GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

[ScienceRocks]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

 

[bripat9643]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Hooray!

 

[CrusaderFrank]

Good.

What a useless organization

 

[baileyn45]

While I've listened to many economists point to problems with Dodd-Frank, I have confidence the reps can manage to screw it up. We'll see. As far as the next downturn probably being a devastating one, that's more than likely unavoidable.

 

[vlad_hombre]

When is the ribbon cutting scheduled for the reopening of the giant DC casino?

I hope Tiffany can make it.

 

[Bob Blaylock]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

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Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Right, because removing burdens on the economy will suppress economic activity.

Except that the opposite is true. Regardless of what other merits any regulations may have, it remains an immutable fact that anything that imposes burdens on business will tend to drag the economy downward. Too much regulation will tend to create recessions or depressions. Too little will not.

Anyone with even the most basic understanding of economics knows this.

 

[Sun Devil 92]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

How you would expect one to follow the other is beyond me.

That is simply stupid.

 

[baileyn45]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

·
·
·​

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Right, because removing burdens on the economy will suppress economic activity.

Except that the opposite is true. Regardless of what other merits any regulations may have, it remains an immutable fact that anything that imposes burdens on business will tend to drag the economy downward. Too much regulation will tend to create recessions or depressions. Too little will not.

Anyone with even the most basic understanding of economics knows this.

View attachment 111622

In general terms I would normally agree. In this case however, the big banks have already shown their propensity to be extremely stupid and reckless. If this goes bad it would set the republicans back to the stone age. And the fact that Trump has Goldman people in his cabinet does not give me confidence. those people should have been shot 8 years ago.

 

[usmbguest5318]

Better start looking for banks and insurance companies that are "too big to fail" and buy their stocks.

And who was "in bed" with Wall St. during the campaign? Nope, it wasn't thought to be the GOP.

I've long wondered why "average" Americans are Republicans. The GOP has not since the 1950s or so been the party of anything but people with money. Sure, they got the "everyman's" votes, but are they actually going to do a damn thing for the benefit of "everyman?" Hell no.

Plain and simple: the only interests big business has in common with people who live a "Main St." existence is that occasionally it's cheaper to hire "Main Streeters" than it is to use equipment to perform the same task, and the incidence of that is, these days, becoming less and less frequent.

Of course, Trumpkins would tell you that I'm not smart enough to know that and they are smart enough to think it not so. They voted Trump and the GOP into the WH and Congress, so we will see, now won't we? Let's see where "Mr. Coalminer," "Mrs. Unskilled Factory Worker" and their friend, "Billy Wants a Steel Factory Job" are four years from now. Will their kids have bought a quaint little acre with a picket fence around it? Somehow I suspect they will not have. Whatever. I know I won't be the one crying the blues no matter what happens to them, but then I wasn't upset under Obama, Bush II, Clinton, Bush I or Reagan either.

 

[Dim Bulb]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Great. Wall Street will come up with new financial instruments and nobody will have any clue how they work until they all collapse and someone makes a movie about it. And we're all the people that will get punked. Good work.

 

[Coyote]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

This ... apparently...is "draining the swamp".

 

[bripat9643]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

This ... apparently...is "draining the swamp".

It is. Frank/Dodd only helps the big banks crush their competitors. Consumer Financial Protection Bureau is a fascist organization that doesn't even require congressional approval for it's spending.

 

[BluesLegend]

Fewer government regulations you say...

 

[whitehall]

Lefties call it "gut" while Trump supporters call it "streamline". To paraphrase Barry Hussein, "lefties are welcome to get on board but they have to sit in the back". What has the CFPB ever done for you and why do you have to look up the letters?

 

[rdean]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Hooray!

I know, right? The very people that need consumer protection the most are Trump's base. And he is going to fuck them over big league.

What you said!

 

[rdean]

Lefties call it "gut" while Trump supporters call it "streamline". To paraphrase Barry Hussein, "lefties are welcome to get on board but they have to sit in the back". What has the CFPB ever done for you and why do you have to look up the letters?

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

The Bureau | Consumer Financial Protection Bureau

You're right. Who wants that?

 

[Bob Blaylock]

I've long wondered why "average" Americans are Republicans.

Because average Americans aren't criminals, perverts, traitors, foreign invaders, parasites, or any of the other scum with which the Democratic party now aligns, in opposition to interests of average Americans.

 

[bripat9643]

GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations
Source: Washington Post

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act. Sent to other members of the Financial Services Committee on Monday, it outlines changes to legislation Hensarling (R-Tex.) initially proposed last year, known as the Financial Choice Act. That version of the legislation was immediately denounced by advocacy groups; it is now being revised in light of President Trump's call for sweeping changes to the way the financial system is regulated.

The original proposal gave large banks a way to avoid new regulations by holding significantly more capital. It also eliminated the “Volcker Rule,” which prevents banks from using their own money to make risky bets. Those provisions appear to survive in the new version of the legislation, which is slated to be released later this month.

<snip>

“This new version of the Chairman's Wrong Choice Act is even worse than the original,” Waters said in a statement. “This bill makes it crystal clear that Republicans mean to disarm our consumer protections, expose the American public to financial predators, and ultimately steer us in the direction of another Great Depression.”

Read more: GOP preparing plan to gut Consumer Finance Protection Bureau, roll back Wall Street regulations

Man, get ready for another massive recession or depression. This is really stupid.

Hooray!

I know, right? The very people that need consumer protection the most are Trump's base. And he is going to fuck them over big league.

What you said!

What Americans need the most is protection from the con artists who tell them that the government can solve all their problems.