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BREAKING: House Passes Massive Gutting of Dodd-Frank

The Senate-born bill now goes to the President's desk in a stunning rebuke of Obama-era overregulation.

House Republicans, along with 33 Democrats, voted today to roll back much of the 2010 Dodd-Frank bank regulatory law. Already passed by the Senate, the rollback legislation will now go to President Trump to be signed into law.

Passed in response to the 2008 financial crisis, the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 attempted to reign in banks from recklessly adhering to the rules placed upon them in the 1990s by Chris Dodd and Barney Frank.

Today’s move toward deregulation is not comprehensive. The largest banks, those with over $250 billion in assets, are not affected—however this includes fewer than ten banks nationwide. The Trump administration and congressional Republicans have made clear this is not the endgame; there is more untangling of the misguided 2010 federal overreach to come...

@cynical -- Good. Keep advocating that Republicans raise taxes on their political enemies. What could go wrong*.

(*There are something like 50 GOP House seats in Blue States).

"Massive gutting" is an exaggeration. In baseball terms, it's a decent stand-up double. It is not the Trump-driven home runs that were promised, though.

Yes, you are extremely confused if you think that the intent of the bill had anything to do with "preventing a crisis." It exploited a crisis — that's what Dems do.

Can you go into more detail than that Greg. Explain to me how this exploited a crisis. I promise I'm not trolling, I really want to know.

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@greg Count me in among those who would like to know how exactly it exploited a crisis.

@FloridaMan Preventing a flood of short sales, which would have further destroyed the housing market and the economy(here and abroad) - rather than letting you - "FloridaMan" - easily wash his hands of a bad decision is actually a good thing for everyone(and i mean everyone, including YOU), as opposed to a good thing for just you. So I guess what you're complaining about amounts to selfishness and bad long term judgement. IMHO.

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