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Friday, March 9th, 2018

With Support of 16 Senate Democrats, Big Banks Will Be Able to Sue if They Don’t Like Dodd-Frank Rules

Author:     Sam Knight
Source:     truthout
Publication Date:     Wednesday, March 07, 2018
 Link: With Support of 16 Senate Democrats, Big Banks Will Be Able to Sue if They Don’t Like Dodd-Frank Rules
Stephan:   When I tell you that I do not care about partisan politics except anthropologically, and that all I care about is social outcome data, I mean it. As a general rule Republicans produce inferior, often grossly inferior, social outcome data when they are in power, and they are almost mythically corrupt. It does not follow, however, that many Democrats are free of these failings.  Many Democrats also suffer from ethical bankruptcy, and this report perfectly illustrates what I mean. We need to clean house, sweeping away about about half the Democrats and almost all the Republicans and elect a government that like the Danish model, is focused on fostering wellbeing and creating a civilized society. America is not a civilized society.

Credit: Andrey Popov

Legislation that would relax major post-financial crisis banking regulations moved one step closer to clearing the Senate and becoming law.

The upper chamber voted on Tuesday 67-32 to limit debate on the bill, setting the stage for its final passage later this week.

Sixteen Democrats backed the motion to advance the legislation; twelve of them are cosponsors. Senate Minority Leader Chuck Schumer (D-N.Y.) offered no criticism of the bill, in his regular morning remarks on Tuesday, just fifteen minutes before the vote. Every single Republican present backed the measure.

“People in Congress may have forgotten the crash ten years ago, but I guarantee people across this country have not forgotten,” said Elizabeth Warren (D-Mass.) at a press conference Tuesday morning.

Warren noted she would offer more than a dozen amendments — to try to mitigate the impact of the legislation, as it advances — though she also conceded she wasn’t sure how many, if any, would be allowed by Republican leaders.

“Nobody in Ohio apart from banking executives are clamoring for this bill,” Sherrod Brown […]

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