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Senate Advances Bill to Loosen Banking Rules, Revealing Democratic Split
10 March 2018, 12:45 | Rufus Hill
Senate Takes First Step to Pass Bill Overhauling Dodd-Frank
"After years of bipartisan work to advance regulatory relief for the community banks and credit unions across IN, I'm pleased that the full Senate will debate the legislative package I negotiated", Donnelly said IN a statement.
"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.
"The bottom line is that S. 2155 does not require the deregulation of foreign banks, but they will no doubt be deregulated, which will once again put USA taxpayers on the hook for bailouts of foreign banks rather than the taxpayers of those foreign countries", he said.
The bill would change the regulatory framework for small depository institutions with assets under $10 billion (community banks) and for large banks with assets over $50 billion, as well as revise consumer mortgage and credit-reporting regulations and the authorities of the agencies regulating the financial industry.
The bill, authored by Senate Banking Committee Chairman Mike Crapo, has the support of 13 moderate Democrats, which, given broad Republican backing, should be enough to assure passage in the 100-seat chamber.
"The way I see it, is that people in this building, they forget the devastating impact of the financial crisis 10 years ago, but the American people have not forgotten", she said.
"The American people remember".
"This bill is all about the big banks", she said, adding that the bill raises the risk of another financial meltdown. Numerous regional banks stand to benefit from a provision that narrows the scope of institutions defined as "systemically important" under the Dodd-Frank Act.
Bank Regulations To Ease, But Will JPMorgan, Citigroup Benefit?
The Senate debate comes as Wall Street awaits the next big boost for bank stocks, following the tax legislation President Trump signed into law in December.
Meanwhile, the Congressional Budget Officereleased on Monday a score of the bill, stating that enacting it would increase federal deficits by $671 million over the 2018-2027 period; that increase in the deficit represents an increase in direct spending of $233 million and a decrease in revenues of $439 million. "In Montana, we went from 72 community banks to 47". "I'm between concerned and alarmed about what my colleagues are doing on weakening bank rules".
"CBO estimates that the probability is small under current law and would be slightly greater under the legislation", it said.
Sen. Elizabeth Warren, D-Mass., said during a Tuesday morning press briefing that the bill "increases the chances of another bailout" and vowed to "fight back" this week as the legislation is debated on the Senate floor. That means that the American taxpayer is going to take all the risk and all the profits are going to go to giant banks.
She had a dozen amendments "ready to go", she said, including one to impose mandatory penalties on companies like Equifax when they lose consumer data and one to prohibit employers from requesting credit reports as part of job applications.
"Congress's appetite for pulling back bank regulations shows the renewed clout of the financial sector in Washington, not just in the GOP but also among Democrats".
Republican efforts to roll back the Affordable Care Act, net neutrality and tax rates for corporations have all attracted fierce opposition from Democrats and left-leaning voters.
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