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Meet the Banking Caucus, Wall Street’s Secret Weapon in Washington
“Occasionally we have been accused of trying to undermine aspects of Dodd-Frank,” Hensarling said with a chuckle. “I hope we’re guilty of it.”
There are more than 2,000 lobbyists for financial firms and trade groups and many are spreading money around Washington, enlisting like-minded members of Congress to write letters, propose legislation, hold hearings and threaten agency budgets as they pressure regulators to ease up on banks.
The campaign is working. While Hensarling’s committee can’t move legislation on its own — the Senate Banking Committee supports Dodd-Frank — the House panel can work its will in other ways. And it has. Almost four years after Dodd-Frank became law, community banks face lower capital standards than originally proposed and are therefore more likely to fail; fewer derivatives traders have to register with regulators and they face lower hurdles in booking trades than they otherwise would have, partly undermining the law’s aim to make this corner of the financial system more transparent; and big banks may soon have a green light to keep investing in potentially risky securities that regulators tried to limit.
originally posted by: SaturnFX
I say repeal it. Its toothless and I would rather have a giant gaping hole for us to look at and know full well there is a problem, to include speeding up a few more crashes and have a actual establishment put in place that will rectify the problem than a poor illusion of safeguards that barely scratches the surface of the issues and gives the bankers and such the ability to shrug their shoulders and say its not their fault due to them being on board with the current joke.
Frustrating, over my head, and makes me generally apathetic at how ineffective our elected representation is..and ineffective is the best scenario..normally its working directly against the people.