Modal close

Hi there,

You turn to Democracy Now! for ad-free news you can trust. This week Democracy Now! went to the U.S.-Mexico border, where we talked to people on the front lines of the immigration crisis. If on the ground coverage like this is important to you, please donate today. Right now every donation we receive will be tripled by a generous supporter. This means if you give $8 today, Democracy Now! will get $24 to support coverage like this year-round. Please do your part. It takes just a couple of minutes to make sure that Democracy Now! is there for you and everybody else. Thank you so much!
-Amy Goodman

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.

Donate

Congress Passes Sweeping Bill to Roll Back Dodd-Frank Act Regulations

HeadlineMay 23, 2018

On Capitol Hill, Congress passed sweeping legislation to exempt thousands of banks from key regulations in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, meaning the vast majority of banks will no longer have to follow the regulations aimed at preventing another financial meltdown. The Dodd-Frank Act was passed after the 2008 economic crisis, which was provoked by years of risky lending by Wall Street banks.

Yet, in a rare bipartisan effort Tuesday, House lawmakers voted 258 to 159 to exempt banks with less than $250 billion in assets from many of these regulations, even though banks’ profits are soaring. A report issued Tuesday from the Federal Deposit Insurance Corporation said the net income of banks and saving institutions hit $56 billion in the first quarter of this year—a 27 percent increase from a year ago. Thirty-three Democrats joined their Republican counterparts in voting for the financial regulation rollback, which, if signed into law, would leave fewer than 10 banks in the U.S. subject to stricter federal oversight. We’ll have more on the regulation rollback later in the broadcast.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Up arrowTop