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With Democratic support, Senate eyes rollback of banking law [Dodd-Frank]
Associated Press ^ | Mar 6, 2018 12:18 AM EST | Kevin Freking

Posted on 03/06/2018 5:30:56 AM PST by Olog-hai

Ten years after a financial crisis rocked the nation’s 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 it’s 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 nation’s 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 won’t create chaos in the financial system. …

(Excerpt) Read more at apnews.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: bipartisan; doddfrank; rollback; toobigtofail

1 posted on 03/06/2018 5:30:56 AM PST by Olog-hai
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To: Olog-hai

Safeguards? They took over the banking industry and stopped loans to individuals.


2 posted on 03/06/2018 5:36:07 AM PST by bray (Pray for President Trump)
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To: Olog-hai

Repeal the damn thing already......


3 posted on 03/06/2018 5:36:56 AM PST by cincinnati65
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To: Olog-hai

Dodd Frank, written by two of the architects of the global financial crisis.

Get rid of FATCA too.


4 posted on 03/06/2018 5:37:45 AM PST by mindburglar (I have an above average brain stem)
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To: mindburglar

Some of the safeguards” F’n AP


5 posted on 03/06/2018 5:43:03 AM PST by gibsonguy
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To: gibsonguy

“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.


6 posted on 03/06/2018 5:45:48 AM PST by EQAndyBuzz (What is a Blue City? First world cities run by third world politicians.)
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To: cincinnati65

Politics is the art of the possible

That which can collect 60 votes is possible


7 posted on 03/06/2018 5:49:26 AM PST by Thibodeaux (The FISA judge is corrupt)
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To: EQAndyBuzz

Wall Street Democrats..................Chuckie Schemer is probably the biggest one............


8 posted on 03/06/2018 6:24:45 AM PST by Red Badger (The people who call Trump a tyrant are the same people who want the president to confiscate weapons.)
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To: Thibodeaux; cincinnati65

>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.


9 posted on 03/06/2018 6:39:17 AM PST by i_robot73 (One could not count the number of *solutions*, if only govt followed\enforced the Constitution.)
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To: bray

“Ten years after a financial crisis rocked the nation’s 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.


10 posted on 03/06/2018 7:01:49 AM PST by Wuli (qu)
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To: Olog-hai

I would really like to see the Senate’s eyes roll back. Then they could all just keel over to make it even better.


11 posted on 03/06/2018 8:24:03 AM PST by euram
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