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Republican Stripping of Dodd-Frank Fails

 
 
 
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Jimmy Higgins

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The Republicans thought they had it. The put forth a bill that would have removed some regulations placed on banks in an attempt to keep them from destroying the global economy... again. link
article said:
Republicans in the U.S. House of Representatives failed on Wednesday to round up enough votes for a bill scaling back various financial reforms, a surprising defeat in an area conservatives hoped to prioritize this year.

Republican Party leaders brought forward numerous bills to revamp financial reforms under President Barack Obama's Democratic administration and hoped to make more dramatic changes after taking control of both houses of the U.S. Congress in last November's congressional elections.

Before the vote on Wednesday, Democrats slammed the bill as a Republican effort to chip away at the 2010 Dodd-Frank financial law, including one provision that would have given banks extra time to comply with part of the Volcker rule.
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The vote actually had a majority, but they needed more than that based on the procedure used to get the bill to a vote. They tried to get it out there without any amendments being added, so that required a 2/3's majority vote. They came up short.

Kind of damning really. Great for the country, but not the best way to start out a new session for Boehner. What is a little nutty is that a number Dems (35) still voted yes for this thing. Damn Marxists! One Republican voted against it.
 
Well, look at the bright side. This kind of impasse helps to serve as a rallying cry to solicit donations from one's base to work to correct the impasse during the next round of elections, which are less than two years away.
 
Jimmy Higgins said:
The Republicans thought they had it. The put forth a bill that would have removed some regulations placed on banks in an attempt to keep them from destroying the global economy... again.
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They may have lost this battle, but WS already got a nice Christmas present last month. Signed and delivered...

Just how many trillions in exposure is this? Good question….
http://wallstreetonparade.com/2014/...on-the-hill-who-told-citigroup-to-go-to-hell/
December 18, 2014
There has been much focus on the fiery speeches that Senator Elizabeth Warren delivered from the Senate floor in an effort to stop the roll-back of a key derivatives provision of the Dodd-Frank financial reform legislation that was slipped into the giant $1.1 trillion spending bill that was signed into law this week by President Obama – who campaigned for passage of the bill despite the weakening of protections against Wall Street abuses. The bill became known as the Cromnibus because it is part Continuing Resolution and part Omnibus spending bill to fund the government through September of 2015.
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http://blogs.reuters.com/financial-...s-lessons-from-financial-crisis-london-whale/
The decision by U.S. Congress last week reverse the so-called swaps ”pushout” rule for certain derivatives contacts will put a greater responsibility on regulators to demonstrate they have effective oversight over bank activities of the sort that played a role in the 2008 financial crisis and ‘London whale’ trading debacle.

Specifically, certain un-cleared credit default swaps comprised most of the contracts that were included in the push-out rule, or Section 716 of the Dodd-Frank Act. The rule requires banks that wished engaged in this activity to place them in separate affiliates with higher capital requirements. As such, they would not be funded through the deposit gathering activities of banks, seen as an important lesson from the financial crisis.
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I am glad they failed. Nobody wants to see Barney Frank and Chris Dodd strip.
 
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