House Republicans voted to gut the Dodd-Frank Wall Street reform law this past summer with legislation called the “Financial Choice Act.” Now, on the heels of a huge giveaway to the rich and corporations with the #GOPTaxScam, the Senate passed its own version of Wall Street de-regulation: the “Bank Lobbyist Act”.
Current law requires any bank larger than $50 billion—the 38 biggest banks in the country—be subject to certain standards. But this bill would quintuple that threshold to $250 billion. That means two dozen of the country’s largest banks—that together received $47 billion in TARP “bailout” funds—would escape the oversight intended to prevent another financial crisis.
The House still has to vote on that version of the bill before it heads to Trump’s desk for signature: tell them to vote no.