GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

[UpInArms]

Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: https://www.washingtonpost.com/news/wonk/wp/2017/02/09/gop-preparing-plan-to-gut-consumer-finance-protection-bureau-roll-back-wall-street-reform/

[tenorly]

1. The best gummint money can buy.

[Eliot Rosewater]

2. This is what Walmart greeters wanted, they dont think they need

protection.

I am making a generalization of the working people who vote against their own literal survival.

[pangaia]

3. Steal from SS. Gut Medicare.. make protesting a federal offense,

jail reporters, help turn the planet into a huge wasteland, crash the entire economy......

[IronLionZion]

5. But there's no difference between the parties

I heard it here on DU!

[Ilsa]

4. I feel for people like Sen. Warren, Obama, etc,

watching their heart's work getting kicked around or even thrown out.

[DFW]

6. Prospective Democratic candidates take note, please:

Since history seems destined to repeat itself, NEXT time, when , despite all their voter disenfranchisement, the discredited Republican regime can't hold onto the government, due to their gross mismanagement and corruption, and we have a majority in the Senate and the House.............

IT'S ALL ON THE TABLE!!!!!!!!!!!!!!

If they've done illegal acts, prosecute them and let them serve their sentences in full. If it's good enough for Don Siegelman, it sure as hell is good enough for Conway, Bannon, Chaffetz, McConnell, the Trump Cabinet members and the Trump family members, too.

If they can "investigate" Hillary for offenses made up out of thin air, surely we can prosecute them for offenses thoroughly documented, the pursuit of which was only hindered by a newly appointed Attorney General who thinks that IOKIYAR is one of the Amendments to the Constitution.

[gademocrat7]

13. Absolutely agree with you.

[Mc Mike]

7. Let's 'ease' regulations on the corrupt vampirish banks. What could go wrong?

Brain dead drumpf fans nod their heads in agreement.

[kimbutgar]

8. If it was two black men they have been shot immediately no waning like those two bozos had

[Bayard]

9. I've talked to the Bureau a couple times

They are very helpful. Which is why the Rethugs want them gone.

[Matthew28]

10. Man, get ready for another massive recession or depression. This is really stupid.

[TeamPooka]

11. The next person that tells me "both parties are the same" is gonna get a punch in the head.nt

[JudyM]

12. We have to somehow find a way to communicate this far more effectively than we have.

The message is not getting through.

[titaniumsalute]

14. How about those Hillary speeches to Gold Sachs?