A Week After Virginia Election Sweep, Democrats Join Republicans for More Bank D
A Week After Virginia Election Sweep, Democrats Join Republicans for More Bank Deregulation – TheIntercept
Bipartisanship, long left for dead in Washington, has struck again. And Wall Street looks to be the winner.
In the wake of the Equifax scandal, Congress has been under pressure to act. But the price of modest reforms in Washington is often much larger giveaways elsewhere, and that pattern holds true in the agreement announced Monday between nine Senate Democrats and the top Republican on the Senate Banking Committee.
The measure would roll back several key financial regulations, including sections of the Dodd-Frank Act. It does so under the cover of offering consumer protections and coming to the aid of community banks — though the financial institutions that benefit have not-so-obscure names, like American Express, SunTrust, and BB&T.
Four Banking Committee Democrats — Joe Donnelly, D-Ind., Heidi Heitkamp, D-N.D., Jon Tester, D-Mont., and Mark Warner, D-Va. — negotiated the bill with committee chair Mike Crapo, R-Idaho, after ranking Democrat Sherrod Brown, D-Ohio, broke off talks on a compromise bill with Crapo just last month. Warner’s Virginia colleague Tim Kaine, last year’s vice presidential nominee, signed on as an original co-sponsor of the bill, along with Joe Manchin D-W.Va., Claire McCaskill, D-Mo., Gary Peters D-Mich., and Angus King, I-Maine, who caucuses with Democrats. The Democratic support would give the legislation enough support to break a filibuster, if all Republicans signed on.
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