US Treasury Unveils Financial Reforms, Critics Attack

US Treasury Unveils Financial Reforms, Critics Attack

The House bill, pushed by Rep. Jeb Hensarling, the Texas Republican who leads the Financial Services Committee, repeals about 40 of Dodd-Frank's provisions.

Trump started his attack on Dodd-Frank soon after taking office, ordering a Treasury Department review of the complex rules that have put the legislation into practice.

"Our community banks are in trouble", said Speaker Paul Ryan, R-Wis.

Those big banks would be unlikely to opt for that type of help.

The newly approved legislation would attempt to ease the burden on the country's almost 6,000 banks by offering them a choice: If they want to avoid numerous regulatory barriers imposed during the Obama administration, they would have to significantly increase their emergency financial surpluses. The House legislation would repeal it altogether.

They also oppose efforts to sharply curtail a consumer protection agency's power to pursue companies that it determines have participated in unfair or deceptive practices in their financial products and services. And it proposes enabling the president to remove the CFPB director at will without citing a cause for firing.

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It's clear to most Kansans how Obamacare has harmed their families (doubled their premiums and taken away medical choices), but the same can't be said about the harm that's been created by the Dodd-Frank financial law.

"Most Americans want to punish Wall Street more", Schardin said. Better for the administration to find ways to promote investment in the US, he suggested.

The bill would also ease regulations on local banks by eliminating the need for "stress tests" that require financial institutions to have plans for how to respond to another economic crisis. In stark contrast, the "Financial Choice Act", as the newly passed bill was titled with Orwellian flair, contrives to pretend the crisis never occurred - which, as it happens, is also the devout wish of Wall Street.

Dodd-Frank established a Financial Stability Oversight Council of top regulators, led by the Treasury secretary, of top regulators to monitor the financial system and identify potential threats. Stress tests are simulations regulators run to gauge a bank's ability to weather a downturn. Instead, he has said that targeted changes could be done to ease restrictions and fuel more lending, and he outlined many of those changes in Treasury's new report.

Under the new bill, banks will be in a position to maintain higher levels of capital reserves in exchange of less stringent regulations.

The bill passed the House with only Republican support.

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The Dodd-Frank Act was enacted in 2008 in the aftermath of the global financial crisis as a safeguard against the recurrence of such an event.

Among progressive groups and Democrats in Congress, the passage of the Choice Act was painted as nothing more than a gift to rich bankers.

"I would say that the kind of economic system that the United States has in place is definitely crisis-prone, because it's really designed and run by the big banks to benefit themselves".

The Financial Choice Act is not law. "This basically frees [big banks] up to wildly speculate again as they did before, but it also allows other small banks to operate more freely and give out more mortgages and other loans more easily as well", Lee noted. Hensarling said that consumers have suffered as a result of Dodd-Frank. No longer would the CFPB have a guaranteed funding stream from the Federal Reserve. Those changes have always been sought by Wall Street trade groups, and would benefit big banks like JPMorgan Chase & Co JPM.N , Bank of America Corp BAC.N , Citigroup Inc C.N , Wells Fargo & Co WFC.N , Goldman Sachs Group Inc GS.N and Morgan Stanley MS.N . We have, thus, selected four such stocks that flaunt a Zacks Rank #2 (Buy) and a VGM score of "B".

Given such positive trends, investing in fundamentally sound banking stocks seems to be prudent.

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