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Getbig Main Boards => Politics and Political Issues Board => Topic started by: gothorium on February 03, 2017, 05:39:57 PM
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http://www.latimes.com/business/la-fi-trump-fiduciary-dodd-frank-20170203-story.html (http://www.latimes.com/business/la-fi-trump-fiduciary-dodd-frank-20170203-story.html)
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AP BREAKING: House panel approves bill to undo much of Dodd-Frank law enacted after financial crisis.
https://twitter.com/AP/status/860163899458539520 (https://twitter.com/AP/status/860163899458539520)
“All banks have been under such regulatory scrutiny where they’ve been forced to literally build capital. Instead of lending capital ... to their clients and allowing them to grow their businesses and hire people and create jobs, they’ve been taking those reserves and taking that capital and hording it to meet the regulatory requirements and pay for additional regulations." - Gary Cohn
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WASHINGTON (AP) — The Latest on a bill that would repeal about 40 provisions of the Dodd-Frank financial regulatory law (all times local):
12:05 p.m.
A House panel has approved legislation that would undo much of the Dodd-Frank law enacted after the 2008 economic meltdown.
The bill cleared the Republican-led House Financial Services Committee by a vote of 34-26.
Republicans are arguing that the law passed under President Barack Obama is slowing economic growth because of the cost of compliance and by curbing lending.
Democrats warn the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.
The bill now goes to the full House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed.
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Deregulation worked so well last time. ::) Enjoy bailing out billionaires you lunk heads.