House passes bill to dismantle Dodd-Frank

House passes bill to dismantle Dodd-Frank

The House of Representatives voted Thursday for a bill that would dismantle many of the laws that regulate Wall Street, a major legislative step in the Republicans’ deregulation efforts that worry consumer advocates.

The Financial CHOICE Act proposes to scrap much of the landmark Dodd-Frank Act, which was enacted in 2010 in the wake of the financial crisis and outlawed some of the riskiest behaviors of banks and financial service companies. The bill passed 233-186, with all Democrats voting against it.

The bill proposes to defang a consumer financial protection agency created by Dodd-Frank, eliminate liquidity requirements for large banks and remove a rule that prohibits banks from investing in risky securities using clients' money.

Repeal the Volcker Rule. The bill seeks to eliminate the so-called Volcker Rule, which prevents banks from using customer deposits to conduct "proprietary" trading, or trading of speculative securities for banks' benefit. The rule was included in Dodd-Frank as a direct response to the rampant trading of derivatives that contributed to the financial crisis.

Eliminate fiduciary rule. The bill proposes to erase the Labor Department’s fiduciary rule, which requires financial advisers working with retirement account holders to act in the best interest of their clients. The rule, which was drafted by the Obama administration, partly goes into effect Friday.

https://www.usatoday.com/story/money/2017/06/08/house-passes-bill-dismantle-dodd-frank/102643024/

Oh goody goody gumdrops and there is so much more at the link. What have Republicans done over the last few decades for anyone besides the banksters and the elites? Now they have a dolt in The White House to further screw the average Americans up the wazoo.

 

Oh, so back to the Bill Clinton rules...

 

https://www.google.com/amp/s/www.bl...2016-09-20/let-s-think-again-about-dodd-frank

 

LOL says the person who thinks Comey's testimony was good for the left.

Still loving this!

 

Yes I forgot you liberals aren't competent enough to manage your own money that you need daddy government to do it for you
If you don't trust a bank to what you deposited in the bank not make an investment to what you conceder undo risk then don't put it in that bank put it in a CD or a credit union, personally invest your own money. or you can stuff your mattress with it
also there is no risk to you your money is federally insured you wont lose a dam dime if the bank makes a bad investment decision

 

Dodd Frank was not a good bill anyway. It never addressed the issues anyhow, which STEM from the government pushing banks to loan to everyone to buy homes (a Bush policy pushed by Democrats in the house and senate, btw.) It hardly did anything to stop the banks from ruining the economy anyway.

I disagree with the fiduciary responsibility act being removed. That's a giant bone thrown by Trump to his rich elitist friends and is total ****ing bullshit.

 

Say what you will about over regulation and whatnot, but I don't see a world where the fiduciary thing isn't a good thing. I'd prefer my investment managers have my interests in mind when they handle my money. There's a lot of shadiness in that world. I don't think it's a bad thing to shine some light on it.

 

you must have missed this

Yes I forgot you liberals aren't competent enough to manage your own money that you need daddy government to do it for you
If you don't trust a bank what you deposited in that bank not make an investment what you conceder an undo risk then don't put it in that bank put it in a CD or a credit union, personally invest your own money. or you can stuff your mattress with it
also there is no risk to you your money is federally insured you wont lose a dam dime if the bank makes a bad investment decision

 

And yet, despite the deplorable economic policies of our president, the ACLU, DNC, Obama, Clinton, and Sanders are getting rich. Fundraising records smashed. Historic speakers fees collected. Multi-million dollar book deals signed. It'll trickle down to the lowly DNC voter I'm sure. DNC campaign staffers make $12 phr. no benefits. The party elites will share the wealth ... right?

 

The vast majority of people, regardless of political persuasion, don't have the skills or expertise to enter their money into the markets. That's why there is such a huge industry based around doing it for them. These businesses are filled with people that have studied and gotten degrees in finance. It's not a simple process. I'm not saying no one can be self taught, but the majority aren't, and protecting large swathes of the population from dishonest practices should be a function of the government.

 

Dodd Frank solved none of the issues associated with the housing bubble and financial crisis. It's provisions are responsible for the pathetic US gdp growth of 1% (adjusted for inflation and population growth) of the Obama Presidency. Repeal will be a stimulus to the economy and impose no significant risk. The Volcker Rule was and is not an issue and the fiduciary rule is ridiculous. Both were enacted to give more gov control which is what caused the problems in the first place.

 

Good. That POS legislative needed to go a long time ago. It is one of the reasons why the econonmy crashed in 08/09

 

Private citizens making money off of notoriety is nothing new. There's plenty of liberal celebrities that I don't begrudge for being rich. Seems you shouldn't either, you're a capitalist aren't you?

 

You're claiming Dodd-Frank caused the crash in 08'?

 

who said anything about corruption? bank making a risky investment one that yields a higher rate of return is just that. Now laws were broken and with the bank making higher yield investments can then pay you a higher interest on what you put in the bank but if you don't trust the bank to make investment decisions with your money don't put it in that bank but like I said your aren't competent enough to make that decision and want daddy government to protect you from your own incompetence
but that doesn't even matter because i will repeat there is no risk to you your money is federally insured you wont lose a dam dime if the bank makes a bad investment decision

 

It's fine. But they shouldn't turn around and complain how the rich are fleecing us. They are the rich. So are they saying they are fleecing us? Or are they the special rich? The ever so special democrat rich people who are so altruistic all the time.

Naw, they are just hypocrites. All of them, right and left.

 

It was a major contributor to it.

 

what caused the crash was another liberal bright idea called the fair housing act forcing banks to make sub prime loans to minorities ones that wouldn't normally qualify for a home loan and when to many of those loans defaulted it created domino effect in the market

 

Dodd-Frank has lead to a THIRD of community banks going out of business. Why do you want only big mega banks to exist? Over 80% of small business lending comes from community banks. Over 80% of workers work at small businesses. Why do you hate economic growth and jobs?

I'm just amazed that people still think Dodd-Frank was written to help the little guy. This bill was written by the mega banks to benefit themselves. Everyone USED to know that, which is why both Dodd and Frank didn't even run for re-elections, due to the backlash.

 

Where's my criticism of wealth? I simply point out that there's a tinge of hypocrisy being exuded by persons reaping benefits from current economic policies.

 

and that is why you have The Federal Deposit Insurance Corporation (FDIC)

 

Trump fans hate the USA and they despise patriotic Americans that actually want the country to thrive and prosper. There are more Russian trolls and bots than we realize on these Internet forums because there is no other way to explain their constant desire for wanting the USA and its average citizens to fail...both financially and healthwise.

 

So since my post was deleted, I'll simply say: RepliCON scumbags are invested with their rich overseers to screw regular americans so the "Firm" can earn a few more bucks to reinvest in their own well being.

****. That. It's a charade and this anti-fiduciary duty is absolutely insane.

 

You are spewing the same class warfare propaganda rhetoric that put communist in charge that got Hugo Chavez elected in Venezuela
so tell me how well did that work out for those countries?

 

Was it?
https://www.thebalance.com/stock-market-crash-of-2008-3305535
This article gives a pretty detailed breakdown of the timeline and causes. Doesn't say anything about Dodd-Frank. Sure you know what you're talking about? Oh, and Dodd-Frank wasn't enacted till July 21st, 2010.