Us Congress eases banking rules

dd7c4512454e6c6215e7340f01ba0181 - Us Congress eases banking rules

The U.s. Congress on Tuesday, a law was adopted that the more stringent bank regulation introduced after the financial crisis in 2008, again simplified. The text only by the president, Donald Trump signed.

Total voted 258 members of the House of Representatives – including 33 Democrats – for the partial dismantling of the Dodd-Frank Act. That became law in 2010 under the Democratic president Barack Obama introduced to the financial sector are stricter to regulate and, as a new Wall Street crash. Exactly 159 deputies voted against it. The Senate approved the new law by mid-march.

Concrete will be the most stringent rules of the Dodd-Frank Act by the new act no longer apply to banks with assets up to $ 250 billion (212 billion euros). The biggest financial institutions originate the dance. “This is a major step in the freeing of our economy from excessive regulation’, responds the Republican chairman of the House of Representatives, Paul Ryan.

The relaxation of the banking rules is a victory for Trump, that the Dodd-Frank Act rather as a ‘disaster’ described. He had the financial lobby already since his arrival promised to the strict rules largely to undo.

‘Threatens stability of financial system’

Nancy Pelosi, Democratic minderheidsleider of the House of Representatives, is not to speak about the relaxation of the rules, that ” the stability of our financial system and our economy threatens’. “This law will bring us back to the days of unrestrained recklessness on Wall Street, a historic financial collapse in launched.’

Leave a Comment