House Republicans are trying to sneak two pieces of bank deregulation into a massive highway funding bill that’s likely to receive strong support from both sides of the aisle.
After the 2008 financial crisis, tighter regulations were placed on banks that held at least $50 billion in assets. Republicans are now trying to undo those regulations by writing provisions into the upcoming highway funding bill. Republicans are also taking aim at the Consumer Financial Protection Bureau, which was co-created by Sen. Elizabeth Warren (D-MA).
The broader highway bill will likely pass the House of Representatives because the Republicans huge a large majority in that chamber. President Barack Obama is likely to veto the bill of the anti-regulation provisions remain. The Republicans will use that against the Democrats.
Democrats aren’t happy about the mission to weaken the powers of the CFPB. Rep. Randy Neugebauer (R-TX), who authored the anti-CFPB provision, said he wants to get rid of the board having a single director and installing a panel of bipartisan members.
Nothing new here, the Republicans want to let their Wall Street pals run free, break the law, and take advantage of American households with absolutely no consequences. However, many Democrats are right there with the GOP.
For more on this story, visit the Huffington Post “House Republicans Are Trying To Slip Bank Deregulation Into Highway Bill”