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prensaestatal.com Junio 26, 2017


House votes to kill Dodd-Frank. Now what?

19 Junio 2017, 10:14 | Martinez Canez

House Financial Services Committee Chairman Jeb Hensarling R-Texas authored and championed the Financial Choice Act

House Financial Services Committee Chairman Jeb Hensarling R-Texas authored and championed the Financial Choice Act

Dubbed the Financial Choice Act, the bill is the centerpiece of Republican promises to scrap regulations on the finance industry.

The new legislation, known as the Financial CHOICE Act, is the signature legislative effort of U.S. Rep. Many observers believe that the law, enacted in the wake of the financial collapse of 2008, has smothered the financial system and inhibits #Economic Growth through overregulation. Supporters have argued the regulations have become too burdensome and unfair.

All five of Kentucky's Republican representatives voted in favor of the legislation, the only Democrat in the delegation, Rep. John Yarmuth, voted against it.

"Unrestrained greed on Wall Street caused a preventable disaster because at no point did anyone say: This is simply wrong", Crist said before the House approved the measure.

"I've spent my career taking on the big banks and other financial institutions that take advantage of the people they are supposed to serve", Caforio said. "They promised us it would lift the economy, Mr. Chairman, but instead we are still stymied in the weakest, slowest recovery in the post-war era".

Former President Barack Obama responded to the financial crisis by imposing new rules and restrictions on the financial sector.

Lance added that those who have lost the most under Dodd-Frank are those who can't afford to take their business elsewhere. And while corporations in big cities can access capital from large banks, that's simply not the case for many businesses and job creators in Missouri. "Democrats have shown we're willing to work with Republicans to tailor the rules where it makes sense, but not if it means killing the reforms that have made the financial system safer and fairer".

Republican leaders have said the deregulation bill would solve numerous worries about the financial system stemming from the crisis while allowing banks to more freely lend to invigorate the economy.

The bill passed 233-186 with 11 abstaining.

The GOP claims the regulatory law prevented a true recovery from the so-called "great recession", while Democrats counter that its reforms are necessary to prevent another economic calamity. But in the push to overhaul Dodd-Frank, Republicans said the biggest banks have only gotten bigger while local banks and credit unions are dwindling.

Republicans argued Dodd-Frank's regulations slowed lending and made it more hard for small businesses to receive loans.



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