Economy

Financial Reform Under Threat

Posted by JM Ashby

Deregulation is apparently the name of the game even when the economy is still hurting from 2008 crash.

As Paul Krugman recently noted, the financial reform bill, otherwise known as Dodd-Frank, which was signed into law under the previous congress wasn't as strong as it needed to be because it relies on those who are currently in-charge to enforce it.

It's no mystery that Republicans would chose not to enforce key parts of the bill on their own, but now they are going after the parts of the bill which do not require their direct action.

(Reuters) - Congressional Republicans on Wednesday will stage their first outright challenge to 2010's Dodd-Frank financial regulation reforms with a fistful of bills favoring private equity firms, derivatives end-users and corporate CEOs.

After months of trying to defund and defang Dodd-Frank at the administrative level, Republicans are finally unveiling draft legislation that would repeal or amend parts of the laws approved after the severe 2007-2009 financial crisis. [...]

One of the bills to be introduced would exempt private equity firms from registering with the U.S. Securities and Exchange Commission, as required under Dodd-Frank.

The bills could represent the beginning of a long-awaited "technical corrections" measure, said two lobbyists who favor one of the bills.

On the bright side, it will be difficult for the Republicans to get any changes actually signed into law because there is nothing contained in it which they can hold hostage and demand ransom for. That is unless they tuck the changes away deep inside some other bill.

Mr. Boehner where are the jobs?