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5/05/2017 12:39 pm  #1


House Panel Approves Bill to Weaken Dodd-Frank

House Panel Approves Bill to Weaken Dodd-Frank


WASHINGTON — Republicans took a big step toward repealing the Affordable Care Act on Thursday, and they took a small step toward dismantling another of President Barack Obama’s signature pieces of legislation, the Dodd-Frank Act.

With only the support of Republicans, the House Financial Services Committee voted in favor of the Financial Choice Act, a bill that would gut central financial regulations created in the aftermath of the 2008 financial crisis. The bill is expected to get a vote from the full House in the coming months. But, in its current form, it is not expected to pass in the Senate, where it would need support from Democrats to garner the necessary 60 votes.

The Choice Act would exempt some financial institutions from capital and liquidity requirements, essentially excusing them from the 2010 Dodd-Frank Act if they hold enough cash.

It would replace the Orderly Liquidation Authority, which critics say reinforces the idea that some banks are too big to fail, with a new bankruptcy code provision intended for large financial institutions.

It also would weaken the powers of the Consumer Financial Protection Bureau. Under the proposed law, the president could fire the agency’s director at will.

Republicans hailed the committee vote as a win for financial institutions.

“Our plan replaces Dodd-Frank’s growth-strangling regulations on small banks and credit unions with reforms that expand access to capital so small businesses on Main Street can grow and create jobs,” said Representative Jeb Hensarling, Republican of Texas and chairman of the House Financial Services Committee.

After a long markup section, the nearly 600-page bill passed, 34 to 26. The 19 amendments Democrats offered were rejected.

They assailed the legislation as a giveaway to the banks. “The Wrong Choice Act is a deeply misguided measure that would bring harm to consumers, investors and our whole economy,” said Representative Maxine Waters of California, the ranking Democrat on the committee. “The bill is rotten to the core and incredibly divisive,” she said. “It’s also dead on arrival in the Senate, and has no chance of becoming law.”


Progressive groups argued that the push to unravel Dodd-Frank was at odds with Mr. Trump’s populist campaign message that the economy was rigged in favor of corporate interests.

https://www.nytimes.com/2017/05/05/us/politics/dodd-frank-finance-banking-regulations.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well


We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. 
 

5/05/2017 1:36 pm  #2


Re: House Panel Approves Bill to Weaken Dodd-Frank

"Republicans hailed the committee vote as a win for financial institutions."


There seems to be a YUGE disconnect between people like Rep. Jeb Hensarling and most of the people I know . . . Referred to by politicians as "the American people" . . . In that most people don't believe (and history has certainly proven this . . . especially recent history) that making things easier and more profitable for financial institutions does not translate into job growth, economic growth, and an increase in the personal wealth of most Americans.

Of course, Mr. Hensarling and others of the same ilk, are most likely beholding to big financial institutions and their executives for financial contributions to their re-election campaigns. So, bottom line (you gotta love financial idioms like that) is that, for our esteemed federal legislators like Rep. Hensarling, money speaks louder than their constituents wants and needs.

 

5/05/2017 2:30 pm  #3


Re: House Panel Approves Bill to Weaken Dodd-Frank

Well, Mr Trump says he always like bankruptcies so he can buy things cheap. Maybe that is his and his co-horts intent with all of this. 


"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
 
 

5/06/2017 6:30 am  #4


Re: House Panel Approves Bill to Weaken Dodd-Frank

I like a Trumper to weigh in on this. After all, Trump did run on a populist message. He told his fans that not only the election but "The system" was rigged against them.

So, will Trump speak out against weakening this protection for us little guys?

I have a feeling that the "Billionaire Populist" is going to be more billionaire on this one.


We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. 
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