Posted May 23, 2018 | by Alan Berkelhammer | in Economy, Educational, Legislative Branch, National Info
BREAKING: House Passes Massive Gutting of Dodd-Frank
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…
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