Posted on 03/06/2018 5:30:56 AM PST by Olog-hai
Ten years after a financial crisis rocked the nations economy, the Senate is poised to pass legislation that would roll back some of the safeguards Congress put into place to prevent a relapse.
The move to alter some key aspects of the Dodd-Frank law has overwhelming Republican support and enough Democratic backing that its expected to gain the 60 votes necessary to clear the Senate. Several Democratic lawmakers facing tough re-election races this year have broken ranks with Minority Leader Chuck Schumer, D-N.Y. and Sen. Elizabeth Warren, D-Mass.
The legislation would increase the threshold at which banks are considered too big to fail. Such banks are subject to stricter capital and planning requirements, and lawmakers are intent on providing them relief in hopes that it will boost lending and the economy.
Banks have long complained about the cost of complying with the many requirements of Dodd-Frank. Under the Senate bill, some of the nations biggest banks would no longer have to undergo an annual stress test conducted by the Federal Reserve. The test assesses whether a bank has enough capital to survive an economic shock and continue lending. Dozens of banks would also be exempted from making plans called living wills that spell out how the bank will sell off assets or be liquidated in a way that wont create chaos in the financial system.
(Excerpt) Read more at apnews.com ...
Safeguards? They took over the banking industry and stopped loans to individuals.
Repeal the damn thing already......
Dodd Frank, written by two of the architects of the global financial crisis.
Get rid of FATCA too.
Some of the safeguards Fn AP
“Several Democratic lawmakers facing tough re-election races this year have broken ranks with Minority Leader Chuck Schumer, D-N.Y. and Sen. Elizabeth Warren, D-Mass.”
In other words, Schumer is letting them vote this way because the media can easily cover up the “bi-partisan” support and blame Republicans if this goes awry.
Politics is the art of the possible
That which can collect 60 votes is possible
Wall Street Democrats..................Chuckie Schemer is probably the biggest one............
>That which can collect 60 votes is possible
Such an arbitrary cop-out. We’ve seen the back-room deals and arm-twisting when it’s something THEY wish to push through. Maybe they should focus on that which they have authority and are Constitutionally authorized...
But, you are correct, We need to elect those that will do the job for which they were ELECTED.
“Ten years after a financial crisis rocked the nations economy, the Senate is poised to pass legislation that would roll back some of the safeguards Congress put into place to prevent a relapse.”
The AP has decided that merely being described by the Frank-Dodd promoters as “safeguards” makes them so.
In reality, the financial regulatory system had all the regulation it needed to prevent the financial crisis of 2008. It - the financial regulatory system - failed to act because it failed to act, and not because it lacked the legal means to act.
The Frank-Dodd law was 100% an act of Progressives “never letting a good crisis go to waste”, with which to pretend a crisis was being addressed, when all that was at work as massing more unnecessary powers.
I would really like to see the Senate’s eyes roll back. Then they could all just keel over to make it even better.
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