Republicans target law enacted after 2008 financial meltdown

[Yo_Mama_Been_Loggin]

WASHINGTON — Republicans who eagerly awaited a GOP president so they could take a heavy knife to many of the regulatory requirements for banks, insurers and other financial institutions finally get their chance.

The House Financial Services Committee, led by Texas Rep. Jeb Hensarling, was to begin work Tuesday on legislation to largely undo the Dodd-Frank law, which Congress passed and Democratic President Barack Obama signed after the financial meltdown in 2008.

The GOP argues that the law hurts the economy by making it harder for consumers to get credit to buy a new house or a car, or for entrepreneurs to start or expand a small business. Hensarling has complained that banks are offering fewer credit cards and free checking accounts, while community banks report that compliance with Dodd-Frank’s regulatory burdens make it harder to provide more mortgages.

With Donald Trump in the White House, Republicans are counting on an ally for their effort.

Democrats fear that the changes would allow the kind of risky practices that crashed the economy.

http://www.heraldnet.com/news/republicans-target-law-enacted-after-2008-financial-meltdown/

[Amishman]

1. I worked for a regional bank and the bit about compliance burden is true

We need a streamlined regulatory process for small banks. Laws passed to curtail big bank misdeeds is a hard burden for little banks.