Roll Back the Regulations. “For far too long, far too many people in our country have struggled to make ends meet…But today, that changes.” By Todd Horwitz, Bubba Trading

 

President Donald Trump pledged on the campaign trail to “do a big number” on the Dodd-Frank Act. And now a Republican bill that offers the most sweeping changes to rules crafted following the 2008 financial crisis is headed to his desk for his signature. In a final step Tuesday, the House voted 258-159 in favor of a bipartisan Senate-crafted bill aimed at loosening regulations for thousands of community banks and regional lenders, including State Street, BB&T and SunTrust.

“For far too long, far too many people in our country have struggled to make ends meet,” Rep. Jeb Hensarling, chairman of the House Financial Services Committee, said in a statement. “They’ve struggled to buy a car; they’ve struggled to buy a home; they’ve struggled for their version of the American dream. But today, that changes.”

The bill’s passage marks the end of years of lobbying by the financial industry to soften post-crisis rules and tense negotiations in Congress to win bipartisan support for the bill. The President is expected to sign the legislation before Memorial Day, according to a senior White House official.

“This is a bill for the small banks that are the financial anchors of our communities,” House Speaker Paul Ryan, R-Wis., said at a news conference. “It addresses some of Dodd Frank’s biggest burdens.” Rep. Nancy Pelosi, D-Calif., countered that the bill would take the country “back to the days of unchecked recklessness.”

“It’s a bad bill under the guise of helping community banks,” Pelosi said. Consumer provisions would allow people to freeze and unfreeze credit reports without paying a fee; give active-duty members of the military free credit monitoring; and prevent student loan lenders from declaring a loan in default because a co-signer dies or declares bankruptcy.

Todd “Bubba” Horwitz

 
Keep those stops tight
 

 

BubbaTrading.com 
 
HighSchoolInvesting.com 
IN ASSOCIATION WITH

Financial Markets & Political Commentary

 

Tags

, , , , , ,

Related Posts

About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.