Wall Street Deregulation Bills Likely To Attract Bipartisan Support
8 replies, posted
[QUOTE]WASHINGTON -- When the drama surrounding a government shutdown abates, the House of Representatives expects to take up legislation to expand taxpayer support for derivatives, the complex financial products at the heart of the 2008 meltdown. And while traditionally straightforward tasks like funding the federal government have become raucously contentious in recent weeks, a bill subsidizing Wall Street banks is likely to garner significant bipartisan support. Also on the post-shutdown agenda is legislation that would prevent the Department of Labor and the SEC from implementing new consumer protection standards for 401(k) accounts and other retirement funds.
Both bills are efforts to roll back reforms that passed under the 2010 Dodd-Frank financial reform bill. A small cadre of liberal Democrats are marshaling opposition to the bills, but still expect dozens of Democrats to join a united Republican Party in passing the legislation. "As we're trying to forestall a government shutdown, we've got these ugly financial services bills on the horizon," said Rep. Keith Ellison (D-Minn.), co-chair of the House Progressive Caucus. "It's a multi-pronged attack on the middle class."
Dodd-Frank banned companies that sell some types of derivatives from receiving government perks like cheap loans from the Federal Reserve or deposit insurance from the FDIC. Any bank that continued to sell these derivatives would be forced to wall them off in a separate subsidiary that didn't receive taxpayer support. Credit rating agencies grant more favorable ratings to derivatives that are sold from within taxpayer-insured banks, making such derivatives more profitable. Goldman Sachs, JPMorgan Chase, Citigroup and Bank of America are the biggest players in the derivatives market, although Goldman doesn't deal derivatives from its taxpayer-backed unit.
The House Agriculture Committee approved legislation in March to repeal Dodd-Frank's limits on taxpayer support for derivatives by a vote of [URL="http://www.huffingtonpost.com/2013/03/20/wall-street-deregulation-_n_2916795.html"]31 to 14[/URL]; and the bill passed the House Financial Services Committee two months later by a margin of [URL="http://www.huffingtonpost.com/2013/05/07/wall-street-bills-deregulation_n_3232693.html"]53 to 6[/URL]. Republican support in both committees was unanimous. Two of the bill's four original cosponsors are Democrats -- Reps. Jim Himes (D-Conn.) and Sean Patrick Maloney (D-N.Y.), and other Democrats, including Rep. David Scott (D-Ga.), have defended the bill in committee hearings.[/QUOTE]
[URL]http://www.huffingtonpost.com/2013/09/30/wall-street-deregulation_n_4018363.html[/URL]
Bipartisanship: Because nothing brings Democrats and Republicans together like spying on Americans or deregulating banks.
[editline]4th October 2013[/editline]
Are people rating this dumb because of the subject or something I did? I don't make threads very often and I hope I didn't fuck up :(
So America's about to give the go ahead to another financial cluster fuck?
[QUOTE=Raidyr;42403170][URL]http://www.huffingtonpost.com/2013/09/30/wall-street-deregulation_n_4018363.html[/URL]
Bipartisanship: Because nothing brings Democrats and Republicans together like spying on Americans or deregulating banks.
[editline]4th October 2013[/editline]
Are people rating this dumb because of the subject or something I did? I don't make threads very often and I hope I didn't fuck up :([/QUOTE]Unless the OP is truly terrible, dumb ratings are almost always a vote against what the article is about e.g. in this case, deregulation of the banks.
[QUOTE=Sgt Doom;42404190]Unless the OP is truly terrible, dumb ratings are almost always a vote against what the article is about e.g. in this case, deregulation of the banks.[/QUOTE]
This, nothing against you Raidyr.
[editline]4th October 2013[/editline]
Just against the government, for being fucking retards again.
Guys, just because the government is shut down doesn't mean you should start just shutting everything else down, like regulation on the financial industry.
[B]Especially[/B] regulation on the financial industry.
Honestly, it's like dealing with a younger sibling when they're at their peak rebellious-teen years.
[editline]4th October 2013[/editline]
Oh, you want a budget? Well, I don't want Obamacare on my budget. Well, what if I take most of it out for now and we talk about putting some of it back in later. That is too fair. You always do this! You alwa--MOM! You always do this! [B]Fine, try and get anything done without me.[/B]
[B][I]You'll be sorry![/I][/B] *door slam*
-GOP, 2013
[QUOTE=elixwhitetail;42404200]Guys, just because the government is shut down doesn't mean you should start just shutting everything else down, like regulation on the financial industry.
[B]Especially[/B] regulation on the financial industry.
Honestly, it's like dealing with a younger sibling when they're at their peak rebellious-teen years.
[editline]4th October 2013[/editline]
Oh, you want a budget? Well, I don't want Obamacare on my budget. Well, what if I take most of it out for now and we talk about putting some of it back in later. That is too fair. You always do this! You alwa--MOM! You always do this! [B]Fine, try and get anything done without me.[/B]
[B][I]You'll be sorry![/I][/B] *door slam*
-GOP, 2013[/QUOTE]
The possible deregulation isn't a consequence of the shutdown. It would come from two separate bills that seem to have Democrat and Republican support which means they will certainly pass and Obama isn't going to veto because, contrary to conservative propaganda, he loves the big banks.
[editline]4th October 2013[/editline]
Your analysis of the spending bill debacle is pretty spot on though :v:
the most amazing thing, is that the US economy crashing(again) will also fuckup the rest of the planet, wonderful.
but you see, free market, capitalism, job creators etc etc :v:.
[QUOTE=Wizards Court;42404520]but you see, free market, capitalism, job creators etc etc :v:.[/QUOTE]
What exactly is 'free market' about the [URL=http://www.motherjones.com/files/citigroup-side-by-side.png]politically-connected[/URL] getting special privileges from government?
Excellent, now I can read in Rolling Stones a few months from now about how the bankers hoodwinked another billion people out of their money.
[editline]5th October 2013[/editline]
[media]http://www.youtube.com/watch?v=-DT7bX-B1Mg[/media]
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