Tag: Dismantle Dodd-Frank

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House Approves Financial CHOICE Act In Major Step to Repealing Dodd-Frank

bank-of-america_theridgewoodblog

June 9,2017

the staff of the Ridgewood blog

Washington DC, The House on Thursday passed the Financial CHOICE Act, legislation to overhaul and replace the failed Dodd-Frank Act that has contributed to the worst economic recovery of the last 70 years.“Every promise of Dodd-Frank has been broken,” said Financial Services Committee Chairman Jeb Hensarling (R-TX), as he read letters from Americans about how they were declined home, automobile and small business loans due to Dodd-Frank’s burdensome regulations.  “Fortunately there is a better, smarter way.  It’s called the Financial CHOICE Act.  It stands for economic growth for all, but bank bailouts for none.  We will end bank bailouts once and for all.  We will replace bailouts with bankruptcy.  We will replace economic stagnation with a growing, healthy economy,” he said.

“We will make sure there is needed regulatory relief for our small banks and credit unions, because it’s our small banks and credit unions that lend to our small businesses that are the jobs engine of our economy and make sure the American dream is not a pipe dream,” said Chairman Hensarling.

CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, has received strong support from community banks and credit unions.  Large financial institutions did not offer their support for the Financial CHOICE Act.  Instead, Wall Street CEOs have publicly said they do not support repealing Dodd-Frank.

The Congressional Budget Office reports the Financial CHOICE Act would reduce the deficit by $33.6 billion over 10 years and that the bill’s regulatory relief would benefit community banks and credit unions.  The nation’s largest banks would be unlikely to raise enough capital to meet the bill’s requirement for substantial regulatory relief, the CBO reported.

FINANCIAL CHOICE ACT AT A GLANCE:

BANKRUPTCY, NOT BAILOUTS

No more bailouts:  that’s at the core of the Financial CHOICE Act. With changes to the bankruptcy code, large financial firms can fail without disrupting the entire economy or forcing hardworking taxpayers to pay for more bailouts.

ACCOUNTABILITY FOR WALL STREET AND WASHINGTON

The Financial CHOICE Act includes the toughest penalties in history for those who commit financial fraud and insider trading.  Holding Wall Street accountable with the toughest penalties in history will deter corporate wrongdoing and better protect consumers. At the same time the Financial CHOICE Act holds Wall Street accountable, it also holds Washington accountable. Tougher accountability for Wall Street and Washington will protect the integrity of our markets so they benefit ordinary Americans who are working, saving and investing.

STRONGLY CAPITALIZED BANKS

Dodd-Frank’s one-size-fits-all regulations treat all financial institutions the same, regardless of their size.  That makes no sense and hurts smaller, hometown banks and credit unions that did nothing to cause the last financial crisis.

The Financial CHOICE Act is based on two important principles:  First, all banks need to be well-capitalized and, second, community banks and credit unions deserve relief from the crushing burden of over-regulation. Under the Financial CHOICE Act, banks and credit unions will qualify for regulatory relief if they elect to maintain enough capital to ensure that if they get in trouble, taxpayers won’t be forced to bail them out. Ninety-eight percent of the financial institutions that met the Financial CHOICE Act’s requirements for being well-capitalized did not fail during the financial crisis.  Of the miniscule percentage that did fail, none posed a systemic risk.

EMPOWER AMERICANS

The Financial CHOICE Act grows our economy from Main Street up.  Dodd-Frank tries to control the economy from Washington down.  The Financial CHOICE Act will help get credit and capital into the hands of working men and women to fuel their economic growth.

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House GOP Moves to End “Bailout Nation” with the Financial CHOICE Act

dodd frank

No More Bank Bailouts, Accountability for Wall Street and Washington, Economic Growth at the Core of Republican Plan

April 20,2017

the staff of the Ridgewood blog

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced that the Committee will hold a hearing to discuss the Financial CHOICE Act on Wednesday, April 26 at 10:00 a.m.

“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said Chairman Hensarling.  “We want economic opportunity for all, bailouts for none.  We want real consumer protections that will give you more choices.  Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.

The ideas and principles behind the Financial CHOICE Act were first unveiled last June by Chairman Hensarling in a speech to the Economic Club of New York.  The Financial Services Committee approved the Financial CHOICE Act in September.  The Committee will discuss an updated version of the bill at Wednesday’s hearing.

“Supporters of Dodd-Frank promised it would lift the economy, end bailouts and protect consumers.  Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices.  Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank.  That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”

FINANCIAL CHOICE ACT AT A GLANCE:

BANKRUPTCY, NOT BAILOUTS

No more bailouts:  that’s at the core of our plan and our commitment to hardworking taxpayers. With bipartisan changes to our bankruptcy code, large financial firms can fail without disrupting the entire economy or forcing hardworking taxpayers to pay for more bailouts.

ACCOUNTABILITY FOR WALL STREET AND WASHINGTON

The Financial CHOICE Act includes the toughest penalties in history for those who commit financial fraud and insider trading.  Holding Wall Street accountable with the toughest penalties in history will deter corporate wrongdoing and better protect consumers. At the same time we hold Wall Street accountable, the Financial CHOICE Act also holds Washington accountable. Tougher accountability for Wall Street and Washington will protect the integrity of our markets so they benefit ordinary Americans who are working, saving and investing.

STRONGLY CAPITALIZED BANKS

Dodd-Frank’s one-size-fits-all regulations treat all financial institutions the same, regardless of their size.  That makes no sense and hurts smaller, hometown banks and credit unions that did nothing to cause the last financial crisis.

The Financial CHOICE Act is based on two important principles:  First, all banks need to be well-capitalized and, second, community banks and credit unions deserve relief from the crushing burden of over-regulation. Under the Financial CHOICE Act, banks and credit unions will qualify for regulatory relief if they elect to maintain enough capital to ensure that if they get in trouble, taxpayers won’t be forced to bail them out. Ninety-eight percent of the financial institutions that met the Financial CHOICE Act’s requirements for being well-capitalized did not fail during the financial crisis.  Of the miniscule percentage that did fail, none posed a systemic risk.

EMPOWER AMERICANS

The Financial CHOICE Act grows our economy from Main Street up.  Dodd-Frank tries to control the economy from Washington down.  The Financial CHOICE Act will help get credit and capital into the hands of working men and women to fuel their economic growth.

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Trump Administration Sets Ambitious Agenda

-donald-trump-candidacy-speech-thridgewoodblog

 

November 11,2016

the staff of the Ridgewood blog

Ridgewood NJ, Trump Administration rolls out ambitious policy goals . Some of the features are: “Building That Wall”, End “War On Coal”, Repeal Obamacare, Dismantle Dodd-Frank.

The Trump Administration  index:

Making America Secure Again

Defense & National Security
Immigration Reform & Building The Wall
Energy Independence

Getting America Back To Work Again

Tax Reform
Regulatory Reform
Trade Reform
Education
Transportation & Infrastructure
Financial Services Reform

Government for the People Again

Healthcare Reform
Veterans Administration Reform
Protecting Americans’ Constitutional Rights

https://www.greatagain.gov/index.html

 

Some highlights :

  • overhaul in immigration policies, including “Building that Wall” , the Trump transition team will “execute on the following ten-point plan to restore integrity to our immigration system, protect our communities, and put America first” – i) Build a Wall on the Southern Border; ii) End Catch-and-Release; iii) Zero Tolerance for Criminal Aliens; iv) Block Funding for Sanctuary Cities; v) Cancel Unconstitutional Executive Orders & Enforce All Immigration Laws; vi) Suspend the Issuance of Visas to Any Place Where Adequate Screening Cannot Occur; vii) Ensure that Other Countries Take Their People Back When We Order Them Deported; viii) Finally Complete the Biometric Entry-Exit Visa Tracking System; ix) Turn Off the Jobs and Benefits Magnet
  • promoting a strong, robust military force to defend against the “threat posed to our nation and our allies by radical ideologies that direct and inspire terrorism.” The administration will push for immediate and sustainable actions to counter the threats posed by radical ideologies; will address the “catastrophic threats posed by nuclear weapons and cyber attacks” and will “ensure our strategic nuclear triad is modernized to ensure it continues to be an effective deterrent, and his Administration will review and minimize our nation’s infrastructure vulnerabilities to cyber threats.”
  • dismantling and replacing of the Dodd-Frank Act financial-sector law with pro-growth policies. This means that banks will be allowed to not only engage in prop trading again, but to invest directly in hedge funds. “The Dodd-Frank economy does not work for working people. Bureaucratic red tape and Washington mandates are not the answer,” says statement on Trump’s official transition website.
  • changing the tax code: policies since President Obama took office “have been blocked in one way or another” by Democratic opposition, the transition website says in section outlining “tax reform/economic vision.” It adds that “a Trump administration tax plan can be summarized as lower, simpler, fairer, and pro-growth.” as the website summarizes “a Trump Administration tax plan can be summarized as lower, simpler, fairer, and pro-growth.”
  • addressing the millions of American jobs that have been lost over the last decade “because of trade deals that do not put Americans first.”  The administration will “reverse decades of policies that have pushed jobs out of our country” by making it more desirable for companies to stay, create jobs here, pay taxes here, and rebuild the economy. The new Administration will make it more desirable for companies to stay, create jobs here, pay taxes here, and rebuild our economy.  Our workers and the communities that support them will thrive again, as more and more companies compete to set up manufacturing in the U.S., to hire our young people and give them hope and a real shot at prosperity again.  America will become, once more, a destination for jobs, production and innovation and will once more show economic leadership in the world.
  • fixing education: Trump will advance policies to support learning-and-earning opportunities at the state and local levels for approximately 70 million school-age students, 20 million post-secondary students, and 150 million working adults, To achieve this, Trump will promote high-quality early childhood, magnet, STEAM or theme-based programs; expansion of choice through charters, vouchers, and teacher-driven learning models; and relief from U.S. Department of Education regulations that inhibit innovation.
  • restructuring US energy policies including ending the “war on coal”: “make full use” of both renewable and tradition energy sources. “America will unleash an energy revolution that will transform us into a net energy exporter, leading to the creation of millions of new jobs, while protecting the country’s most valuable resources –- our clean air, clean water, and natural habitats,” the website says. “The Trump administration is firmly committed to conserving our wonderful natural resources and beautiful natural habitats.” The transition team also vows to open onshore and offshore leasing for federal land and waters for fossil fuel producers, streamline energy permitting, end “war on coal.” The site also pledges “top-down review of all anti-coal regulations issued by the Obama administration.”
  • “Repeal Obamacare” – the Trump administration will work with Congress to repeal Affordable Care Act with replacement that “returns the historic role in regulating health insurance to the states,” according to transition plan released Thursday. Replacement would include promotion of Health Savings Accounts and option to buy insurance across states lines. The transition team also says it will act to “protect innocent human life from conception to natural death, including the most defenseless and those Americans with disabilities” and “modernize Medicare, so that it will be ready for the challenges with the coming retirement of the Baby Boom generation – and beyond.”
  • protect Americans’ constitutional rights: the Trump administration will veto legislation that exceeds Congressional authority, take actions as Chief Executive and Commander-in-Chief that are consistent with his constitutional role, and nominate Judges and Supreme Court Justices who are committed to interpreting the Constitution and laws according to their original public meaning.  Trump says “he will defend Americans’ fundamental rights to free speech, religious liberty, keeping and bearing arms, and all other rights guaranteed to them in the Bill of Rights and other constitutional provisions.” He hopes to minimize the role of government including the “Tenth Amendment guarantee that many areas of governance are left to the people and the States, and are not the role of the federal government to fulfill.” (https://www.zerohedge.com/news/2016-11-10/trump-reveals-policy-goals-building-wall-end-war-coal-repeal-obamacare-dismantle-dod )
 The full breakdown can be found here.