House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

House lawmakers approved the legislation in a 233-to-186 vote. But the bill -- called the Financial Choice Act -- has little chance of passing the Senate in its current form.

The legislation is part of the deregulatory agenda that has swept through Washington since Trump’s election win. In the coming days, the Treasury Department is expected to release a report that will add to the push by laying out recommendations for cutting back what Republicans see as red tape that was wrapped around banks after the 2008 crash.

House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

Good stop regulating everything out of existence and allow the free market to dictate our path.

If you make bad choices or bad investments then you pay for them. Daddy government does not need to regulate ever aspect of our lives. I hope this is part of the agenda that leads America to fresh growth and enable our younger generations to actually start working for themselves instead of forcing them to work for someone else.

a reply to: toysforadults

"I hope this is part of the agenda that leads America to fresh growth and enable our younger generations to actually start working for themselves instead of forcing them to work for someone else. "

How does this address the younger generation working for themselves? Do you mean easier credit and debt?

Terrible idea.

Lets deatroy the economy and then use trillions of tax payer dollars to pay the rich banker sobs that screwed us. Again.

Goddammit. I clearly cannot vote for dems because they are full of sjw madness and want to be commie-lites. But i also obviously cannot vote for reps because they want to rape everything for a profit.

Aaaaaaaa!!!

a reply to: toysforadults

The issue is that if bad choices are made, how much tax money do the banksters get after the ball is dropped and do people go to prison.


OH sometimes I make myself laugh....

Great, let's just institute more de-reg policies and set the stage for another crisis like we had under Bush.

Sounds good, sounds smart.

Business and Wall Street first while screwing the people.

a reply to: MOMof3

How do you create business without access to credit and a regulatory excessive burden in the form of taxes and social programs???

You seriously think people can save their way to 150k like in the 1950's?

a reply to: toysforadults

No. But who is responsible for bankruptcies? Isn't that what happened before too much that was never going to be paid back.

originally posted by: toysforadults
Good stop regulating everything out of existence and allow the free market to dictate our path.

If you make bad choices or bad investments then you pay for them. Daddy government does not need to regulate ever aspect of our lives. I hope this is part of the agenda that leads America to fresh growth and enable our younger generations to actually start working for themselves instead of forcing them to work for someone else.

I think you're pretty young, same generation as me at least (though, I'm on the tip of it), so you probably don't remember all the 2008 stuff well, or the collapses before that. It's not about making bad choices. Investments like 401k's and index funds which represent peoples retirements, life savings, and pensions are tied up in wall street. When a bank makes bad deals and collapses, all of that money that was in those accounts disappears. Not because the person at the end of the road made a bad decision, but because of decisions that happened outside their control struck them down. There is little active management of retirement accounts for most people, and the best advice is that you shouldn't attempt to do so, because you are almost certainly not qualified to do better for yourself.

Besides this, when the revenues from this stuff go down, taxes go down. Did you know that tuition prices among many universities (and especially community colleges) have doubled since 2008? That's because their tuition was subsidized by the state, but with reduced revenues comes cutbacks, and college tuition is one of the things that disappears. Given your age, this means that when some CEO's make bad investments in order to personally profit, the one left holding the bag is you, as you try to pay tuition. Then to get that tuition, you go right back to that bank and take out a loan for it.

Dodd-Frank isn't great, it's better than nothing though. If we were going to take this seriously we would simply bring back Glass-Steagall. It's less than two pages of legislation, and quite expansive in what it covers. But the banks asked to get rid of that.

You do not want an unregulated banking environment. A lack of regulation doesn't provide a free market, furthermore a free market is capable of creating the most competitive products, not the best products or at the best cost. Actually, I'm pretty sure a pure free market cannot exist, it could only exist alongside anarchy, which is impossible because humans will soon create some hierarchy or outside control mechanism. Monopoly control, governments, etc...

a reply to: toysforadults

Good stop regulating everything out of existence and allow the free market to dictate our path.

You mean change it back to like it was before the biggest recession since the Great Depression?

Sounds like a good idea (if you're rich).

originally posted by: toysforadults
Good stop regulating

Good?

It's stupid in almost every meaning of that word. Though I'm certain Bern Madoff will agree with you...perhaps you should go ask him?

Or maybe the Board at Bear Stearns?

AIG might have some decent insight.

Fannie Mae / Freddie Mac too while you're in the echo chamber.

Don't forget to call on Dodge-Chrysler

originally posted by: toysforadults
a reply to: MOMof3

How do you create business without access to credit and a regulatory excessive burden in the form of taxes and social programs???

You seriously think people can save their way to 150k like in the 1950's?

Well, credit isn't how most businesses are formed these days. That happens for some small businesses, but the majority of startups come not from credit but from investors. They get cash infusions in A, B, C, D, etc funding rounds by trading equity in the company for dollars. Sometimes they also pick up angel investors who back a product if they think it will be successful. Credit is all ultimately on you, because you or your company have the debt if you fail. Investors carry the risk this way. That's how you build a business.

As far as people saving, I 100% believe it's possible. It's not possible for the person working a service level job but if you're good at more skilled labor and have a product idea, you'll generally be paid well enough that you can put together the funding since you clearly have a useful skill in that case.

originally posted by: Liquesence
Great, let's just institute more de-reg policies and set the stage for another crisis like we had under Bush.

In fairness though, it started LONG before Bush was even a player. Somewhere around the Reagan years, perhaps a little earlier.

a reply to: toysforadults


With respect I have simply got to the point where I nauseate at these claims of the "banking" free market being tied up in red tape by the government.......who by the way bailed their asses out to unheard of tunes of taxpayer money. This was apparently some sort of reward for almost ruining the american and world economies with their unfettered bullsh*t money handling.......your and my money by the way.

And LOE AND BEHOLD if only now we could get off their back and let them "WORK" again.

originally posted by: alphabetaone

originally posted by: Liquesence
Great, let's just institute more de-reg policies and set the stage for another crisis like we had under Bush.

In fairness though, it started LONG before Bush was even a player. Somewhere around the Reagan years, perhaps a little earlier.

Well not quite Reagan, Clinton more like.

a reply to: alphabetaone

Reagan deregulating the banking/financial sector may have looked good on paper for the short term but we saw the longterm effects back in 2007.

Deregulating banks only gives them more opportunity to screw the little guy over.

We'll never learn from history it seems, we keep making the same mistakes over and over.

a reply to: Logarock

The car financing market is about equal right now to where the housing market was in 2006.

If we let this happen, it WILL be the next big bubble to pop, and it hits almost entirely lower and middle class homes.

originally posted by: Aazadan
a reply to: Logarock

The car financing market is about equal right now to where the housing market was in 2006.

If we let this happen, it WILL be the next big bubble to pop, and it hits almost entirely lower and middle class homes.

And when it happens, those same banksters who today claim that the government is tying their hands, will be holding those hands out for hand outs from the American tax payers they regularly shaft, under the threat of economic collapse.

originally posted by: MOMof3
a reply to: toysforadults

No. But who is responsible for bankruptcies? Isn't that what happened before too much that was never going to be paid back.

Many blame the government for forcing banks or what not to loan money on weak prospects. But this still doesn't answer why they loaned outside of income possibilities to pay even if the loan was made to high risk. Oh yea loan 250,000 to the guy washing dishes and then scratch the head like an ape?

originally posted by: Aazadan
a reply to: Logarock

The car financing market is about equal right now to where the housing market was in 2006.

If we let this happen, it WILL be the next big bubble to pop, and it hits almost entirely lower and middle class homes.

Yes hurry pay off the car! But used but not big money used.

a reply to: theantediluvian

I say let the banks fail, it may result in the economy crashing but sometimes sacrifices have to be made if we ever hope to make progress.