The Banking Industry is getting DE-REGULATED with the assist of 16 Dem Senators
- Thread starter FAH1223
- Start date
Bipartisanship.
Berniewood Hogan
IT'S BERNIE SANDERS WITH A STEEL CHAIR!
Reaching across the aisle.
Pull Up the Roots
I have a good time when I go out of my mind..
Fact Sheet: The Senate’s Bipartisan Dodd-Frank Rollback Bill - Center for American Progress
Banking provisions
There's a lot more there highlighting how disastrous this rollback would be.
Banking provisions
- This bill raises the Dodd-Frank Wall Street Reform and Consumer Protection Act’s threshold for enhanced regulatory standards from $50 billion to $250 billion, meaning 25 of the 38 largest banks in the United States would no longer be subject to stronger capital and liquidity rules, enhanced risk management standards, living-will requirements, some stress testing requirements, and more.8 These rules are vital tools to protect the safety and soundness of banks and the stability of the financial sector.
- These 25 banks collectively hold $3.5 trillion in assets, or roughly one-sixth of the assets in the entire banking sector.9
- These banks took $47 billion in Troubled Asset Relief Program (TARP) bailout funds during the 2007–2008 financial crisis.10
- Even more stunning, the bill is not just about regional banks. The 25 banks deregulated include the U.S. holding companies of massive, scandal-plagued foreign banks—such as Deutsche Bank, BNP Paribas, UBS, and Credit Suisse—the last banks on earth that should be deregulated.11
- The bill also lowers the loss-absorbing capital cushions at two of the eight most systemically important banks in the United States, State Street Corp. and The Bank of New York Mellon Corp., which play a systemic role in the plumbing of the financial sector—holding a combined $60 trillion in assets under custody and administration.12 Lower capital cushions make these banks less resilient and more vulnerable to a financial shock.
- The bill exempts from the Volcker Rule all banks with less than $10 billion in assets that also have limited trading assets. That means these banks can engage in risky, speculative activities with taxpayer-insured deposits. Although most of these banks do not trade for their own profit, the bill would allow them to invest in hedge funds and private equity funds—putting local economies that depend on these banks at risk.
There's a lot more there highlighting how disastrous this rollback would be.
ogc163
Superstar
Is this supposed to be news? Both Dems and Republicans are backed by corporations.
Democracy is a system that will work right up until people realize they can vote themselves rich.
I stand by what I said in another thread, we do not live in a democracy but rather a corporate plutocracy.
Democracy is a system that will work right up until people realize they can vote themselves rich.
I stand by what I said in another thread, we do not live in a democracy but rather a corporate plutocracy.
A lot of regional banks will benefit.
The cap is being moved too high, but that's politics.
The cap is being moved too high, but that's politics.
when the democrats have the presidency and that president signs this bill, it's not good enough. now the senate is voting on removing these not good enough provisions. if the bill wasn't good enough in the first place why not gut it or get rid of it. i'm in support of removing everything that the purity police during the obama years told me wasn't good enough. they wanted this. all or nothing baby, incrementalism is for suckers.
i'm just tired of the same folks who bytch about the democrats when they produce the bills are acting like the bill they hated a few years ago is something that must be saved today.
52 republicans 13 democrats, both sides are the same, see these numbers prove it. so while the other 35 might not be technically "bad" on this issue they'll let you down on some other issue.
anyway, what people who frame issues that have the support of the republican caucus and 13 democrats as "13 democrats are ..." don't get is that if these are things you really care about then you would prefer these 13 democrats be the most conservative voters on a democratic bill and not the most liberal on a republican bill.
i'm just tired of the same folks who bytch about the democrats when they produce the bills are acting like the bill they hated a few years ago is something that must be saved today.
52 republicans 13 democrats, both sides are the same, see these numbers prove it. so while the other 35 might not be technically "bad" on this issue they'll let you down on some other issue.
anyway, what people who frame issues that have the support of the republican caucus and 13 democrats as "13 democrats are ..." don't get is that if these are things you really care about then you would prefer these 13 democrats be the most conservative voters on a democratic bill and not the most liberal on a republican bill.
Except BernardYo, between your thread and mine, goes to show can't trust nobody
Except Bernard
