Twelve Senate Democrats Backing The GOP's Bank Deregulation Bill

Discussion in 'Politics & Religion' started by Frank Underwood, Mar 6, 2018.

  1. Frank Underwood

    Frank Underwood Soap Chat TV Fanatic

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    Stop Doing the Banks' Bidding
    A bunch of Senate Democrats support a bank deregulation bill that is bad politics and awful policy.

    AT A TIME WHEN Democrats at the grassroots level are more fired up and ready to go then they've been in years – spoiling for a fight with President Donald Trump and his cronies in the GOP – a group of Senate Democrats is joining with Republicans to, if you'll believe it, deregulate banks.

    Huh?

    Yes, instead of taking action on, say, gun control, the Senate this week will likely approve a rollback of the regulations adopted in response to the 2008 financial crisis. About a dozen Democrats are backing the effort, along with nearly every Republican, and the GOP is fishing for even more votes from the blue side of the aisle in the hopes of turning a win into a rout.

    Let's be clear: It's no surprise that a government wholly controlled by the GOP wants to reduce bank regulations. But that Democrats are lending them a helping hand is terrible policy and awful politics.

    Democrats supporting this thing are making the case that it's for the benefit of small, community banks, which are politically sympathetic and generally not the cause of global financial panics. Don't buy it. While there are some bits of the bill that would reduce reporting requirements for small banks, it also includes big benefits for large financial institutions.

    For instance, the bill would increase the amount of assets a bank needs to have in order to qualify for enhanced regulation from the Federal Reserve from $50 billion to $250 billion. This one move would exempt 25 of the nation's 38 biggest banks from stronger supervision. The bill also includes an exemption from capital standards – essentially the amount of money that banks need to have on hand in case things go south – that benefits some big financial firms, and even more are lobbying to be included.

    That's just the tip of the iceberg when it comes to the damage this bill would inflict. Read this piece by David Dayen at The Intercept for all the hoary details.

    In addition to being very dangerous policy, this is very lousy politics. As senators like Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., have shown, the energy and vitality when it comes to the Democratic base is in preventing financial shenanigans, not encouraging them. Polls bear that sentiment out. There's a reason no one who is considered a top tier 2020 Democratic candidate wants to touch this bank bill with a 100-foot pole.

    So what's the deal with the Democrats who have signed on? Some, such as Delaware Sens. Chris Coons and Thomas Carper, are from bank-friendly states, and have local political reasons, I suppose, for doing what they're doing. But most of the rest are simply from places President Donald Trump won in 2016, and seem to be operating under the assumption that they need to display bipartisan bonhomie on something in order to survive their next re-election campaign.

    Color me skeptical, though, that voters in Montana, North Dakota or Missouri will be more likely to support Sens. Jon Tester, Heidi Heitkamp or Claire McCaskill because they backed a bank deregulation bill. These are the kinds of places where Sanders ran very well against 2016 Democratic nominee Hillary Clinton, so it's not like Democrats there are clamoring for a pro-corporate candidate who sings Kumbaya with the GOP.

    In fact, they're the sort of places where a real populist candidate might do better than the standard-issue, centrist-approved Democrat over whom Washington consultants fawn, if given the chance.

    Perhaps a simpler explanation, then, is that backing the bill is just about money. The senators in question have seen a boom in financial industry donations, and while I generally tend to dismiss the popular view of campaign contributions as an explicit quid pro quo for legislative favors, this one sure stinks more than most.

    Meanwhile, there are Democratic senators from purple states such as Virginia's Tim Kaine and Mark Warner or Colorado's Michael Bennet for whom backing this bill is simply inexcusable, whatever pablum about community lenders they spew.

    For Republicans, deregulating banks is standard operating procedure for which they generally don't pay a political price. It should be a different story on the left. If you live in a state where a Senate Democrat thinks that the world needs fewer rules for big banks, perhaps take a long, hard look at a primary challenger?

    Again, proponents will say that the legislation we're discussing here is about freeing community banks from the shackles of government regulation so they can make more loans to Main Street. But a bank with more than $200 billion in assets is not straight out of "It's a Wonderful Life." To reduce the ability for regulators to keep a handle on them is unacceptable, and sets the country on the road to a 2008 redux.

    Ten years ago, we learned what happens when the threads of the regulatory system are pulled out a bit at a time. No one should want to relive those dark days. But too many Democrats seem to have memories that are far too short.

    Source: https://www.usnews.com/opinion/thom...crats-backing-the-gops-bank-deregulation-bill

     
  2. Frank Underwood

    Frank Underwood Soap Chat TV Fanatic

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    "What issue do you think got more coverage on CNN today, the effort to deregulate the major banks or Donald Trump and a porn star? Think hard!" - Bernie Sanders



    Further proof that the so-called "liberal media" is all about sensationalism. Actual news that impacts peoples' lives be damned.
     
  3. Snarky's Ghost

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    Real men like their banks deregulated. And their porn stars.
     
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  4. Frank Underwood

    Frank Underwood Soap Chat TV Fanatic

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    These Are the Democrats Who Voted with Republicans to Deregulate the Banks

    The Senate passed a bill on Wednesday to further deregulate the banks by a vote of 67-31. Though the bill appears to include everything that Republicans wanted and more, that didn’t stop 16 Democratic senators from signing off.

    The main goal of the Economic Growth, Regulatory Relief, and Consumer Protection Act is to deregulate community banks, even though the FDIC claims these banks were already doing just fine before this bill. It also cuts regulations, created after the recent recession, for 25 of the biggest banks in America.

    The 16 Democrats include, perhaps most glaringly, Hillary Clinton’s former running mate and Tim Kaine (VA) and the recently elected senator Doug Jones from Alabama. While many liberals were quick to champion Kaine, the “king of dad jokes,” along with “woke” Doug Jones whose election victory was saved by African Americans, it’s worth noting that neither of them were very liberal to begin with.

    Kaine is notably pro-life, supported the Trans-Pacific Partnership (though has since reversed that position) and took donations from the financial service industry during his 2012 Senate campaign. Even President Trump called out Kaine’s coziness with the big banks (though Trump’s not really one to talk, given all the former bankers in his administration.) Kaine also voted to approve five of Trump’s cabinet nominations, including Nikki Haley, General Mattis and General Kelly.

    Doug Jones is also fairly moderate, as he did not join several Democrats’ repeated calls for President Trump to resign and his Senate campaign video even calls a Confederate colonel “brave.”

    Many of the other Democrats voting for the bill are also moderate or come from largely conservative states, and include several women like Maggie Hassan (D-NH), Heidi Heitkamp (D-ND), Claire McCaskill (D-MO), Jeanne Shaheen (D-MI) and Debbie Stabenow (D-MI). The other Democratic senators who voted for the bill include Michael Bennet (D-CO), Tom Carper (D-DE), Christopher Coons (D-DE), Joe Donnelly (D-IN), Joe Manchin (D-WV), Bill Nelson (D-FL), Gary Peters (D-MI), Jon Tester (D-MT) and Mark Warner (D-VA).

    Many of these Democratic senators voiced their support for the bill due to its added consumer protections, which include regulations on credit monitoring companies like the disastrous Equifax, who were hacked three times last year and exposed the personal information of hundreds of millions of Americans. Regardless, their action certainly won’t help the immense ideological divide in the party.

    Read the entire Economic Growth, Regulatory Relief, and Consumer Protection Act bill for yourself here.

    Source: https://www.pastemagazine.com/artic...he-democrats-who-helped-republicans-dere.html

    Not surprisingly, the usual suspects in the Democratic Party keep capitulating to Trump and the GOP. It's amazing to see this unfold after having people lecture me for being a "purist" and not supporting Dems who govern like members of the GOP. Tim Kaine is even more right wing than Hillary, and she still picked him as her running mate. Meanwhile, Doug Jones only won in Alabama because his opponent was a pedophile. I got into an argument last year about not supporting conservative Democrats, and was told they're still better than Republicans. I'd like to know how the hell a Democrat is better than a Republican when they vote yes on policies that cater to the wealthy at the expense of the poor.

    Everybody wants to focus on Trump and the GOP, but few people are willing to speak out against the Democrats who are helping to implement their agenda.
     
    Last edited: Mar 16, 2018

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