78 House Democrats Vote to Weaken a Key Wall Street Regulation


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They are chipping away little by little at pretty much all the protections that seperate consumers from corporate sharks. Expect another bill that raises the exemption level in the relatively near future.


Today, the House voted to approve the Volcker Rule Regulation Harmonization Act, an innocuous name for a not-so-innocuous bill. The bill would weaken the Volcker Rule, which prohibits banks from making speculative investments with regular people’s money (with exceptions), by exempting banks with less than $10 billion in assets. And, for reasons beyond imagination, 78 Democrats voted for it.

In January, 11 Senate Democrats joined Republicans to cosponsor a bill to raise the threshold for extra regulatory scrutiny for banks from $50 billion to $250 billion, which would have left fewer than 10 banks in the US subject to such scrutiny. That bill included provisions similar to today’s bill, exempting banks with under $10 billion in assets from the Volcker Rule. ............
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Re: 78 House Democrats Vote to Weaken a Key Wall Street Regulation
« Reply #1 on: April 20, 2018, 05:21:25 PM »
I'm shocked.  Shocked I tell you.