Published: Thu, March 08, 2018
Research | By Derrick Holloway

Warren vows fight as US Senate begins debate on Dodd-Frank rewrite

Warren vows fight as US Senate begins debate on Dodd-Frank rewrite

Warren questioned during her Tuesday press briefing why 11 of her Democratic colleagues supported the bill, which they say will help community banks. All three come from states that chose President Donald Trump over failed Democrat presidential candidate Hillary Clinton.

Their support for the long-sought reform may also demonstrate to their voters, many who voted for Trump, that they can work with the president and not reflexively oppose anything he supports. Four years after the passage of Dodd-Frank, the number of small banks, which provide almost half of the banking industry's small business loans despite holding less than 20 percent of its assets, had declined by 14.1 percent. Drafting the letter were Ally Financial, American Express, Bank of the West, BBVA Compass, BMO Financial Corp., Citizens Bank, Comerica Bank, Fifth Third Bancorp, Huntington Bancshares, KeyCorp, M&T Bank Corp., Regions Bank and SunTrust Banks Inc.

The bill does this by raising the threshold at which banks would be subject to these requirements.

The Crapo bill contains a host of other provisions, including one that would reduce data collection used to detect discriminatory lending practices and others that Democrats say would protect consumers. "We must not intentionally blind regulators to these risks in advance". Yet a new GOP effort to dismantle Obama-era financial regulations is gaining traction, thanks to support from Democrats. Joe Donnelly of Indiana, Heidi Heitkamp of North Dakota, Joe Manchin of West Virginia and Claire McCaskill of Missouri. Specifically, the senator said in June 2017 she would consider easing restrictions on small, community banks.

Man Arrested for Trying to Steal Frances McDormand's Oscar
Terry Bryant was arrested for grand theft on Sunday for allegedly stealing Frances McDormand's Oscar trophy. Instead, her award was swiped off her table during the Governor's Ball celebration after the ceremonies.

Yesterday the Senate voted to begin deliberation of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

In its letter to the Senate committee, the SRC urged caution in prudential regulatory moderations to medium-sized and large banks and other actions to water-down defenses put in place to mitigate the next disruption. Gary Peters (D-Mich.) said Tuesday. The new Democratic senator from Alabama, Doug Jones, is also a supporter. I saw that Hillary's running mate Sen. "But I believe a outcome of it has been to accelerate consolidation of banks". Mike Crapo, the Republican chairman of the banking committee, and several Democratic members on the committee. The deeper details of the legislation would gut efforts to combat housing discrimination, make it easier for massive foreign banking companies to work around the tighter USA rules, and set the stage for a repeat of the 1980s Savings & Loan crisis by ending consumer safeguards in lending for the smallest banks. "It is hubris to think we can gut the rules on these banks again, but avoid the next crisis", said Brown, the top Democrat on the Senate Banking Committee.

"We feel very good about getting through this process", Warner told reporters.

The financial reform framework falls under what is known as the Dodd-Frank Financial Reform Act, which created the Consumer Financial Protection Bureau (CFPB), required banks to increase the amount of capital held in reserve, and placed limits on certain types of investments.

Snowy nor'easter brings threat of more power problems
Damaging winds are in the forecast with gusts of up to 60 miles per hour at Cape Cod and 45 miles per hour at the Jersey shore. The heaviest precipitation will occur Wednesday afternoon, according to the National Weather Service's NY office.

The biggest change in the bill would raise the trigger at which banks are considered "too big to fail" from $50 billion in assets to $250 billion in assets.

The Democrat pointed to the Congressional Budget Office's score of the legislation, which she said found that it would increase the chances of a big bank failing and put taxpayers on the hook for millions. That means more than two dozen banks would be shielded from some of the Federal Reserve's oversight.

The bill is a freaky 10th birthday present to the massive financial crisis that prompted the new rules in the first place when it spilled over from the investment world to cripple the real economy and tank the class mobility of hundreds of millions of families.

Actor Cynthia Nixon laying groundwork in run for governor
According to NY1 , Nixon has started selecting staff for her campaign against Cuomo in the Democratic primary this September. Four years ago he was challenged by relative unknown Zephyr Teachout, who managed to win 34 percent of the primary vote.

Like this: