House Passes Dodd-Frank Repeal

[ShadowRocket]

You must be logged in to read this quote.

https://www.nytimes.com/2017/06/08/business/dealbook/house-financial-regulations-dodd-frank.html?_r=0

[Absentee Voting Ghost of Ruin]

It really is nice of the Republicans to demonstrate so often and so well how they're collectively a crew of idiotic and morally bankrupt hypocrites.

[Nyvin]

"Drain the swamp" by giving Wall Street a giant wish list of a bill full of the same kind of deregulation that led to the 2008 crash.   Great job GOP.

[pbrower2a]

Yeah, sure, make America great again by bringing back the speculative boom that led to the 2007-2009 meltdown that lasted a year and a half. Maybe this time it will be like that of 2007-2009, only lasting three years instead.

That's the three-year meltdown that lasted from 1929 to 1932.

[mvd10]

The only way this is going to pass in the senate is if they nuke the filibuster. It's probably a good thing it won't pass. I imagine there are some useless regulations in Dodd-Frank but just repealing everything would be reckless and probably will end up triggering the next financial crisis.

[ProudModerate2]

The only way this is going to pass in the senate is if they nuke the filibuster. It's probably a good thing it won't pass. I imagine there are some useless regulations in Dodd-Frank but just repealing everything would be reckless and probably will end up triggering the next financial crisis.

But yet, the idiots in the House still passed it.

[mvd10]

The only way this is going to pass in the senate is if they nuke the filibuster. It's probably a good thing it won't pass. I imagine there are some useless regulations in Dodd-Frank but just repealing everything would be reckless and probably will end up triggering the next financial crisis.

But yet, the idiots in the House still passed it.

It's easy voting for something when you know it doesn't have any consequences. Look at all the times the house voted for the Ryan budget and Obamacare repeal and now they have a trifecta they can't even agree on tax cuts.

[KingSweden]

Tweaking some of the shackling on community banks and seriously narrowing the scope of the DOL fiduciary rule would be good, but dumping all of Dodd-Frank is a terrible idea. If anything, breaking up the biggest banks could spur innovation and profit windfalls for investors in financials

[ProudModerate2]

The only way this is going to pass in the senate is if they nuke the filibuster. It's probably a good thing it won't pass. I imagine there are some useless regulations in Dodd-Frank but just repealing everything would be reckless and probably will end up triggering the next financial crisis.

But yet, the idiots in the House still passed it.

It's easy voting for something when you know it doesn't have any consequences. Look at all the times the house voted for the Ryan budget and Obamacare repeal and now they have a trifecta they can't even agree on tax cuts.

What the hell do "consequences" have anything to do with "voting for something."
If this specific bill (repeal) is idiotic, you vote against it. Easy.
Do they support the banking industry or consumers ? It's not rocket science.
Other items dealing with "Ryan's budget, Obamacare repeal and tax cuts" are issues that are debatable, but this is pure banking-industry-massive-profits (and ridiculous risk investments), versus consumer and macro-economy (national level) protections.

I just don't get it. Regardless if you are fat or skinny, white or black, tall or short, and yes ... R or D, the answer here is easy !

[Torie]

Without "burdensome regulations," which leash banks from involving themselves in financial transactions that threaten their solvency, when the economy hits the rocks, it increases the odds of another financial collapse. If the banks want to do such stuff, they should create other entities where deposits up to whatever amount is it now (it used to be 100K per depositor), and not backed up by the full faith and credit of the US - i.e. the taxpayers, creating an unacceptable moral hazard. Well done Pubs - not!

[136or142]

Every Democrat voted against this.

All but one Republican voted for it.

Yet, the holier than thou left and the conspiratorial right will continue to say that when it comes to Wall Street 'they're all the same.'

[Amenhotep Bakari-Sellers]

The legislative filibuster is likely to be nuked anyway when Dems, once they seized the House in 2018 and the Prez and Senate in 2020.  Due to immigration reform.

But, Dodd-Frank Repeal would be bad if its enacted.

[Sumner 1868]

Every Democrat voted against this.

All but one Republican voted for it.

Yet, the holier than thou left and the conspiratorial right will continue to say that when it comes to Wall Street 'they're all the same.'

Dodd-Frank was a compromise to prevent a Glass-Stegall resurrection. It's true that the Democrats prefer the slap-on-the-wrist approach over outright praising them, though.

[Technocracy Timmy]

This is the laziest, but also most dangerous, way to get growth (especially for middle and lower income people) going again.

Give people easy credit to fill in for the wage increases down the line that they'll never actually get. What could possibly go wrong?

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

This is going nowhere in the senate. Enough said.

[136or142]

Every Democrat voted against this.

All but one Republican voted for it.

Yet, the holier than thou left and the conspiratorial right will continue to say that when it comes to Wall Street 'they're all the same.'

Dodd-Frank was a compromise to prevent a Glass-Stegall resurrection. It's true that the Democrats prefer the slap-on-the-wrist approach over outright praising them, though.

Far from it. Glass-Stegall was actually very limited legislation that has taken on a mythic status far beyond anything it actually did.  Dodd-Frank may be weak in some areas (and too restrictive in other areas) but it's far more comprehensive than Glass-Stegall.

[BlueSwan]

Every Democrat voted against this.

All but one Republican voted for it.

Yet, the holier than thou left and the conspiratorial right will continue to say that when it comes to Wall Street 'they're all the same.'

Very good point. Damn, how I hated those "Clinton and Trump are basically the same" loony leftists. Thanks to them we now have a lunatic as leader of the free world.

[The Other Castro]

The legislative filibuster is likely to be nuked anyway when Dems, once they seized the House in 2018 and the Prez and Senate in 2020.  Due to immigration reform.

But, Dodd-Frank Repeal would be bad if its enacted.

The legislative filibuster isn't going anywhere anytime soon, it wouldn't be eliminated for the purposes of immigration reform, and it wouldn't be eliminated by Democrats.

[RINO Tom]

Not sure I would support a "full repeal," but Dodd-Frank is a very flawed piece of legislation.  It mindlessly overreacted to the irresponsible actions of some of the biggest FIs and drew up some one-size-fits-all regulations that hurt the ones that didn't deserve any reprimanding.

[Sir Mohamed]

Terrible. Can you tell me again how this works with draining the swamp, Mr. Trump? Sure, by appointing Goldman Sachs dudes like Mnuchin to the Treasury Department.

The GOP just never learns. Blame them when the next crash comes around. What we need is an even stronger law like Glass-Stegall and not a role backwards. Sad!

[Gass3268]

The legislative filibuster is likely to be nuked anyway when Dems, once they seized the House in 2018 and the Prez and Senate in 2020.  Due to immigration reform.

But, Dodd-Frank Repeal would be bad if its enacted.

The legislative filibuster isn't going anywhere anytime soon, it wouldn't be eliminated for the purposes of immigration reform, and it wouldn't be eliminated by Democrats.

Immigration reform got 68 votes in the Senate in 2013, but the House GOP wouldn't allow it to go to the floor where there was a majority in support of the bill.

[SoLongAtlas]

#MakeGoldmanMore$Again!

[Badger]

Ugh. Just ugh.

[Reaganfan]

Awesome.