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Valued Social Butterfly
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Re: Congress helps out bankers

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Tester breaks party lines, voting with Republicans to soften banking rules

 

http://helenair.com/news/state-and-regional/montana/tester-breaks-party-lines-voting-with-republican...

 

Tester breaks party lines, voting with Republicans to soften banking rules

After a blistering few weeks of criticism from fellow Democrats, Jon Tester stuck with Republicans and a few members of his own party to soften banking rules that have been in place since the Great Recession.

On social media and cable news, Tester and other red-state Democrats were excoriated by some of the left’s more high-profile politicians for siding with Republicans to change the 2010 Dodd-Frank banking reforms, which were intended to prevent another financial crisis like the one that tanked the U.S. economy in 2008.

Tester told Lee Montana on Tuesday that critics of the bills were uninformed.

“Some will claim that we are, ‘Oh we’re just deregulating banks,’ ” Tester said. “We’re giving them regulatory relief. They’ll still be highly regulated. Their safety and soundness will be regulated.”

Tester and other supporters of the bill have insisted that their focus was lifting the yoke of big bank regulations from community banks. Republicans and the 16 Democrats and one Independent voting for the bill wanted it to be easier for community banks to issue some loans, such as mortgages the banks held onto, rather than selling to a larger organization. In that case, the bank could issue a mortgage without getting an appraisal to determine the home’s worth.

“Small banks,” as described in the bipartisan Economic Growth and Regulatory Relief and Consumer Protection Act, are banks with assets of less than $10 billion. Tester is a member of the Senate Banking Committee and a cosponsor of the bill. For perspective, the combined assets of Montana’s chartered banks are about $30 billion.

Montana Credit Unions and the Credit Union National Association thanked Tester for supporting the bill.

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Its a good bill that will help SMALLER banks. Got that..SMALLER not the big banks.

Even some Democrats were smart enough to understand that...did you Rich?

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Valued Social Butterfly
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Re: Congress helps out bankers

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@Richvawrote:

Thank God the GOP is helping out the poor, starving bankers at the expense of the middle and lower income levels.  We really need someone like the GOP to screen the wealthy from the protections put into place during the Obama administration. 

 

I just hope they drag bankers from their offices and hang them from lamp posts. Just sayin'

 

 

Banks have hauled in record profits for the last three years and will be among the biggest winners under the new tax-reform law. Their loans are growing by 4 to 5 percent a year, well within historical norms. And even community banks, which the bill’s backers say they’re most concerned about, are making money.

Despite these signs of flourishing health, the deregulation bill passed the Senate in a 67-31 vote that included 16 Democrats and an independent, Angus King of Maine. The House will now take up the legislation. But critics of the bill say the facts undermine the case for rolling back key parts of the Dodd-Frank Act, the landmark law aimed at preventing a repeat of the 2008 financial crisis.

 

https://www.politico.com/story/2018/03/14/banks-record-profits-regulations-403866


The 'bankers' bought it, but the 'contractor' did it.  Seems to me it amounts to the same thing pretty much.  Y'know, a whole bunch of fingers have been pointed at 'the donald', but he didn't get to do what he does all by himself.  Maybe we have to look a bit further afield.  He may not be 'the big fish'.

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Congress helps out bankers

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Thank God the GOP is helping out the poor, starving bankers at the expense of the middle and lower income levels.  We really need someone like the GOP to screen the wealthy from the protections put into place during the Obama administration. 

 

I just hope they drag bankers from their offices and hang them from lamp posts. Just sayin'

 

 

Banks have hauled in record profits for the last three years and will be among the biggest winners under the new tax-reform law. Their loans are growing by 4 to 5 percent a year, well within historical norms. And even community banks, which the bill’s backers say they’re most concerned about, are making money.

Despite these signs of flourishing health, the deregulation bill passed the Senate in a 67-31 vote that included 16 Democrats and an independent, Angus King of Maine. The House will now take up the legislation. But critics of the bill say the facts undermine the case for rolling back key parts of the Dodd-Frank Act, the landmark law aimed at preventing a repeat of the 2008 financial crisis.

 

https://www.politico.com/story/2018/03/14/banks-record-profits-regulations-403866

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