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Thread: Bipartisan deal reached to ease banking rules

  1. #1
    Veteran Member bajisima's Avatar
    Mar 2012

    New Hampshire

    Bipartisan deal reached to ease banking rules

    Not sure how this one will go over..

    A group of senators on Monday rolled out a rare, bipartisan agreement years in the making that would relax a number of banking regulations enacted after the 2008 financial crisis.

    The deal was driven by Senate Banking Chairman Mike Crapo (R-Idaho) and a handful of red-state Democrats who have long argued that the rules were stifling lending for their rural constituents. The same Democrats are facing tough reelection campaigns next year. The compromise would ease regulations on small, community banks as well as several larger lenders that have been subject to stricter oversight because they have more than $50 billion in assets.

    The release of the deal immediately drove a wedge between moderate Democrats and others in the party who have resisted making significant changes to the post-financial crisis regulatory regime. Sen. Sherrod Brown of Ohio, the top Democrat on the Banking Committee, said he opposed the proposal because it went too far in rolling back regulations.

    But with nine Republicans, eight Democrats and one independent senator signing on, the package had a significant head start on the way to advancing through the Senate, where bipartisan agreement is essential to passing most laws.

  2. #2
    Council Member Djinn's Avatar
    Dec 2007

    Pennsylvania, USA
    I'm okay with helping small businesses - but how does it help them to reduce oversight for the largest lenders?

  3. #3
    Anarquistador StanStill's Avatar
    Dec 2013

    "Ease banking regulations" means "save banks money".

    Of course it's possible that they could use that extra money to lend, but they're banks. It's not like the quantity of quality lending opportunities is going to change. So it's kind of unlikely that this extra money will cause them to lend that much more. Seems more likely to me that the money will become dividends for shareholders. But heck, it's been years since the last market collapse, and the stock market is at an all time high! What could go wrong?

  4. #4
    A Blue Dog Jets Fan Jets's Avatar
    Feb 2011

    New York
    Ironic that a senator named Crapo is pushing this shit....

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