Dem Senators: Office of Financial Research Must Get Aggressive

Two Democratic senators are accusing the director of a little-known Treasury Department office of failing to conduct research needed to identify threats to the stability of the financial system.

Sens. Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island wrote in a letter to Dino Falaschetti, director of the Office of Financial Research that the office must be more aggressive in doing its work.

Republicans Trying to Stop SBA Direct Lending Plan

With the support of credit union and banking trade groups, Republicans on both sides of Capitol Hill are trying to prevent the Small Business Administration from making direct loans to businesses.

Sen. Tim Scott, (R-S.C.) this week introduced legislation that would prohibit the SBA from bypassing credit unions and banks and make loans directly. Senate Banking Committee ranking Republican Sen. Pat Toomey of Pennsylvania is a cosponsor of the bill.