Saturday, June 10, 2017

Financial CHOICE Act is an example of why Republicans continue to support Trump

Quote of the Day: “The main reason Republicans are still supporting Trump is to preserve the opportunity to gut another legacy of the Obama administration.” – John Cassidy (paraphrased by Scriber).

Here’s an item from John Cassidy’s Rational Irrationality newsletter about the “Financial CHOICE Act.” (I don’t know which of those words to put in quotes.) Cassidy reveals the Republicans’ true motive for continuing to support Trump. There’s also a link to a lengthy analysis of the Foolish CHOICE Act.

… don’t forget about the Dodd-Frank news. Financial regulation is complicated—when it’s not done properly, it can blow up the economy. That was the lesson of 2008. So it is of great import to understand the “Financial CHOICE Act,” which the Republican-controlled House of Representatives passed on Thursday. “Not only does it eliminate numerous major elements of the Dodd-Frank protections passed in the wake of the disastrous financial crisis of 2008, it would also weaken regulatory powers that long pre-date Dodd-Frank,” a detailed open letter to Congress from Americans for Financial Reform, a coalition of progressive groups, explained. “If this bill passed, it would make financial regulation significantly weaker than it was even in the years leading up to the 2008 crisis.” The bill did pass, and it will now go to the Senate, where it will certainly be amended. But Republicans in both chambers are determined to gut another legacy of the Obama Administration. Indeed, the main reason they are still supporting Trump is to preserve the opportunity to do such things.

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