Making the slope into financial disaster even more slipery is something corrupt Republicans have a bad habit of doing, as a favor for their greedy banker donors. Never mind that it led to the 2008 financial meltdown that kicked off a deep worldwide recession, that nearly turned into a worldwide depression. K Street rules in the GOP.
BY SYLVAN LANE
Two federal bank regulators voted Tuesday to approve a significant rollback of a controversial ban on risky trades passed in the aftermath of the 2008 financial crisis.
The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on Tuesday adopted a weakened version of the so-called “Volcker Rule,” which bans banks from making high-risk bets with their own assets.
While the OCC and FDIC are but two of five agencies that must sign off on the new Volcker Rule, their approval of the proposal is the first step in a massive lobbying victory for some of the largest U.S. banks.
But advocates for strict bank regulations said the Volcker rewrite effectively guts the rule and does nothing to prevent the build-up of risk that led to the 2008 financial crisis.
Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, said the revisions “will not only put the U.S. economy at risk of another devastating financial crisis, but it could potentially leave taxpayers at risk of having to once again foot the bill for unnecessary and burdensome bank bailouts.”
Trump has since stocked bank regulators with predominantly Republican appointees, who have advanced several proposals to tailor financial rules defended by their Obama-era counterparts.
Selling out the vast majority of Americans’ best interests always comes first for Republicans. It’s deeply ingrained in their party’s tawdry culture.
Selling out the vast majority of Americans’ best interests always comes first for Republicans. It’s deeply ingrained in their party’s tawdry culture. And today’s media seldom follows the money, and seldom holds Republican elected officials accountable for their financially reckless actions.