03-13-2023, 03:39 PM
(03-13-2023, 02:04 PM)Goalpost Wrote: So how does Barney Frank show up on Silicon Valley Bank's payroll? He received a million a year to be board member for the bank. Barney Frank, who told us, Fannie Mae was in good financial shape also before it collapsed.
My understanding is the regulation created, Dodd/Frank, during the financial crisis only applied to the bigger banks...ie..JP Morgan, etc...but did not apply to the regional banks, which now looks like a mistake.
Plenty of blame to go around here.
Dodd-Frank was put into place to regulate small to medium size banks. The Volcker rule large banks, and Glass Steigal investment banks from commingling with the commercial banks, and both regulations put safeguards to keep them from trading derivates amongst other things --All were regulations that were targeted by Bush, Congressional Republicans, and later by Trump. Google how many times Trump came out and attacked Dodd-Frank vowing to repeal it, and he did.
- "The Main Street banks and credit unions that people depend on, they've been suffering," said bill sponsor Rep. Jeb Hensarling, a Texas Republican who chairs the House Financial Services Committee. "They've been suffering for years under the weight, the load, the volume, the complexity, the cost of heavy Washington bureaucratic red tape. They haven't been able to serve these people to get them into homes and get them into cars."
- In May 2018, The GOP-controlled House voted to ease rules for midsize and regional banks in what is considered the largest undoing to date of banking rules put in place in the wake of the financial crisis. The vote was 258-159.
- The GOP-Controlled Senate had already approved the bill that would allow banks with up to $250 billion in assets to escape some of the toughest rules put in place by the Dodd-Frank Act in 2010 to shore up the banking system. Trump signed the bill the next week.
- Republican lawmakers said the bill aims to help small banks and credit unions be able to make more loans to families.
Nice Try! Now we see how that turned out for American families.
https://www.cnbc.com/2018/05/22/house-passes-bank-bill-rolling-back-dodd-frank-rules.html
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
