Posted on 06/09/2017 3:50:35 AM PDT by IBD editorial writer
Deregulation: Former FBI director James Comey's testimony before the Senate Intelligence Committee was the fixation of Washington on Thursday. But the big story was on the House side of Congress, which passed a bill to repeal the ruinous Dodd-Frank banking law.
The Financial Choice Act, approved in the House by a 233-to-186 vote (no Democrats voted for the bill), has generated almost zero attention. But it has the potential to be the most economically beneficial legislation Congress will consider this year.
Put simply, Dodd-Frank has been a complete failure. Signed into law by President Obama almost seven years ago in the wake of the financial crisis, this massive law was supposed to, in his words, "be good for the economy … foster innovation … stop taxpayer bailouts once and for all."
It has lived up to zero of those promises.
(Excerpt) Read more at investors.com ...
Bmk
Link at article: Don’t Reform the CFPB - Shut it Down
http://www.investors.com/politics/editorials/dont-reform-the-cfpb-shut-it-down/
“He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.” - list of grievances; Declaration of Independence
CONgre$$?
DEFUND socialist/totalitian collectives, foreign and domestic. DISMANTLE/DESTROY as necessary.
Dodd-Frank as never the way to go......Jim Cramer
Zero promises and the off the record comments I have garnered since it's enactment are interesting. Like the Commercial Banker who said it took them 2 years to get used to Sarb-Ox, and it would take them 10 for Dodd Frank. He hoped for a Romney victory, but oh well he had to move forward. Then their is the greater than Registered Principal who tells me no private email addresses, even if it for is an unrelated hobby and how they had access (FINRA) to all his financial transactions and called him on a vacation expense. He is a normal and a good guy, are you kidding me with behavior like this? And they knew Maddoff was a crook, and who's Senatorial district was he in and they did nothing? A whole industry suffered because of him?
If they are going to do anything, please staff and fund a SEC that is judicious....
“Unfortunately, Democrats in the Senate are determined to stop this bill in its tracks.”
Democrats are pure and simple the enemy. Literally.
The most important question that was ever proposed to your decision, or to the decision of any people under heaven, is before you, and you are to decide upon it by men of your own election, chosen specially for this purpose. If the constitution, offered to your acceptance, be a wise one, calculated to preserve the invaluable blessings of liberty, to secure the inestimable rights of mankind, and promote human happiness, then, if you accept it, you will lay a lasting foundation of happiness for millions yet unborn; generations to come will rise up and call you blessed. You may rejoice in the prospects of this vast extended continent becoming filled with freemen, who will assert the dignity of human nature. You may solace yourselves with the idea, that society, in this favoured land, will fast advance to the highest point of perfection; the human mind will expand in knowledge and virtue, and the golden age be, in some measure, realised. But if, on the other hand, this form of government contains principles that will lead to the subversion of liberty — if it tends to establish a despotism, or, what is worse, a tyrannic aristocracy; then, if you adopt it, this only remaining assylum for liberty will be shut up, and posterity will execrate your memory.
Momentous then is the question you have to determine, and you are called upon by every motive which should influence a noble and virtuous mind, to examine it well, and to make up a wise judgment. It is insisted, indeed, that this constitution must be received, be it ever so imperfect. If it has its defects, it is said, they can be best amended when they are experienced. But remember, when the people once part with power, they can seldom or never resume it again but by force. Many instances can be produced in which the people have voluntarily increased the powers of their rulers; but few, if any, in which rulers have willingly abridged their authority. This is a sufficient reason to induce you to be careful, in the first instance, how you deposit the powers of government.
So far therefore as its powers reach, all ideas of confederation are given up and lost. It is true this government is limited to certain objects, or to speak more properly, some small degree of power is still left to the states, but a little attention to the powers vested in the general government, will convince every candid man, that if it is capable of being executed, all that is reserved for the individual states must very soon be annihilated, except so far as they are barely necessary to the organization of the general government. The powers of the general legislature extend to every case that is of the least importance — there is nothing valuable to human nature, nothing dear to freemen, but what is within its power. It has authority to make laws which will affect the lives, the liberty, and property of every man in the United States; nor can the constitution or laws of any state, in any way prevent or impede the full and complete execution of every power given. The legislative power is competent to lay taxes, duties, imposts, and excises; — there is no limitation to this power…
And are by this clause invested with the power of making all laws, proper and necessary, for carrying all these into execution; and they may so exercise this power as entirely to annihilate all the state governments, and reduce this country to one single government. And if they may do it, it is pretty certain they will; for it will be found that the power retained by individual states, small as it is, will be a clog upon the wheels of the government of the United States; the latter therefore will be naturally inclined to remove it out of the way. Besides, it is a truth confirmed by the unerring experience of ages, that every man, and every body of men, invested with power, are ever disposed to increase it, and to acquire a superiority over every thing that stands in their way. This disposition, which is implanted in human nature, will operate in the federal legislature to lessen and ultimately to subvert the state authority, and having such advantages, will most certainly succeed, if the federal government succeeds at all.
In a free republic…
Brutus #1 - Anti-federalist
Icing on the cake. The end of the Russia Hoax, Comey’s career and Dodd/Frank all in one day. A bigly day for America.
Maybe the press scrambling toward a “nothing burger” is a good thing. Keeps them from messing up the REAL stuff.
bmrk
The Financial Choice Act, approved in the House by a 233-to-186 vote (no Democrats voted for the bill), has generated almost zero attention. But it has the potential to be the most economically beneficial legislation Congress will consider this year.
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BTTT
What the article fails to mention is in the long long term it will benefit the economy. In the near term it’ll be disastrous. Do you know how many financial banks hired thousands in compliance, risk, policy and regulatory positions at banks solely for this legislation?
Thousands will be unemployed .....thousands
I hope the Financial Choice Act includes the taxpayers’ choice to not bail out the still too big to fail banks during the next crash.
But it has to pass in the spinate. The place where good legislation goes to die.
Ah yes compliance, aka the Commission Retention Department...<?b>;-)</b> Seriously, yes they did staff of the bureaucracy, dead weight to any org.
It should be interesting to listen to the uniparty libertarians screeching on this vote. I know Pres Trump supports this but will it make it to his desk? I hope so.
Repeal the progressive Seventeenth Amendment.
Rather than to through all these efforts to oversee banks, why not just do away with the FDIC. Protecting consumers’ deposits in the event of a bank failure drives a lot of this regulation. Why not go back to a system of depositor beware?
...bring your errant Senators home and charge them with what they were sent there to do under the vision of the Founders. That is to protect the power, privilege, and Rights of the individual States.
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