US House passes bill to roll back finance regulations

US House passes bill to roll back finance regulations”

One Republican voted against the measure.

There, Democratic Representative Rosa DeLauro demanded that acting CFTC chair J. Christopher Giancarlo, a Republican, provide three examples in writing to prove his statement that overregulation was hurting the economy. It would no longer be able to write major rules regulating consumer financial companies, such as debt collectors, without getting approval from Congress. Supporters have argued the regulations have become too burdensome and unfair.

The legislation is the brainchild of Texas congressman Jeb Hensarling.

President Trump has said that scheme would "encourage excessive risk taking" among banks. The bill passed today repeals "too big to fail, ' and makes taxpayer bailouts of Wall Street a thing of the past".

The bill is not expected to receive sufficient support in the Senate in its current form since Democrats have universally opposed it. They say it would return the country to the "regulatory Stone Age" and be a disaster for the US financial system. "As a result, community banks are not only making fewer loans to local job creators, they are closing their doors".

House Republicans are preparing to dismantle financial rules established under President Barack Obama that were created to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the Great Recession. Democrats disagree, claiming that Dodd-Frank is needed to prevent a repeat of the calamity that occurred during the previous year of the younger Bush's administration. It was meant to rein in the big banks, which many feared had grown out of control.

Hensarling, the Financial Services Committee chairman since 2013, has been the lead architect of the GOP's efforts to strip Dodd-Frank regulations.

"These are not the choices that the American people want", said Nancy Pelosi (D-Calif.), the House minority leader. It would also create a new bankruptcy code chapter to handle the failure of large, complicated financial institutions. Labor unions and others on the left have been much more critical of the proposal.

The financial crisis started in the subprime mortgage market before becoming a global economic disaster. The theory behind the law was that risky lending practices by the banks led to the financial collapse of 2008 that created the necessity to bail out the banks. The economy has improved significantly since the collapse, but there are still lingering issues.

"Our community banks are in trouble", said House Speaker Paul Ryan (R-Wis.) "They are being crushed by the costly rules imposed on them by the Dodd-Frank Act".

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