Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
60% of Americans have less than $400 in savings, but let's "fix" Dodd Frank.
Yet, 16 Democrats voted to loosen Dodd Frank for banks up to $250 billion in assets, you know, small banks. Who does this bill favor? Who does this bill protect?
The Senate passed on Wednesday legislation sponsored by Senate Banking Committee Chair Mike Crapo (R-ID) that would rewrite parts of the 2010 Dodd-Frank Act, the landmark financial regulation overhaul enacted in response to the 2008 financial crisis. The bill cleared the Senate with ease, 67 to 31, earning support from 16 Democrats and Sen. Angus King (I-ME) in addition to 50 Republicans.
The Senate bill would adjust the size at which banks are subject to certain regulatory scrutiny and exempt small banks from some requirements for loans, mortgages, and trading, among other measures.
The Dodd-Frank bill, which was passed in 2010 in response to the financial crisis, aimed to decrease various risks across the financial system and increase regulatory oversight to prevent such a meltdown from happening again. Republicans have wanted to unravel Dodd-Frank essentially since it became law, and President Donald Trump vowed to “do a big number” on it soon after taking office.
snip
The Financial Times pointed out that banks that stand to benefit from the legislation — namely, those with assets within sight of the $50 billion range — appear to have increased donations to Senate Democrats who support the bill. Individuals connected to Signature Bank, a regional bank, have donated $112,000 to senators so far in the 2017-’18 election cycle, eight times as much as it did during the entire 2015-’16 election cycle. Sens. Heitkamp and Donnelly, two of the bill’s co-sponsors, have been the biggest recipients of the Signature-linked Democratic donations.
The Senate bill would adjust the size at which banks are subject to certain regulatory scrutiny and exempt small banks from some requirements for loans, mortgages, and trading, among other measures.
The Dodd-Frank bill, which was passed in 2010 in response to the financial crisis, aimed to decrease various risks across the financial system and increase regulatory oversight to prevent such a meltdown from happening again. Republicans have wanted to unravel Dodd-Frank essentially since it became law, and President Donald Trump vowed to “do a big number” on it soon after taking office.
snip
The Financial Times pointed out that banks that stand to benefit from the legislation — namely, those with assets within sight of the $50 billion range — appear to have increased donations to Senate Democrats who support the bill. Individuals connected to Signature Bank, a regional bank, have donated $112,000 to senators so far in the 2017-’18 election cycle, eight times as much as it did during the entire 2015-’16 election cycle. Sens. Heitkamp and Donnelly, two of the bill’s co-sponsors, have been the biggest recipients of the Signature-linked Democratic donations.
Oh, one more "little" thing:
Frank also criticized a provision in the bill that he said weakens anti-discrimination standards in housing by raising the number of loans a bank can make before it’s required to report on the issue. Another provision that he singled out allows foreign megabanks, such as Deutsche Bank and HSBC, to put their American assets into a separate holding company to avoid US regulatory scrutiny.
Why would Democrats vote for this??????
Elizabeth Warren (D-MA).. "“Republicans AND Democrats are gutting the rules on Wall Street,” she declared. I agree with Senator Warren. My own Democratic Senator Bennet co sponsored and voted for this bill. I've called and written begging him to remember 2008, but I honestly have to wonder if Democrats who supported this understand the massive income inequality and the housing discrimination that still exists in America today and how much banks have contributed to this sorry state of affairs.
Clearly 46% of eligible American voters are so disaffected and forgotten, they don't even bother to vote and "bipartisan" bills that only favor the rich aren't helping to change that reality. There is crushing poverty in America and it's growing, but let's loosen banking regulatons.
More at link.. https://www.vox.com/policy-and-politics/2018/3/6/17081508/senate-banking-bill-crapo-regulation
16 replies
= new reply since forum marked as read
= new reply since forum marked as read
I thought they explained it pretty well in that movie. Bank regulations were there for a reason. Once they're gone, it's like the Wild West all over again. Except we're the innocent bystanders who get killed in the first reel.
