10 years after financial crisis, Senate prepares to roll back banking rules
10 replies, posted
[quote]The Senate is preparing to scale back the sweeping banking regulations passed after the 2008 financial crisis, with more than a dozen Democrats ready to give Republicans the votes they need to weaken one of President Barack Obama’s largest legislative achievements.
Congress’s appetite for pulling back bank regulations shows the renewed clout of the financial sector in Washington, not just in the GOP but also among Democrats. Eight years after nearly every Senate Democrat backed a sweeping set of new rules for financial firms large and small, the party is now split, with moderates, several of them facing tough midterm election contests, working with the opposing party. The core of the new bill exempts about two dozen financial companies with assets between $50 billion and $250 billion from the highest levels of scrutiny by the Federal Reserve, the nation’s central bank. Supporters argue that the legislation would bring much-needed relief to midsize and regional banks that were treated like their much larger counterparts under the 2010 legislation known as Dodd-Frank. Opponents say it would weaken the oversight needed to stave off the type of dangerous lending and investing that brought the U.S. economy to its knees.
The Senate is slated to take an initial procedural vote this week to move the measure forward, and if it eventually becomes law, [B]it would be the most substantial weakening of Dodd-Frank since it was passed[/B].
...
The GOP-led bill appears to have a clear path to becoming law. The level of Democratic support all but guarantees that the bill will have the 60 votes needed to pass the Senate, which will move toward debate on the legislation with a procedural vote set for Tuesday. And the Trump administration has been broadly supportive. The House has already passed legislation that would repeal larger chunks of Dodd-Frank, so proponents’ biggest remaining challenge may be to reconcile the House and Senate versions. Senate Democrats backing their version say they’ll resist any significant changes. Senate Minority Leader Charles E. Schumer (D-N.Y.), who represents Wall Street and is often motivated by the desire to protect his vulnerable red-state incumbents, opposes the bill, but he has taken a largely hands-off approach to the debate thus far. That a Wall Street regulatory rollback is possible is a testament to the financial sector’s improved standing on Capitol Hill — as well as to the lobbying muscle of local banks and credit unions present in every state.[/quote][URL="https://www.washingtonpost.com/business/economy/10-years-after-financial-crisis-senate-prepares-to-roll-back-banking-rules/2018/03/04/e6115438-1e37-11e8-9de1-147dd2df3829_story.html?utm_term=.78249ec57df2"]
https://www.washingtonpost.com/business/economy/10-years-after-financial-crisis-senate-prepares-to-roll-back-banking-rules/2018/03/04/e6115438-1e37-11e8-9de1-147dd2df3829_story.html?utm_term=.78249ec57df2[/URL]
fucking hell, lets just do it all over again
Yeah they know what this entails, they don't care. They're going to do it for more personal profit.
Is the US just going to go through an infinite cycle of financial crisis->new guy becomes president and things look hopeful->reforms pass->insane asshole becomes president-undoes everything to prevent a financial crisis?
[QUOTE]Eight years after nearly every Senate Democrat backed a sweeping set of new rules for financial firms large and small, the party is now split, with moderates, [B]several of them facing tough midterm election contests[/B], working with the opposing party[/QUOTE]
These dems are gonna get primaried the shit out of them, and I hope every single one of them loses to a progressive/Berniecrat
[QUOTE=TheBorealis;53177648]Is the US just going to go through an infinite cycle of financial crisis->new guy becomes president and things look hopeful->reforms pass->insane asshole becomes president-undoes everything to prevent a financial crisis?[/QUOTE]
Its not just trump and republicans. The democrats agree on it also, according to the article.
[QUOTE=Digivee;53177669]Its not just trump and republicans. The democrats agree on it also, according to the article.[/QUOTE]
12 out of 47, I'd imagine Schumer could get the whip to get them to vote against it, guess he doesn't care enough even though he will vote against it.
The Big Short 2 when?
For gods sake, this administration just wants to see the world burn
[QUOTE=xVENUSx;53177774]For gods sake, this administration just wants to see the world burn[/QUOTE]
I am almost convinced at this point that they are being paid off to do just that.
I'm sure another economic crisis is exactly what we need when we're currently in the middle of a constitutional one. Yeah, this is totally what the people want and need you worthless corrupt bureaucrats. Pieces of trash like this should be permanently barred from ANY position of power.
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