BREAKING: House Passes Massive Gutting of Dodd-Frank

The Senate-born bill now goes to the President’s desk in a stunning rebuke of Obama-era overregulation.

House Republicans, along with 33 Democrats, voted today to roll back much of the 2010 Dodd-Frank bank regulatory law. Already passed by the Senate, the rollback legislation will now go to President Trump to be signed into law.

Passed in response to the 2008 financial crisis, the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 attempted to reign in banks from recklessly adhering to the rules placed upon them in the 1990s by Chris Dodd and Barney Frank.

Today’s move toward deregulation is not comprehensive. The largest banks, those with over $250 billion in assets, are not affected—however this includes fewer than ten banks nationwide. The Trump administration and congressional Republicans have made clear this is not the endgame; there is more untangling of the misguided 2010 federal overreach to come…

https://www.themaven.net/theresurge

5 responses to “BREAKING: House Passes Massive Gutting of Dodd-Frank”

  1. Joe Z says:

    Aside #1: If you go to ConservativeReview.com and look at Bill Nelson’s voting record you’ll discover that Nelson has a 0% Liberty Score (0-100%). Even “I’ll take your guns” Feinstein scored 6% and “Little” Marco Rubio scored 70%. If Rick Scott can’t beat 0%er Nelson, we’ll need to have an investigation.

    Aside #2: Although I like a lot of what Trump is doing, he apparently nominated McConnell’s brother-in-law, Gordon Hartogensis, to be the Director of the Pension Benefit Guaranty Corp. at the Department of Labor. Once again, Trump, you’re supposed to DRAIN the swamp, not add to it.

  2. Tom says:

    Repealing Dodd-Frank should be only a beginning. The Clinton era abandonment of I think it was the Glass – Steagle Act allowed too many banks to merge and created the mega—to-big-to-fail banks. They need to update and re-institute a lot of the Glass – Steagle stuff. I think some of that had to do with stock trading which prevented the margin trading that caused the stock market failure of the 1920’s.

  3. Susan Baird says:

    Thank goodness!!!

  4. Cheryl says:

    I was so tired of Bush being blamed for a bad economy (although he was part of it) when it was Dodd-Frank which caused a great majority of that bad economy, once again, the Democrats….but the blame game continued without us making a peep into telling the American people what really happened. It would go such a long way to TALK to us, and defend these allegations, not that you should always be on the defense. But you don’t have to be. Tell people why Dodd-Frank did so much damage! Alas, nothing but crickets, once again. At least Trump is no cricket!

  5. TONY BARR says:

    My company paid a steep price for the restrictions on bank loans by Dodd-Frank. We needed a bridge loan of $500,000 till our new products started to make revenue. We had a contingent contract from SSA for $2,000,0000 that would start to bring in revenue in 18 months. I had land and buildings as collateral of $6,000,000. Multiple local Gainesville bankers told me the same thing “I would make the loan to you, but the regulators won’t let me.” Software and construction companies have the same wide fluctuations in income. Both industries have been severely hurt by Dodd-Frank.

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