Friday, 22 June, 2018

Senate Advances S.2155 Banking Bill

Alex Wong  Getty ImagesSen. Elizabeth Warren arrives on Capitol Hill in Washington D.C Alex Wong Getty ImagesSen. Elizabeth Warren arrives on Capitol Hill in Washington D.C
Michele Schwartz | 10 March, 2018, 02:07

She also was a special adviser for the Consumer Financial Protection Bureau before winning election to the Senate in 2012. "As the Congressional Budget Office reported today, the bill that the Senate will be considering this week will 'increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.' Why would any member of Congress vote to move us closer to another taxpayer bailout of large financial institutions?"

A Senate effort to relax certain banking regulations has cleared an early procedural hurdle with enough support from Democrats to show the bill has a good chance of passage.

Politico reports a number of Democrats could vote for less restrictions, including U.S. Sen.

The bill does this by raising the threshold at which banks would be subject to these requirements.

Despite pushback from Warren and other progressive senators, about a dozen Democrats have joined Republicans in signing on as co-sponsors of the legislation, which would make several changes to regulations impacting lenders, consumers and the economy. Sherrod Brown, the top Democrat on the Senate Banking Committee. "Eight years after almost every Senate Democrat backed a sweeping set of new rules for financial firms large and small, the party is now split, with moderates, several of them facing tough midterm election contests, working with the opposing party", the Washington Post said.

Nearly from the start there were claims that the rules needed tweaking, especially when it came to treating small community banks the same as large national banks.

Not every Democrat is supporting the bill.

Leader from Kentucky Mitch Mc Connell speaks to the media after the Republicans weekly luncheon in the U.S. Capitol in Washington D.C
Jim Lo Scalzo EPA-EFE REX Shutterstock

I poked some fun yesterday at how JPMorgan Chase and Bank of America appear to be ignoring consumer trends in their push to expand the brick-and-mortar branch networks.

Other co-sponsors come from purple states, like Tim Kaine and Mark Warner of Virginia, Michael Bennet of Colorado, and Gary Peters of MI.

The rollback measure also has the support of Sen. "Now all of a sudden I can look tactically at acquisitions of banks for $10 to $50 billion".

"I'm very anxious about the consolidation of the banking industry in Virginia", said Kaine, who was Hillary Clinton's running mate in 2016 and who describes himself as a "huge" supporter of Dodd-Frank. Numerous regional banks stand to benefit from a provision that narrows the scope of institutions defined as "systemically important" under the Dodd-Frank Act. "And that pressure on the Fed will lead to a systematic weakening of the rules for all the big banks".

The bill is the culmination of years of work to change Dodd-Frank. That means more than two dozen banks would be shielded from some of the Federal Reserve's oversight.

Past year the House passed legislation that would have weakened numerous consumer protections codified in the law.

The bill would also change how the "supplementary leverage ratio" is calculated, a key capital requirement for the biggest banks that was created to ensure those financial institutions could handle a financial disaster. Drafting the letter were Ally Financial, American Express, Bank of the West, BBVA Compass, BMO Financial Corp., Citizens Bank, Comerica Bank, Fifth Third Bancorp, Huntington Bancshares, KeyCorp, M&T Bank Corp., Regions Bank and SunTrust Banks Inc.

Recommended

  • Nunberg Says He Enjoyed Defiance But Will Comply With Mueller

    Nunberg Says He Enjoyed Defiance But Will Comply With Mueller

    Nunberg appeared pleased by his performance, telling the AP that he was "doing something I've never seen". He said questions also focused on communications he had through an intermediary with Assange.
    Brutal nor'easter cuts power to 1M homes, businesses

    Brutal nor'easter cuts power to 1M homes, businesses

    The website said 9,587 flights had been delayed and 3,076 canceled , a lot of them in the north-east, by late afternoon. Wind gusts up to 60 mph were forecast on Cape Cod, 45 mph at the Jersey shore and 30 mph around suburban Philadelphia .
    Chaos at Brisbane Airport After

    Chaos at Brisbane Airport After "Screening Matter"

    A computer problem has forced airport staff to manually process passengers at the T1 global and T2 Domestic terminals. At around 7:45AM Sydney Airport Tweeted that it was once again processing passengers in the affected terminals.
  • Trump imposes

    Trump imposes "flexible" steel and aluminum tariffs

    Gareth Stace, director of UK Steel, said: "Slapping a 25% tax on steel from British companies is going to hit us hard". Meanwhile, other countries seeking exemptions will need to negotiate through offers to enhance USA national security.
    Don't fret over Iran's missiles, Rouhani tells enemies

    Don't fret over Iran's missiles, Rouhani tells enemies

    In exchange, United Nations sanctions were lifted, allowing Iran to resume trading oil and gas on the worldwide market. France has also echoed concerns raised by US President Donald Trump on Iran's regional influence and missile power.
    Booby trap bomb sets NI officer's vehicle  on fire

    Booby trap bomb sets NI officer's vehicle on fire

    An Army bomb disposal team was scrambled to the scene on the A2 between Belast and Bangor at around 8.30am on Tuesday. MP Ian Paisley initially claimed the incident involved a "suspected under vehicle booby trap device".
  • Is it time to consider Anthony Davis a serious MVP candidate?

    Is it time to consider Anthony Davis a serious MVP candidate?

    The pair combined for 19 points on 10 fourth-quarter shots, making four 3-pointers and keeping Sacramento at arm's length. Ever since Cousins went down, it seems as if the Pelicans are playing just fine and Anthony Davis is carrying the load.
    Donald Trump is correct about record-low ratings for 2018 Oscars

    Donald Trump is correct about record-low ratings for 2018 Oscars

    Fox's Tomi Lahren called the Oscars "sad" and dedicated to "self-obsession and blatant hypocrisy". Still, Deggans added that movie grosses aren't the only factor to blame for low viewership.
    'Creepy' and 'Evil': Amazon's Alexa Is Laughing at Users

    'Creepy' and 'Evil': Amazon's Alexa Is Laughing at Users

    This is not an isolated issue either - multiple people are having their hearts tested with Alexa's creepy, unpredictable laughter. In an attached video, listeners can clearly hear Alexa's laugh come out of a JBL Bluetooth speaker paired to an Amazon Echo Dot.
  • Fortnite On Mobile: Battle Royale Coming To iOS And Android

    Fortnite On Mobile: Battle Royale Coming To iOS And Android

    Epic Games claims that Fortnite will boast the "same gameplay, same map, same content, same weekly updates". Those that want to participate in the upcoming tests can register on the game's official website.
    China is pushing Africa into debt, says America's top diplomat

    China is pushing Africa into debt, says America's top diplomat

    He said his country, in contrast to China, puts emphasis on promoting independent and sustainable growth in Africa. China is aggressively working to expand its regional influence, which is something of concern to US lawmakers.
    Watchdogs: Stormy Daniels' lawsuit shows Trump campaign likely broke election laws

    Watchdogs: Stormy Daniels' lawsuit shows Trump campaign likely broke election laws

    The "hush agreement" as it is called in the lawsuit refers to Trump as David Dennison and Clifford as Peggy Peterson. In return, Clifford was not to disclose any confidential information about Trump .

Minnesota lawmaker pens bill banning 'The Bachelor's Arie from the state Minnesota lawmaker pens bill banning 'The Bachelor's Arie from the state And because emotional trauma means nothing to these people , they decide that Becca's season starts now. She says she was "banned" from covering the show after ABC complained her articles were too negative.

Mizzou Basketball: Michael Porter Jr is back on the court Mizzou Basketball: Michael Porter Jr is back on the court And while Martin said Missouri's offense didn't flow as well, he attributed that to foul trouble, rather than Porter's return . Porter joins current junior Kevin Puryear (Blue Springs, Mo.) as Tigers to have earned SEC All-Freshman Team recognition.

University Hospitals statement concerning fertility clinic University Hospitals statement concerning fertility clinic The facility has set up a call center for patients to arrange and appointment or calls to speak with their physicians. No one was at the facility overnight on Saturday, and the storage tank was monitored both on and off-site.

Oklahoma State moves into 'First Four Out' category in latest ESPN Bracketology Oklahoma State moves into 'First Four Out' category in latest ESPN Bracketology Throughout the season, the Cowboys have been a better team with Solomon on the floor, so early foul problems could hamper OSU. Most of the Mountaineer players came over to the Sprint Center Wednesday night to watch the two opening round games.

Papua New Guinea hit by latest 6.8 natural disaster Papua New Guinea hit by latest 6.8 natural disaster Powi said 39 people died in his province after families were crushed by their collapsing homes or buried by landslides last week. The natural disaster follows a deadly magnitude 7.5 quake which struck the country's Hela province on February 26.

5 reasons why you'll want Android P 5 reasons why you'll want Android P However, we do know a little bit about new features coming to Android P that will make it an update you'll want to have ASAP. Alternatively, it could be a standard way to control “smart” appliances over Bluetooth – press any key to do the laundry.

Twitter 'Free Speech' Case Sees Judge Suggest Trump Should Mute, Not Block Twitter 'Free Speech' Case Sees Judge Suggest Trump Should Mute, Not Block Buchwald appeared skeptical of that argument, noting that the Twitter blocks can affect users beyond just those who are blocked. The federal judge Thursday asked if muting rather than blocking Twitter accounts he dislikes would represent a settlement.

Opioid Overdose Rates Surge 30 Percent in the previous year Opioid Overdose Rates Surge 30 Percent in the previous year CDC officials say emergency rooms can be a critical point of contact to try to keep people in recovery after an overdose. The CDC reported that overdose rates were highest in Illinois, Indiana, Wisconsin , Ohio, and Missouri.

Nor'easter bears down across the state, bringing heavy snow Nor'easter bears down across the state, bringing heavy snow Cuomo said in a briefing on Tuesday that 78,000 people were still without power in ny , which he called "unacceptable". Accumulations of less than one inch are possible on Wednesday , with rain before 4 p.m. and snow after 4 p.m.

Warner accepts level two charge by ICC, handed three demerit points Warner accepts level two charge by ICC, handed three demerit points We want to play a way that gets us success and for us we've just got to make sure we don't cross the line, that's the key. Australia won the opening test of the four-match series by 118 runs.

United star compares Palace comeback to Fergie era United star compares Palace comeback to Fergie era Alexis Sanchez's shot deflected off James Tomkins and ran to Lukaku, who worked himself into position to fire low past Hennessey. I can not tell you because you would have lots of (bleeps), but half of it was tactical information".

Actor Cynthia Nixon laying groundwork in run for governor Actor Cynthia Nixon laying groundwork in run for governor Actor Cynthia Nixon is poised to jump into the race for governor, challenging Andrew Cuomo in a Democratic primary in September. The actress has begun assembling staff, including two veterans of New York City Mayor Bill de Blasio's election team, NY1 said.

Sessions Rips Into California on Sanctuary-State Laws Sessions Rips Into California on Sanctuary-State Laws The Supreme Court ruled that states could not pre-empt the federal government's exclusive authority over immigration. Last October, California made a decision to fire the first salvo by declaring itself a sanctuary state .

Mark Cuban passed lie detector test for 2011 sexual assault allegation Mark Cuban passed lie detector test for 2011 sexual assault allegation The woman told the Willamette Week in a recent interview she still stood by the charges. In an email to The Associated Press on Tuesday, Cuban wrote, " It didn't happen ".

Far Cry Arcade Is Far Cry 5's Map Editor, Looks Bananas Far Cry Arcade Is Far Cry 5's Map Editor, Looks Bananas Arcade is also the home of competitive Far Cry 5 action, where you'll find PvP firefights galore. The second, titled Lost on Mars , will pit you against lethal looking aliens on Mars.