What's in the Senate Financial-Regulation Bill
- Author: Sonia Alvarado Mar 10, 2018,
Mar 10, 2018, 0:43
The Massachusetts Democrat, who worked with the Obama administration on banking industry regulations after the 2008 financial meltdown, raised concerns about how the legislation could impact us consumers and the economy during a Capitol Hill news conference.
First of all, I am not exactly sure who fed Warner that data point because the FDIC's own website lists just 5 bank closures in Virginia since October 1, 2000 (including one before Dodd-Frank was passed and another just a month after the bill became a law).
The 25 banks that would be exempt from the stronger rules collectively have $3.5 trillion in assets and received $47 billion in bailouts from the Troubled Asset Relief Program during the financial crisis, according to the Center for American Progress. If not, formal debate could be held up for up to 30 hours.
Senate Majority Leader Mitch McConnell, R-Ky., says the regulatory burden of Dodd-Frank has forced small banks to hire additional workers to deal with compliance costs. "The last thing we should be doing is deregulating them", Sen. Senator Elizabeth Warren, D-Massachusetts, is one of its more outspoken critics, calling it the #BankLobbyistAct on Twitter. Progressives, some Democrats and consumer advocates are sounding the alarm and raising concerns about whether it might heighten the risk of another financial crisis by weakening the rules that some banks would need to adhere to. It's unclear if she will be able to get votes on her proposals.
"The American people remember". Millions of people lost their jobs.
The Democrat pointed to the Congressional Budget Office's score of the legislation, which she said found that it would increase the chances of a big bank failing and put taxpayers on the hook for millions. The bill would raise this threshold to $250 billion, meaning that only a handful of the biggest banks would face the toughest oversight. Sherrod Brown, D-Ohio, the panel's ranking member.
"Our banks do not threaten USA financial market stability, and we should not be subjected to the same regulatory regime as larger banks with more complex and interconnected business models", the banks added.
Bank Regulations To Ease, But Will JPMorgan, Citigroup Benefit?
Their support for the long-sought reform may also demonstrate to their voters, many who voted for Trump, that they can work with the president and not reflexively oppose anything he supports. Virginia has lost over a quarter of its community banks and almost a third of its credit unions since Dodd-Frank was passed. Jon Tester, a Montana Democrat who supports the bill.
"As a credit union, we have to adhere to the same regulations as large banks do". The senator sent an email to her constituents Friday lambasting her Republican and Democratic colleagues for backing the bill, claiming they are selling out to industry lobbyists and bankers.
"This is a moment in time", said Senator Heidi Heitkamp, Democrat of North Dakota.
The Senate on Tuesday voted to begin debate on a bill that would free some banks from taking stress tests, drafting plans to show how they'd wind down in a crisis, and being "too big to fail". The rules would make it easier for big banks to buy municipal bonds, the Wall Street Journal noted.
Other co-sponsors come from purple states, like Tim Kaine and Mark Warner of Virginia, Michael Bennet of Colorado, and Gary Peters of MI.
The rollback measure also has the support of Sen. "Now all of a sudden I can look tactically at acquisitions of banks for $10 to $50 billion". "But I believe a outcome of it has been to accelerate consolidation of banks".
"We feel very good about getting through this process", Warner told reporters.
"And they do not want to turn loose the big banks again", she said.
Son double leads Tottenham past Huddersfield in EPL
Spurs , who did not win in their first three league games there, are a point behind second-placed Manchester United . Kane had a late header disallowed for offside after the impressive Christian Eriksen found him with a corner.