115th United States Congress: Deuces Dropped

[archibaldcrane]

Related

https://twitter.com/jbouie/status/99...570466306?s=19

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[dasva]

And when did China give into the trade war? I think you misunderstand the whole trade situation at the moment lol.

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Damn he already corrected. But remember appearances can mean a lot more than reality especially when the gen pop doesn't look too hard for the facts. Don't be expected people to actually think for themselves instead of letting talking points do it

[Talint]

House votes to ease bank rules, sending bill to Trump's desk

The House voted Tuesday to pass the biggest rollback of financial regulations since the global financial crisis. The margin was 258-159, with 33 Democrats supporting the legislation.

Hashtag resistance.

[Athas]

The margin's bigger then 33 votes, so it would have gone through regardless.

[Quicklet]

Not in the Senate though. Dems provided the needed votes to pass it there.

[Salodin]

I've heard a lot of reporting on npr and others on how the bank bill reform isn't honestly that terrible. Some things slide through cause that's washington, but overall its needed reform for a lot of smaller banks.

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[Fiye]

I've heard a lot of reporting on npr and others on how the bank bill reform isn't honestly that terrible. Some things slide through cause that's washington, but overall its needed reform for a lot of smaller banks.

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Tim Kaine voted for the bill when House Dems from VA didn't.

[Salodin]

I don't agree with everything in the bill, but some benefits to smaller banks I understand. Idk man, I'm not of the opinion that one should stonewall a bill because it isn't 100% what I would want. The bill seemed like some compromise imo /shrug

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[Fiye]

I don't agree with everything in the bill, but some benefits to smaller banks I understand. Idk man, I'm not of the opinion that one should stonewall a bill because it isn't 100% what I would want. The bill seemed like some compromise imo /shrug

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33 Dems in the house voting with the majority is not a compromise. The worst parts of it are likely the ones that are going to go on and benefit Stadium Banks. I should really catch up on the stuff David Dayen has been writing.

[Salodin]

Uh, votes almost entirely on party lines is not new to this Congress or even this decade.

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[Fiye]

Uh, votes almost entirely on party lines is not new to this Congress or even this decade.

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The bill seemed like some compromise imo /shrug

Now I'm confused.

[Salodin]

You're confused that an unpopular republican Congress would have trouble finding support from democrats to pass a bill months before midterm elections? A bill Jill Stein was shilling very hard against even though she has no answers for the issues smaller banks were having with regulations.

The bill helps ease regulations on small banks that had trouble after the regulation following the great recession. That's not terrible in the slightest. Some bigger banks benefit from those changes, but again compromise would be getting the help you see is needed where it's needed, even if some of that help goes places you don't think need it as badly.

What in particular do you not like about this bill?

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[Talint]

fucking lol okay

The new bill boosts that threshold $250 billion in assets, which means that many of the country's largest banks will fall below that limit. The number of banks facing the tougher tests will drop from 38 to 12, according to The Wall Street Journal.

but no yeah commercial banks wooo fucking yeah let the gambling resume

[Salodin]

That was a point that a lot of pundits were iffy on. They said 250 might be too high, but it's currently at what, 50 million? Everyone who I've heard talk on the subject says that was too low. It could have been higher, but they settled on 250 and if you wish it was something else, then all I can say is elections have consequences? This type of bill probably would have come up under a democratic Congress, even if the numbers reached would be different.

Libtards are never going to be happy with any form of regulation easing; that doesn't mean that all regulation easing is terrible.

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[archibaldcrane]

It weirdly advantages US subsidiaries of multinational banks over US banks that are smaller overall but have a larger US presence.

And, of course, the banking sector just had their most profitable quarter in US history.

And the idea that 100 billion dollar banks were having trouble with compliance requirements is ridiculous.

It probably won't be that bad, but the idea it was needed is just...no.

Remember that Countrywide, one of the major banks that failed in the beginning of the great recession, only had 210B in assets. It wouldn't be considered systemically important under these new rules.

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[Deftscythe]

It's also going to encourage further consolidation since now these "smaller" banks have a lot more headroom before they hit the new regulatory barrier and can just buy up their local competition.

[Salodin]

Is this where I make a LEAN banking industry joke?

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[synistar]

Is this where I make a LEAN banking industry joke?

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Yea. Time to fire all the compliance officers until the bank hits the threshold. This bill is already making jobs! /s

[Guyverarmor]

Love me a LEAN BANKING SYSTEM !!!!

[Quicklet]

https://politics.theonion.com/2024-f...159-1826263862

Next financial crisis: "How could anyone have known?"