Economy

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".



Like this

Latest


15 June 2017
Anti-corruption rallies by the opposition end in many arrests in Russian Federation
We watched as the riot police pushed the protestors back - while snatch squads dove into the crowd to grab the organisers. More than 150 people were taken to police stations for " breaching public order ", the statement added.

15 June 2017
Qld Maroons name team for 2017 State of Origin 2
However, the axing of Maroons winger Corey Oates had been a tough decision, according to Mogg. Interchange: Michael Morgan, Coen Hess , Jarrod Wallace , Tim Glasby .

15 June 2017
London fire: Residents killed, dozens injured in 'horrific' Grenfell Tower blaze
The service was using drones to help assess the integrity of the building, so the fire service could plan its next steps, he said. Ubah Yusuf said she and her neighbors, who lived close to Grenfell, would ask their building manager about their own tower block.

15 June 2017
Nintendo Shares New Trailer For "Super Mario Odyssey"
For more news on Super Mario Odyssey , and everything else Nintendo announces at E3, stay tuned to Nintendo World Report. The adorable title looks like it was inspired by Yoshi's Woolly World , first appeared on the Wii U .

15 June 2017
Virginia Shooter Fired at Three Texas Congressman
Paulsen rooms with Scalise and said he would have been on the field but for an earlier commitment to take constituents on a tour. He said the congressman dragged himself 10 to 15 yards into the outfield to get further away from the gunman.

15 June 2017
Gunman dead after shooting top Republican politician at baseball practice
He said he was "sickened by this despicable act". "Many have been shot , but a lot like me got bloody running for cover", he said. The Washington Post , quoting unnamed law enforcement officials, identified him as James Hodgkinson, 66, of Belleville, Illinois.

15 June 2017
British shock: PM May's election gamble appears to backfire
They sent a wave of anxiety through Britain and forced May to defend the government's record on fighting terrorism. Despite a prior promise not to do so, she called for a vote three years early .

15 June 2017
Milan's move for Diego Costa will surely leave Celtic with mixed emotions
Last summer, Costa was linked with a move away from Chelsea , and the prevailing narrative was a return to Atletico Madrid . Diego Costa's recent admission that Chelsea boss Antonio Conte no longer wants him at the club caused a stir.

15 June 2017
Iran Says It Killed Mastermind Of Deadly Attacks On Parliament And Mausoleum
Alavi reportedly did not provide the "mastermind's" identity to offer any evidence, saying the suspect was "sent to hell". At least 41 ISIS suspects have been arrested since the attacks, according to Intelligence Minister Mahmoud Alavi.

15 June 2017
La Decima: Rafa Nadal's 10th French Open Title in Numbers
He has never lost any French open final and he is the first victor to have 10 Grand Slam singles titles for the same tournament. And should he remain fit and healthy, expect to see him crowned as the world's best player once again.



Recommended