May 17
The common narrative is that Republicans are evil and Democrats are weak. That's just not true.
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The common narrative is that Republicans are evil and Democrats are weak. That's just not true.
With the recent failure of two midsize banks, some Democrats have blamed deregulation championed by then-President Donald Trump in 2018. While the law did reduce oversight of small and midsize banks, experts are divided over whether deregulation in 2018 ultimately caused Signature and Silicon Valley Bank to collapse.
Latest move: Shutting down a CFPB online database of financial firms’ thievery
The Consumer Financial Protection Bureau, you’ll recall, is the independent government agency that the Dodd-Frank Act created in the wake of the Great Recession, to try to keep such abuses from happening again. Trump--who promised to dismantle Dodd-Frank so his friends could borrow more money more easily (and yes, he really said that, out loud and everything)--hates the CFPB so much that he has repeatedly sent the Department of Justice into court to argue that an independent federal agency that might possibly disagree with him or his policies is unconstitutional.
When the Director of the CFPB left, Trump kicked out the appointed Deputy Director who would normally have succeeded him, and instead appointed his good buddy Mick Mulvaney as the new “temporary” Acting Directory. Mulvaney probably hates the FCPB even more than Trump; he’s on record calling it a “sad, sick joke.” Among other things, Mulvaney has killed the CFPB rule that allowed injured consumers to bring class actions instead of being forced into individual arbitration; stripped enforcement powers from a CFPB unit responsible for pursuing discrimination cases; sided with payday lenders who sued the CFPB to block implementation of new industry regulations; explicitly asked Congress to curb the agency’s powers; and unilaterally fired the entire Consumer Advisory Board.
Now Mulvaney is planning to eliminate the CFPB’s online database tracking complaints about illegal fees, inaccurate debt collection, and the like. His explanation for keeping this information from the public:
“I don’t see anything in here that I have to run a Yelp for financial services sponsored by the federal government. I don’t see anything in here that says I have to make all of those public.”
No doubt this is completely unrelated to the fact that “Eight of the 10 financial institutions with the most complaints in the database made $82,500 in campaign contributions to Mulvaney with political action committees.”
The majority in the House of Representatives just betrayed working Americans by passing reckless banking legislation known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155). The only accurate part of the title is “regulatory relief,” in that it rolls back crucial regulations on the banking industry enacted after the 2008 financial crisis. It likely will provide little to no economic growth, and it does not protect consumers by any means. In fact, the bill will hurt consumers – especially working Americans saving for retirement.
The new legislation just passed by the House deregulates 25 of the largest 38 banks in the United States. This is a reversal of the 2010 Dodd-Frank law that sought to safeguard the public against the kind of bank failures which triggered the Great Recession.
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The GOP-led House approved legislation that scales back the massive set of Wall Street regulations created after the 2008 financial crisis. The Financial CHOICE Act faces dim prospects in the Senate.
“ ... "Dodd-Frank represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined," Hensarling told reporters Wednesday. "There is a better way: Economic growth for all; bank bailouts for none." ... “
“ ... Hensarling's nearly 600-page bill would defang Dodd-Frank by repealing the so-called Volcker Rule, which prevents government-insured banks from making risky bets with investments. It would also scrap a requirement that retirement advisers put their clients' interests ahead of their own, which goes into effect on Friday. ... “
“ ... Perhaps the biggest partisan flash point — the bill aims to scale back the authority of theConsumer Financial Protection Bureau, or CFBP, to regulate large banks and payday lenders. ... “
“ ... The CFPB was created under Dodd-Frank and designed to operate as an independent watchdog with a single director. Hensarling considers its structure to be undemocratic. ... “
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Why do Republicans insist in naming bills with tiles which are the Opposite of what the bill actually legislates?!
Phroyd
While Our Attention Was On James Comey, House Republicans Were Setting Us Up For Another Financial Crash (VIDEO)
While Our Attention Was On James Comey, House Republicans Were Setting Us Up For Another Financial Crash (VIDEO)
Thursday, while we were watching the shiny Comey testimony, the Republican-led House of Representatives was capitalizing on our distraction fomenting another 2008-style financial crash.
House Republicans voted Thursday to pass the “Financial CHOICE Act” that begins the repeal process for Dodd-Frank, a consequential set of Wall Street regulations President Barack Obama signed into law to help…
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Meanwhile... House Gov Doc: “The Financial CHOICE Act”
Note: There’s well enough to distract us, but this is too important to miss: The Financial CHOICE Act (H.R.10) would repeal and roll back: Dodd-Frank Wall Street Reform and Consumer Protection Act; shareholder rights; credit card, Credit Score and fair lending oversight; Consumer Financial Protection Bureau, and other key reforms enstated after the 2008 financial crisis.
Docs:
H.R.10: The Financial CHOICE Act , H.R.10
Legislative Text (589 pp.)
Committee Reports
All Actions
Markup
Video of Markup Session
House Financial Services Committee (Majority/Republican): The Financial CHOICE Act
House Fiinancial Services Committee (Minority/Democrat)
CBO Score
GAO: Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
via The Hill (more Hill Coverage)
Among its provisions, The Finacial CHOICE Act:
revokes the financial regulations passed under President Obama after the 2008 financial crisis, removing the power through which the federal government can label a bank “too big to fail,” and disassemble it before it collapses and triggers another crisis.
allows banks to opt out of Dodd-Frank if they hold enough cash, and it would limit federal stress tests of major banks to every two years.
replaces Dodd-Frank’s Orderly Liquidation Authority with a special bankruptcy process that aims to insulate the financial markets from a failing bank’s fallout.
places major restraints on the Consumer Financial Protection Bureau (CFPB), an agency created by Dodd-Frank, which currently has expansive power to crack down on “unlawful and abusive [financial and/or consumer] practices,” can propose regulations on the financial industry and is funded through the Federal Reserve. .... It renames CFPB the “Consumer Law Enforcement Agency” and reduces its power to enforce pre-existing consumer protection laws. Its sole director would be removable at will by the president, and its budget would be controlled by Congress through the traditional appropriations process.