And of course, misleading the American people while doing it:
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.
Okay, first of all: The reason many of those folks are having trouble securing loans is because Dodd-Frank didn't go far enough. Banks are still allowed to do many of the things that brought about the Recession in the first place, like investing capital in money management schemes instead of point-of-use/point-of-sale businesses and product manufacturing and such. What the GOP is doing with this bill will put that on steroids, just like the early 2000's. And it will also expose you and I to major financial risks by sidelining the Consumer Finance Protection Bureau:
http://ift.tt/2t5n2bP
No comments:
Post a Comment