It’s been a while since Dodd-Frank was enacted, but IIRC many of the most stringent regulations were placed on the mega-banks, not on the community lenders.
And how would repealing the Volcker Act, or the requirement that too-big-to-fail banks leave a “living will” that spells out an orderly dissolution in the event of their failure, benefit small banks? And how would gutting the Consumer Financial Protection Bureau benefit smaller banks?
And as far as the claim that Dodd-Frank proved a bottleneck to lending, figures have indicated that commercial lending has risen in recent years as the economy makes its slow recovery.
The fact that Paul Ryan has called this CHOICE bill a “jobs bill” proves that the Orwellian tendency of naming a bill the exact opposite of what it actually is remains intact.
Hat tip to @lestatdelc for his comment yesterday: let’s make the Great Recession greater!
This bill is kiss, kiss to wall street.
Trump naturally supports a bill intended to kill off safeguards preventing another 2008 financial meltdown. Yeah, Don the Con is a real populist.
Great. Let’s give the bankers free reign , so they can tank the economy again.
Frauds and shysters gotta help each other out.
All con men need marks.
Oh, ye of little faith. The invisible hand of the market place will correct any missteps by the barons of laissez faire capitalism. Usually right after they’ve moved all their ill gotten gains to safe off shore accounts.
Two red ones to the forehead?
Frank Luntz lives!
I don’t know whether this is part of the repeal-everything-Obama-did rampage or just the fact that good government per se is an abomination to the current GOP.
And, of course, once again trump’s base, the small-business tribal republicans, will get clobbered by all this as the big banks take them for all they’re worth.
Wowie Zowie - let’s have another Republican led economic meltdown!
t is almost as if they realized that some other people made a whole lot of money off of other people’s pain (isn’t on sitting on Trump’s Cabinet, now?) - and they want to reset the conditions so that they will be poised to be the vultures this time around.
Yea, that’s the ticket. Let’s all go back to the 1929 free-for-all. America really benefited from that, right?
NO wonder Paul Ryan is a Trump enabler, he wants ALL he can get from him. I’m so sure that stripping this bill will help people borrow money from banks easier…just like it happened before the last financial meltdown. Republican are crooks and their followers are DUMB…
Corporate wefare and entitlements are the homes average people live in and the ability sell once again bad debt in bundles. Yeah, we got your making it easier for high-risk money lending . SOB’s.
Barney Frank has said that there are, eg, community banks whose lawyers are so hyper-cautious (or simply ignorant) that they’re making them comply with requirements that don’t actually apply to them, so – as with any major legislation – tweaks to clarify such things would be perfectly reasonable. But of course today’s GOP would rather exploit such misunderstandings in the service of short-sighted greed, ideology and partisanship than govern productively, especially if that would be a tacit admission that Democrats know what they’re doing.
Reality is a poor guide for what works and what doesn’t.
What truly matters is how shiny and sparkly GOP “theory” glitters in Power Point.
And, believe me, this reckless, free-for-all, wild-west blueprint for looting looks terrific on paper – the best!
That Republican economics caused the Global Recession and untold human suffering to this very day?
Well…if it’s good enough to cut billionaire taxes, then it’s good enough for me.
Let the banking institutions fail again and let the American people bail them out, AGAIN. Just like under Bush.
Trump Tweets Support For Banking Bill To Dismantle Financial Regulations
Trump: With these changes, maybe I won’t have to go all the way to Russia to get loans. MAGA: Make America safe for Graft Again.
And just when the number of foreclosures was slowing down, too.
“Congratulations to Jeb Hensarling & Republicans on successful House
vote to repeal major parts of the 2010 Dodd-Frank financial law.
GROWTH!”
I think he means: “LARCENY!”