The 114th congress has not been at work for very long, but the goal is already clear. They need a "further rollback of regulations put in place." This would be set to help keep markets and main street safe from wall street practices that are considered reckless. A bill that failed on Wednesday in the House of Representatives began the "attack." It was introduced by Representative Michael Fitzpatrick and had three elements that were worrisome. It would allow banks to hold onto "risky securities" until 2019, which is 2 years more than what is allowed right now. It would prevent the securities and exchange commission from regulating private equity firms. It would also allow risks in the system that are unseen. The bill was intended to make corrections to the Dodd Frank legislation. It was put forward only on the second day of the new congress, which did not allow time for debate on the topic. The bill gives institutions 2 extra years to get rid of their large amounts of debt. Any more compromise on this bill would cause it to collapse, which seems to be what wall street is wanting from this argument.
http://www.nytimes.com/2015/01/11/business/kicking-dodd-frank-in-the-teeth.html?ref=politics
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