HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » U.S. House banking chairm...

Thu Apr 20, 2017, 12:51 AM

U.S. House banking chairman unveils Dodd-Frank replacement

Source: MSN/Reuters

The 2010 Dodd-Frank law established strict rules on the financial sector to prevent a repeat of the 2008 financial crisis. Republicans like Hensarling, as well as President Donald Trump, believe the regulations put an undue burden on businesses and have held back the economy by restricting lending. But Hensarling's ambitious approach, which would eliminate huge portions of Dodd-Frank, faces an uncertain political future beyond the House. At least eight Democrats would need to support a financial reform bill in the Senate for it to pass, and the major changes proposed by Hensarling are not expected by industry experts to garner that type of support.

Instead, the Senate is expected to take a slower, piecemeal approach to revisiting financial rules, with a focus on changes that could garner bipartisan support.

Hensarling's bill would make a host of changes to financial rules in the United States. For example, banks could significantly increase the amount of capital they hold, and in turn no longer have to adhere to a host of existing Dodd-Frank rules.

Hensarling's bill also severely restricts the power of the Consumer Financial Protection Bureau, while bringing it under much stricter oversight by Congress. The measure is likely to be met with strict opposition by Democrats in Congress.

Read more: http://www.msn.com/en-us/news/politics/us-house-banking-chairman-unveils-dodd-frank-replacement/ar-BBA3A6K


I guess it is a good thing that Trump repeatedly attacked big business and banks and promised to drain the swamp. Democrats should follow his populist example.

4 replies, 5778 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply U.S. House banking chairman unveils Dodd-Frank replacement (Original post)
TomCADem Apr 20 OP
JCanete Apr 20 #1
whistler162 Apr 20 #3
JCanete Apr 20 #4
Hortensis Apr 20 #2

Response to TomCADem (Original post)

Thu Apr 20, 2017, 02:07 AM

1. why do they call this a replacement? this is absence of legislation. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JCanete (Reply #1)

Thu Apr 20, 2017, 08:41 AM

3. 'cause HR666 - Sc**w the small investor/saver again

doesn't sound as good?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to whistler162 (Reply #3)

Thu Apr 20, 2017, 05:56 PM

4. hehehe, I think it has a ring to it. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TomCADem (Original post)

Thu Apr 20, 2017, 06:00 AM

2. I've read that bankers have tempered their expectations

from the initial excitement when Rump was elected. Poor things. Dodd-Frank is "hampering their growth."

On the bright side, expectations for slackened oversight, until they finally get rid of it, remain undimmed.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread