It’s only November, but if Wall Street gets its way, Christmas could come early for the industry. That’s because its army of lobbyists are already hard at work, trying to hijack the appropriations process as a vehicle to enact its deregulatory wish list. Wall Street is essentially holding national priorities like health care, the environment and education hostage until members of Congress agree to put the industry’s narrow special interests before the interests of the American people.
It time to get REAL Cynical. Dodd Frank was passed yet at the time when considering the type of pushback the big banks COULD have given they were relatively silent on the matter. Since that time those Big Banks are now even larger and control even more of the Financial industries.I doubt it out of shame for the shenanigins they were up to as they have no sense of shame. They are bankers.
Now what has been a side effect of Dodd Frank?
Hundreds of local credit unions closed their doors as the costs of compliance were too high and those big banks got their business. Having worked that law long enough to get rid of that competition , they now feel it time to repeal it.
When Dodd Frank (DF) was signed in 2010 it was so watered down it could at best be described as a mouth with two teeth with respect to its ability to control the banksters that caused and profited from the 2008 meltdown.
The late 2014 cromnibus bill rolled back derivatives regulations that were part of DF, thereby putting US taxpayers on the hook for an additional $10 trillion in bankster bailout risk, on top of the $16 trillion of taxpayers' money that Congress had already committed (according to GAO report 11-696, page 131) to bankster bailouts since 2008. That action left one tooth in the mouth of DF.
Looks like Congress and Obama will be kicking that last remaining tooth out of DF's mouth by years end, a time when Obama traditionally signs regressive legislation during his annual trip to Hawaii.
From everything I've read recently, the current state of the financial world is far worse than in 2008 just before the last 'correction.' If so, just how meaningful has Dodd-Frank been in terms of meaningful reform? If the point is that it could be even worse, then I wonder just what it means to be facing financial disaster anyway and still want to keep the bandage on.
D-F isn't doing what we/the people need and perhaps the effort in trying to save this failed policy is simply a distraction from something more meaningful.
Glass-Steagall, the only way.