WASHINGTON (AP) — President Donald Trump is voicing his support for a House Republican vote to overturn many of the financial regulations set up after the 2008 financial crisis.
The House voted 233-186 Thursday without a single Democratic vote for a bill to undo much of the Dodd-Frank banking law. House Financial Services Committee chairman Jeb Hensarling of Texas says the bill would make it easier for consumers to borrow. Democrats say it would promote risky lending practices that could hurt the economy.
Trump said on Twitter Friday, “Congratulations to Jeb Hensarling & Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. GROWTH!”
It’s been a while since Dodd-Frank was enacted, but IIRC many of the most stringent regulations were placed on the mega-banks, not on the community lenders.
And how would repealing the Volcker Act, or the requirement that too-big-to-fail banks leave a “living will” that spells out an orderly dissolution in the event of their failure, benefit small banks? And how would gutting the Consumer Financial Protection Bureau benefit smaller banks?
And as far as the claim that Dodd-Frank proved a bottleneck to lending, figures have indicated that commercial lending has risen in recent years as the economy makes its slow recovery.
The fact that Paul Ryan has called this CHOICE bill a “jobs bill” proves that the Orwellian tendency of naming a bill the exact opposite of what it actually is remains intact.
Hat tip to @lestatdelc for his comment yesterday: let’s make the Great Recession greater!
This bill is kiss, kiss to wall street.
Trump naturally supports a bill intended to kill off safeguards preventing another 2008 financial meltdown. Yeah, Don the Con is a real populist.
Great. Let’s give the bankers free reign , so they can tank the economy again.
Frauds and shysters gotta help each other out.