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Friday, June 09, 2017

Meanwhile, the House quietly passes a reform

Countrywide Financial Corporation's Chief Executive Officer Angelo Mozilo bought off Democrats in the Senate with cheap loans. Democratic Senator Christopher Dodd of Connecticut was one of them, using his position as banking committee chairman as a rainmaker.

After the 2008-2009 financial collapse, Dodd and Democratic Congressman Barney Frank of Massachusetts wrote the Dodd-Frank bank reform that let big companies like Bank of America off the hook.

Bank of America bought Countrywide after it failed because its CEO was too busy politicking to run a financial company.

Now Republicans are getting around to reining in Dodd-Frank. While the Senate held a Comey-ola on Thursday, the House undid Dodd-Frank, which really hurt community banks -- the people who were least responsible for the 2008-2009 collapse.

From CNBC:
In a primarily partisan vote, the House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, a highly controversial measure that stands virtually no chance to pass the Senate.
Among the most significant provisions are measures that allow banks to escape heightened regulatory requirements and cut stress tests back from their current annual schedule, while the bill also eviscerates the Consumer Financial Protection Bureau.
In all, the measure takes aim at the Dodd-Frank reforms, which sought less risk and higher capital levels from an industry linked to the crisis and the accompanying Great Recession. Lenders got in trouble after mass defaults of risky mortgages, then required a government bailout when they didn't have the capital to cover their losses.
"This is a jobs bill for Main Street. It will rein in the overreach of Dodd-Frank that has allowed the big banks to get bigger while small businesses have been unable to get the loans they need to succeed," said Speaker Paul Ryan in a statement Friday supporting the measure.
Democrats hope to kill it in the Senate. We shall see.

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  1. Good for the House! Drinks on me.

  2. Here's hoping John McCain can figure what day of the week it is when he votes.

    1. Probably better off if he just drools and Pence registers his vote as "yes".

  3. Make sure they kill the CFPB while they're at it. "Independent agency" = unaccountable bureaucracy = unconstitutional. - Elric

  4. Good catch, Don. A friend and former Council President is a VP of a local bank that people fight over shares of when a shareholder dies. You should hear him rant about Dodd-Frank and all the bullshit the bank is now required to do.

  5. Good to see that Wall Street, led by Goldman Sach-Ivy Leaguer-controlled White House has taken over the House again. All that is left is the Senate.

    1. LOL. Who? Mnuchin? He left Goldy 15 years ago.

    2. But yes, Trump is a graduate of Penn, becoming the fifth consecutive Ivy League president

    3. Here's who: How about former GM president Gary Cohn who was on the GM payroll before joining the White House. Ditto for Dina Powell; ditto for James Donavan; ditto for SEC chair Jay Clayton who lawyered up for GM and his wife is a GM executive. Yep, draining that swamp, especially with a record number of ethics exemptions granted to WH staffers by the Oompa Loompa.

    4. So by Goldman Sachs and Wall Street, you meant GM, which makes cars and which the former president bailed out. And please, I require commenters to be more original than Oompa Loompa. Orange Julius Caesar, perhaps? Meanwhile, no discussion of the post which pointed out the Democratic corruption behind Dodd-Frank.

  6. All that Dodd-Frank appears to have done for me is increase the compliance paperwork my financial advisor has to fill out and raise her annual fee for her services. What indirect, behind the scenes financial benefits or security it might have brought me, IDK. Perhaps there are many, or maybe not. What I do know from experience, however, is that when it comes to the narrow matter of buying professional financial advice, government regulation is no substitute for your advisor's honesty, integrity, good sense, and smarts.

  7. The Not-Dodd-Fwank bill may be a good idea, but it has (as do many) an excessively long title. (I think Not-Dodd-Fwank would be a good name, and descriptive, too.)