House passes sweeping legislation to roll back banking rules

[DonViejo]

Source: The Washington Post



By Renae Merle June 8 at 4:39 PM

The House on Thursday voted to free Wall Street from many of the strict constraints put in place after the 2008 financial crisis, the opening salvo in what is likely to be a protracted battle over deregulation of the powerful banking industry.

Big banks, from Goldman Sachs to Bank of America, would face less scrutiny and other large financial institutions, such as insurance giant MetLife, could escape tougher rules all together under the legislation approved along party lines.

The Trump administration backed the bill as part of a multi-pronged effort to ease banking regulations in order to spur economic growth. The legislation is likely to face stiff resistance in the Senate but it provides a roadmap of sorts for the policies the president plans to put in place as he appoints new regulators. Trump, who has complained about tight lending practices, has ordered three reviews of banking rules, the first of which Treasury Secretary Steven Mnuchin is set to deliver as soon as next week.

Democrats and progressive groups, who argue banks need more oversight, not less, are preparing to use the issue to animate supporters still angry that Wall Street banks have not paid a bigger price for the financial crisis. Many have expressed particular concern over a provision that would curtail the powers of the Consumer Financial Protection Bureau, and reduce its independence by having its director report to the president.

Read more: https://www.washingtonpost.com/news/wonk/wp/2017/06/08/house-to-vote-on-sweeping-rollback-of-banking-rules/

[BumRushDaShow]

1. I saw an article this morning that the House bill would be DOA in the Senate

where the Senate wanted to do smaller changes versus sweeping ones.

[Eliot Rosewater]

2. Finally, my friend who delivers water to local businesses, makes about $14 an hour

has been worried SICK that Wall Street would have to abide by regulations they dont like, and unless they were done away with my friend would suffer.



Now, to a rational person this is I N S A N E

but, they believe it

[still_one]

3. None of this is a surprise. They are doing exactly what they said they would. It will go to the

Senate now

Everything that happens is owned by the republicans. No excuses

[barbtries]

6. but so much suffering.

it does not have to be this way.

[still_one]

10. It will be diificult to see anything else until 2018

[barbtries]

11. you're probably right.

it makes me gasp sometimes when i ponder all the damage they will do in that time.

[cstanleytech]

12. Sometimes it has to happen so there can be growth as people are

often blind until they themselves suffer from their own blindness.
Look at Germany before WW2 and you will see the people made alot of the same mistakes and while it took decades and 2 major world wars to fix Germany eventually did do it.

[barbtries]

16. and the death toll from that war?

up to or more than 80 million people.

i swear it does not have to be this way. it will be, but not because it has to. because of fucking republicans and human stupidity, hatred and hubris.

[cstanleytech]

20. Unfortunately we are dealing with a large number of people and

based on history people often repeat the mistakes of the past.

[obamachangetheworld]

4. Yay, I miss the Great Recession...

It was really fun for my friends and family. /s

[cstanleytech]

13. You mean it ended? I missed the memo and so did my checking account. nt

[barbtries]

5. republicans

seriously suck beyond belief.

[Initech]

8. There's two guarantees in life:

1. Republicans suck.

2. Republicans suck.

[SergeStorms]

7. Sure, why not.......

let's give the Wall Street crooks another chance to drain the Treasury so they can make their billions. After all, some of these people had to go without bonuses for an entire year! And......there were others who used the taxpayers money to give themselves bonuses THAT SAME YEAR! Nice work if you can get it, and the RepubliCONS want to make sure they get it again, and again, and again.
Trump's supporters were SOOOOOO worried that "Hitlery" was going to let Wall Street run rampant all over again. I guess they showed HER, RIGHT?

The fucking GOP is TRYING to bankrupt this country! Between Trump cutting taxes for the wealthy, and the GOP in Congress giving them a brand NEW license to steal the taxpayer's money, they'll probably do it.

The GOP says these regulations are "stifling the economy". WHAT? I thought the economy had never been better under Trump's fine tuned economic machine? I thought Trump was adding so many jobs that there weren't enough people to fill them? Now they're saying the economy is "being stifled"?

Which one is it? They can't have it both ways! Fucking lying liars!

[cstanleytech]

14. What stifled it was and has been the Repugnants themselves as Obama and the Democrats

had plans to put millions to work with rebuilding our infrastructure but the Repugnants said no and instead they kept the money going to the varies corporations that are on the military welfare program.

[Binkie The Clown]

9. This won't spur growth, it will spur a speculative bubble.

And we know how that will end. It won't be pretty.

[Blue_Tires]

15. But what does white working class America think?

New Rule proposal: Anyone who ever again says "But there's no difference between either party!" during election season gets banned from DU and stuffed into a giant blender...

Link to tweet

[dalton99a]

19. Seconded.

[Turbineguy]

17. What's the point of electing republicans

if they don't give you an economic collapse?

Fuck America! Vote GOP!

[Lulu KC]

18. Doing all they can

before the boom is lowered. children

[salin]

21. Cheering on another economic meltdown that wipes out billions of workers savings?

Ignorant: won't try to learn about why the great recession happened (oops maybe our policies were major contributors = have to ignore). So let's reset those conditions and cheer on the next major meltdown! Money to be made by the Oligarchs!

Their disregard for the damage wrought by the great recession and how that has affected tens of millions of Americans, despicable. It is like inviting another round of ravaging middle and low income earners - wiping out any savings that have been clawed back.

[Blue_Tires]

22. LOL

Link to tweet

[RobinA]

23. Well, That's a Relief

and today the Commonwealth of PA basically axed its pension for new hires. The middle class has been getting sooooo uppity these days, what with being able to afford food after retirement and banks being forced to leave them a little something of their savings... Now if the whining complainers would stop raising a ruckus just because somebody with a ticket gets dragged off an airplane, the world will be a better place.