Senate votes to roll back parts of Dodd-Frank banking law

[spanone]

(CNN)The Senate on Wednesday passed sweeping changes to a swath of rules adopted in the wake of the 2008 financial crisis.

The measure crafted by Idaho Sen. Mike Crapo, the top Republican on the Senate Banking Committee, passed 67 to 31, marking a rare occurrence of old-fashioned legislating on a bipartisan bill that nevertheless sharply divided Democrats.

The legislation will now move to the House, where it will need to be reconciled with possible fixes proposed by Rep. Jeb Hensarling, chairman of the House Financial Services Committee.

A White House press secretary said in a statement that President Donald Trump supports Crapo's bill and would sign it into law. Still, the White House left the door open to possible changes that could be made by House lawmakers as long as the bipartisan bill reaches the president's desk "as soon as possible."

https://www.cnn.com/2018/03/14/politics/banking-bill-vote-mike-crapo/index.html

[SergeStorms]

1. How could any Democrat vote for this?

I want to see which Democrats voted for this travesty.

An open invitation for more 'monetary reassignment'.

[Exotica]

5. here

https://www.democraticunderground.com/100210359418#post4

[SergeStorms]

9. Thank you!

Now I see the Dems who are giving the bankers carte blanche to steal. Again. What the hell, it's not their money we'll be bailing them with. Again.

[Exotica]

10. it is madness, and it will end in tears once again, it is the banksters way

I am moderate on many things, I am very open to centrist Democrats in the House and Senate, as we need to run people tailored to their districts and states, BUT this is pure RW madness. There is no chance that a single Democratic candidate (especially in the Senate) is going to gain advantage for election or re-election by campaigning on a "I unshackled the poor, abused banks!"platform. To steal an old adage, this de-reg bill is giant shit sandwich and we all are going to be taking a bite in the future.

[dchill]

2. Craven.

[spanone]

3. What is the 'Dodd-Frank Wall Street Reform and Consumer Protection Act '?

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed by the Obama administration in 2010 as a response to the financial crisis of 2008. Named after sponsors U.S. Senator Christopher J. Dodd and U.S. Representative Barney Frank, the act's numerous provisions, spelled out over roughly 2,300 pages, are being implemented over a period of several years and are intended to decrease various risks in the U.S. financial system. The act established a number of new government agencies tasked with overseeing various components of the act and by extension various aspects of the banking system. President Donald Trump has pledged to repeal Dodd-Frank, and on June 8th, the House of Representatives voted to replace it with the Financial CHOICE Act, which will roll back significant pieces of Dodd-Frank. The CHOICE act, however, is not expected to pass the Senate in its entirety.

https://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp#ixzz59mJaHWZJ

[Exotica]

4. the 17 in the Democratic caucus who voted for this RW shit

https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=115&session=2&vote=00054

Bennet (D-CO)
Carper (D-DE)
Coons (D-DE)
Donnelly (D-IN)
Hassan (D-NH)
Heitkamp (D-ND)
Jones (D-AL)
Kaine (D-VA)
King (I-ME)
Manchin (D-WV)
McCaskill (D-MO)
Nelson (D-FL)
Peters (D-MI)
Shaheen (D-NH)
Stabenow (D-MI)
Tester (D-MT)
Warner (D-VA)


8 flipped, from voting FOR Dodd-Frank in 2010 to now rolling back key provisions

Michael Bennet (CO), Tom Carper (DE), Bill Nelson (FL), Debbie Stabenow (MI)

Claire McCaskill (MO), Jon Tester (MT), Jeanne Shaheen (NH), and Mark Warner (VA)


Joy Reid on the earlier vote (the same 17 voted yes)

Link to tweet

Link to tweet

[spanone]

6. WTF?

goddammit

[Exotica]

8. all 17 could have voted no and it still would have passed, so you see their real side here

Rolling back bank regs is a nightmare. You can lay DIRECT causation from the Clinton administration pushed (and Rethug loved) repeal of Glass-Steagall and the horrid Commodity Futures Modernization Act of 2000 (which re-legalised many previously outlawed forms of derivatives and removed supervision of the newer ones such as Synthetic Credit Default Swaps) to the financial crisis that started in August 2007 or so and ran for years. It cost over 29 TRILLION USD (I am dead certain the final figure is well over 30 trillion as that article is from 2011) in US Federal Reserve and other global Central Bank reserves, backstops, and increased debt/asset take-ons.

[Ace Rothstein]

7. A whole bunch of them need to be primaried.

Those from DE, VA, CO, NH and MI for sure.