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The worst thing to come out of the mortgage market meltdown of 2008 was not the economic impact itself. That was always going to mitigate itself over time. The worst thing was the government power grabs it facilitated, and none have been worse than Dodd-Frank.
Named for its two ignominious sponsors, Christopher Dodd and Barney Frank, the law imposed crushing new regulations on banks and their lending activity, actually having the effect of making credit harder to get under reasonable terms. And it treated midsize regional banks like gigantic ones for the purpose of putting them under the control of federal regulators.
Dodd-Frank - Disaster - Services - People - Access
Dodd-Frank has been a disaster for financial services and for people looking to access capital under reasonable terms. Donald Trump promised to roll it back if elected, and since taking office he has kept his promise insofar as – while he found the road politically difficult – he has worked hard to get something done by a reluctant Congress.
Today, his efforts have paid off, if not as fully as we might have hoped:
Bill - Regulations - Lenders - Asset - Threshold
The bill cuts regulations for small lenders and raises the asset threshold at which larger regional lenders automatically face stricter rules, adding up to the most significant changes to the 2010 Dodd-Frank law. The plan leaves untouched most of Dodd-Frank’s major planks, such as emergency government powers and curbs on derivatives, an outcome that is expected to cement those provisions for years to come.
The story of how the legislation came together, based on interviews with current and former officials, demonstrates how policy makers scaled back their priorities to maintain support for a compromise.
Sure - Rep - French - Hill - R
“Could it have done more? Sure,” said Rep. French Hill (R., Ark.). “But Sen. Crapo should be congratulated for producing a bill in these partisan times.”
A senior White House...
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