House bill

And?

jtdavis posted:

http://www.huffingtonpost.com/...?section=us_politics

Here's what the house of representatives passed today.

Thanks for the link.  Way over my head.

What's your take on it, JT?  In my area am familiar with small banks and strip mining.  Break it down for me.  What does it all mean?

Yes Jt, and?

A summary of the act:

https://www.congress.gov/bill/...ngress/house-bill/10

Financial CHOICE Act of 2017

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:

• repeal Volcker Rule restrictions on certain speculative investments by banks;
• with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
• repeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing.

Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.

The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed. 

The bill also amends the Consumer Financial Protection Act of 2010 to:

• convert the Consumer Financial Protection Bureau into a consumer law enforcement agency;
• subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight; 
• eliminate supervisory authority over financial institutions; and
• limit the agency's authority to take action against entities for abusive practices. 

In addition, the bill:

• modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
• eliminates the Office of Financial Research within the Department of the Treasury; and
• revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

Sounds like a lot of restrictions are being removed and banks are given more freedom to do as they wish and not consider the risks.

I just have to question how this:

"repeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing.",

and this:

"limit the [Consumer Financial Protection Bureau's] authority to take action against entities for abusive practices.",

is good for the people? 

I particularly like the "with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and..."

Now, employment contracts with CEOs and other high paid employees can be ignored as in an bankruptcy.  Those who helped cause the trouble won't be rewarded.  Turns their golden parachute into a lead balloon. 

You misspelled Horse....

To me, instead of draining the swamp, the swamp is getting turned into a cesspool.

jtdavis posted:

To me, instead of draining the swamp, the swamp is getting turned into a cesspool.

I know exactly where you aren't going with, Jimmy.

jtdavis posted:

To me, instead of draining the swamp, the swamp is getting turned into a cesspool.

Yes, you slops are getting worse.

Kraven posted:

You misspelled Horse....

LOL

Yes, you slops are getting worse.

100% republicans. Check the news sometime.

jtdavis posted:

Yes, you slops are getting worse.

100% republicans. Check the news sometime.

I do "check the news", just not the fake sites you read. The swamp inhabitants? Still the Dems.

Kraven posted:

You misspelled Horse....

Ha!

direstraits posted:

I particularly like the "with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and..."

Now, employment contracts with CEOs and other high paid employees can be ignored as in an bankruptcy.  Those who helped cause the trouble won't be rewarded.  Turns their golden parachute into a lead balloon. 

 

I'm bumping this for JT.  Somehow he missed it or remedial reading is in order.