Congress

Meanwhile, House Republicans Vote for Another Financial Crisis

JM Ashby
Written by JM Ashby

I know. There's no end to the shit today, is there? I haven't even covered half the shit, but bear with me.

The House Financial Services Committee has voted along party lines to gut the Dodd–Frank Wall Street Reform and Consumer Protection Act.

In a party line 34-to-26 vote, the panel voted to remove restrictions the Obama administration placed on banks if they agree to hold a higher level of capital.

The measure, called the Financial Choice Act, would repeal the Volcker rule that prohibited banks from speculating in the markets.

As I'm sure you recall, banks speculating on the value of their own bullshit assets contributed to the 2008 financial crisis. But that's not the only part of the law the Republicans want to cut. They also want to neuter the Consumer Financial Protection Bureau.

The only good news I can muster is that passing this in the Senate would require finding 60 votes to bypass a Democratic filibuster. That seems unlikely.

  • muselet

    The Financial Choice Act. Christ on crutches.

    Once again, somewhere in the afterlife, George Orwell double-fists G&Ts and shouts into the void, “I wasn’t writing a fucking instruction manual!”

    –alopecia

  • Scopedog

    Well, these guys really want to put us into the shitter again in regards to an economic collapse. The GOP is truly insane.

    Of course, this–along with other examples–have driven the stake into the heart of the idiotic “both parties are the same” canard that has been spouted out by the alt-Left.

    • muselet

      Boy oh boy, I hope you’re right.

      –alopecia

  • Badgerite

    Jesus kids. Don’t bother to “Occupy Wall Street”. They won’t care. Occupy the God damned voting booth. Show the ffff up.

    • Scopedog

      THANK YOU.

    • Draxiar

      This X 100!

  • Badgerite

    Yes, because Paul Volker, whom the rule is named after, was such a wild eyed ‘socialist’. These are craven, greedy assholes.

  • Aynwrong

    Republican voters will be fine with this (assuming they’re even paying attention) because the Republican party and of course Fox News sold so many people on the fiction that the financial collapse was caused by Fanny & Freddy and a law dating back to the Carter administration.

    Conservative propaganda is destroying this country.

    • gescove

      Yes, and don’t forget the Community Reinvestment Act forcing banks to loan to those people in those neighborhoods.

    • ninjaf

      Conservative propaganda is destroying this country.

      This.