House to vote on sweeping rollback of banking rules
House to vote on sweeping rollback of banking rules
10 Junio, 2017, 09:22
In a transparently partisan vote today, the House passed the 2017 Financial CHOICE Act (commonly referred to as "CHOICE Act 2.0"), leaving the future of the bill to be determined by the Senate.
The bill now heads to the Senate where it is unlikely to be passed, as the Republican majority is too slim to overcome a filibuster by Democrats. Its journey through the Senate, however, is expected to be much more hard, with Democrats keen to curtail any attempts to soften regulation of financial services.
The bill's most important provision would allow banks the sensible choice to maintain substantial equity capital in exchange for a reduction in onerous and intrusive regulation.
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This rule, which bars the biggest banks from trading for their own profit, would be repealed.
The CHOICE Act would shield some financial institutions from Dodd-Frank restrictions that limit risk-taking - which was a major factor in the mortgage industry collapse that preceded the financial crisis and Great Recession.
"Dodd-Frank regulations disproportionately burden small companies and prevent them from competing", he said. One Republican voted against the measure. It would give banks that reach certain cash thresholds an off-ramp from Dodd-Frank, reduce the frequency of federal stress tests and restrain oversight powers of several federal agencies that the 2010 law expanded.
Dodd-Frank mandated the FIO to monitor the insurance industry, assist in administering the terrorism risk insurance programme, and coordinate federal involvement and policy making on worldwide insurance matters and negotiations.
The bill overhauling bank rules, which is sponsored by House Financial Services Committee Chairman Jeb Hensarling, represents Republicans' most aggressive effort to ease strictures that the president blames for stifling lending and economic growth. Dodd-Frank has done just the opposite and was one of the worst pieces of legislation from the Obama era.
Fourteen of California's 53 representatives in the House voted against the bill, helping it pass the House with 233 votes in favor and 186 dissenting votes.
"But what has happened is we've seen a tremendous concentration among the big banks", Rothfus said.
"The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street. They put it into a mandatory bucket of spending", Reed said.
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Or they could leave the 2010 regulatory reform law intact and put the onus on regulators, like the Federal Reserve and the Federal Deposit Insurance Corp., to rewrite some of the rules.
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