is resigning in early April, just days after the Fed’s general counsel Alvarez also announced that he is departing the Fed.

What makes Tarullo’s resignation particularly notable is that Tarullo has been the Fed’s “regulatory point man” since 2009, suggesting some regulatory friction has emerged.

In light of Trump’s vow to crush Wall Street regulations, one can see why Tarullo thought his services are no longer necessary.

Tarullo’s brief resignation letter to Fed Chairwoman Janet Yellen didn’t give a reason for his departure. He said he has been privileged to serve at the Fed for eight years. The letter said his resignation will take effect “on or about” April 5.

As the WSJ further notes, “Tarullo’s future has been a matter of debate in the financial sector. He was appointed by President Barack Obama in January 2009 and overhauled the way the Fed oversees the largest U.S. banks.

His term doesn’t expire until 2022, but President Donald Trump is widely expected to appoint someone else to the currently vacant post of Federal Reserve vice chairman in charge of bank oversight.

 

Mr. Tarullo has effectively filled that role, even without that title. A Trump nominee likely would challenge Mr. Tarullo’s influence.

In a statement, Yellen said that “Dan led the Fed’s work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis and made invaluable contributions across the entire range of the Fed’s responsibilities.”

“My colleagues and I will truly miss his deep expertise, impeccable judgment, wise insight, and strategic counsel.”

Tarullo, 64, was appointed to the Board by President Obama for an unexpired term ending January 31, 2022. During his time on the Board, he served as Chairman of the Board’s Committee on Supervision and Regulation. He was also Chairman of the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation.

In his brief departure letter, Tarullo just said two sentences:

“After more than eight years as a member of the Board of Governors of the Federal Reserve System, I intend to resign my position on or around April 5, 2017. It has been a great privilege to work with former Chairman Bemanke and Chair Yellen during such a challenging period for the nation’s economy and financial system.”

* * *

With his departure, the market appears even more confident that a substantial crackdown on Wall Street regulations is imminent, and has pushed stocks to new all time highs.

 

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U.S. Oil Rig Count Up On Rising Oil Prices

The number of active oil and gas rigs in the United States increased again on Friday by 12, taking aim at earlier gains to both WTI and Brent crude oil benchmarks. Both benchmarks were trading up over 2% earlier on Friday after an International Energy Agency report showed that OPEC‘s supply-cut deal achieved a record initial compliance rate of 90 percent. The total number of active oil and gas rigs in the United States is now 741, according to oilfield services provider Baker Hughes, which is 200 rigs above the rig count a year ago. The number…

Jason Chaffetz Utah Town Hall Disrupted By Swarm Of Angry Protesters – “Do Your Job”

A Town Hall meeting hosted by the Chair of the House Committee on Oversight and Government Reform, Jason Chaffetz, in his home state of Utah last night came under attack from a mob of angry liberals demanding that he “Do His Job.” 

Ironically, these Leftists who now demand that Chaffetz investigate Trump for not releasing his tax returns (which is not even required by law…but who cares about laws anyway) and Kellyanne Conway for jokingly telling Fox News viewers to go out and buy some Ivanka Trump merchandise are the same ones who were all too willing to ignore Hillary’s violation of numerous federal laws with her private email server including a Congressional document retention subpoena that was very clearly, and intentionally, violated.

Here some footage of the chaos from last night:

Cong Chaffetz Town Hall crowd chanting “Do your job!” He’s having a hard time answering over crowd noise @UtahIndivisible @IndivisibleTeam pic.twitter.com/gO0BXybGy5

— Kyung Lah (@KyungLahCNN) February 10, 2017

Calling on @jasoninthehouse to investigate Trump’s conflicts of interest at #chaffetztownhall in UT. #doyourjob pic.twitter.com/io8pjns8oB

— Becca Lee Ogden (@beccabeccalee) February 10, 2017

When the #ChaffetzTownHall started off with This then the crowd Booed the Congressman when he walked out, we knew it was going to be epic. pic.twitter.com/Xga9odh18h

— Bobbi Hughes-Millman (@bobbi_bobbi) February 10, 2017

 

Despite rarely being able to get a word in over the roar of the mob, Chaffetz was able to explain to one disaffected Hillary supporter that no law requires a presidential candidate to release his/her tax returns.

“If you want to continue to look into [2016 Democratic presidential nominee] Hillary Clinton, I don’t care,” an attendee named Noor Ul-Hasan asked Chaffetz, according to the Salt Lake Tribune. “But why aren’t you checking out your own president?”

 

“You’re really not going to like this part,” Chaffetz responded. “The president, under the law, is exempt from conflict of interest laws.”

Again, #Chaffetz says he wants Trump to release his tax returns, “but it is not required by law.” Reaction: pic.twitter.com/KF6rX8Ei3J

— Eric Bradner (@ericbradner) February 10, 2017

Brutal Town hall meeting for Jason Chaffetz #ChaffetzThinks #ChaffetzTownHall pic.twitter.com/EUMv9RPYv6

— Sarah M (@smullowney) February 10, 2017

 

Meanwhile, these lovely folks just “want a leader, not a creepy tweeter!”

“We want a leader, not a creepy tweeter!” lol #chaffetztownhall pic.twitter.com/Cq8DX8bBXA

— Scott Wessman (@scottew) February 10, 2017

 

Of course, as we noted just yesterday (see “Politicians Are Now Making Plans In Case The Public Turns Against Them Violently“), scenes like this Chaffetz demonstration are becoming a common occurrence at Republican Town Halls all over the country.  Unfortunately, the angry, and often violent mobs, are causing many conservative politicians to worry about their own personal safety — to the point where some are having private sessions to discuss the matter.

Citing sources who were in the room, Politico writes:

 

“House Republicans during a closed-door meeting Tuesday discussed how to protect themselves and their staffs from protesters storming town halls and offices in opposition to repealing Obamacare.”

 

Some of the suggestions, the news outlet reports, include “having a physical exit strategy at town halls, or a backdoor at congressional offices to slip out of, in case demonstrations turn violent; having local police monitor town halls; replacing any glass office-door entrances with heavy doors and deadbolts; and setting up intercoms to ensure those entering congressional offices are there for appointments, not to cause chaos.”

While protests are popping up all over, the Republicans’ private session was no doubt prompted by events that happened over the weekend.

 

While speaking before a raucous crowd in Roseville, California, Representative Tom McClintock had to be escorted from the stage and away from the event by local police officers.

McClintock, who held town hall meetings during the politically volatile days of both the Tea Party and Occupy movements, told The Hill he’s never seen anything like it:

 

“This was something very different. After an hour, the incident commander for the Roseville Police Department advised us the situation was deteriorating and felt it necessary to get me out of the venue. That’s never happened before.”

Amazing how quickly the Left converted from “Love Trumps Hate” to anger and violence…

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South Korean KOGAS May Buy Into U.S. Shale Gas

One of the world’s leading LNG buyers, Korea Gas Corp (KOGAS), may be interested in taking part in U.S. shale gas projects as leverage against potential trade pressure from the new U.S. Administration, the South Korean company’s chief executive said on Friday. “U.S. trade pressure is likely to increase, but U.S. gas investments can work as a tool against trade pressure,” Reuters quoted KOGAS chief executive Lee Seung-hoon as saying at an event today. “Securing U.S. shale gas is crucial because it’s an important…

Trump Is Man of the People or Man of the Police?

Via The Daily Bell 

 

Donald Trump signs executive order giving police more powers … The President has signed three orders to tackle ‘public safety’ moments after he swore in Jeff Sessions as Attorney General. -UK Independent

We were not aware that Donald Trump ran on a law and order platform. We know he wanted more checks and balances on immigration but that is a lot different that generally insisting on more law enforcement.

Plenty of videos and articles clearly show police assaults on civilians. Additionally, many of these civilian assaults are not successfully redressed.

Police generally tend to protect themselves and civilians can be a distant second when it comes to general security, especially if the officer is asking for more compliance than the individual is able to give.

More:

Donald Trump has signed three executive orders to deal with “public safety”, including handing more authority to the police.  At the formal ceremony to appoint Jeff Sessions as Attorney General, the President outlined the new mandate that Mr Sessions would have, including tackling crime, drug cartels and terrorism.

“I am directing the Department of Justice to reduce crimes and crimes of violence against law enforcement officers,” he said.  “It’s a shame, what has been happening to our great, our truly great, law enforcement officers. That is going to stop today.”

One of the executive orders seeks to “define new federal crimes, and increase penalties for existing federal crimes, in order to prevent violence” against state and federal police.

According to the article, some 135 police officers were killed in the US, which is the highest in five years. according to a report from the National Law Enforcement Officers Memorial Fund.  But the number includes many who died in traffic accidents or from heart attacks, etc. About half died in conflict with civillians.

Meanwhile, according to the article, there was no mention of the hundreds shot by police each year. Last year there were nearly a thousand killed at the hands of police and over 130 so far this year, according to killedbypolice.net

Mr Sessions, a longtime Senator from Alabama, did not focus on civilians however.  He said the US had a “crime problem” and added, “I wish the rise that we’re seeing in crime in America today were some sort of aberration or a blip, [but] my best judgment, having been involved in criminal law enforcement for many years, is that this is a dangerous, permanent trend that puts the health and safety of America at risk.”

Claims of permanent, rising crime are not borne out by statistics that show that long term crime is down especially when compared to the 1970s or 1980s. But Sessions was clear about his mission. “We need to end this lawlessness that threatens the public safety and pulls down the wages of working Americans,” he said.

The larger issue is Trump’s backing of law enforcement generally. He has met with many kinds of law enforcement and military groups since taking over. It seems as if he has met with fewer civilian groups thus far.

He talks a great deal about keeping civilians safe and says that was a main reason why he was elected. But our understanding is that people voted for him to bring back jobs. On this point he has been very good initially, but some issues like tax reform may have been put off for late this year or even early next.

If Trump continues in this vein, his relationships will be primarily with law enforcement and the military. There is nothing wrong with having relationships with all kinds of groups. But having relationships primarily with these two groups at the expense of others will do little to enhance his popularity.

Conclusion: Trump needs to reach out to a variety of civilian groups or he runs the risk of being pegged as a law enforcement candidate rather than as a “man of the people.” That would be too bad as it would tend to shrink his orbit instead of expanding it.

More stories:

‘The World Needs Globalization, It Needs Trade’

Republicans Reeling in Fed?

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