Hoping the American people are too distracted by the Trump administration’s corruption, Republicans in the House of Representatives are planning to vote on a measure Thursday that will roll back regulations on Wall Street which were passed by Democrats following the economic crash in 2008.
According to a report from The Hill, the GOP will vote to strip the financial reforms in Dodd-Frank so Wall Street can run wild again.
More from the report:
House Republicans on Thursday are poised to pass legislation that would roll back numerous financial regulations passed by Democrats after the 2008 financial crisis.
The bill from House Financial Services Chairman Jeb Hensarling (R-Texas), known as the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, is considered dead on arrival in the Senate, as Democrats are certain to filibuster such sweeping changes to the Dodd-Frank financial reform law.
But passage of the measure will nonetheless be a victory for House Republican leaders, who are eager to show progress on their legislative agenda amid the larger struggles to repeal and replace ObamaCare and overhaul the tax code.
Dodd-Frank was initially passed and signed into law by former President Obama in 2010 after he spent his first year in office grappling with one of the most serious economic crashes in American history, caused largely by the deregulation of Wall Street.
By imposing common sense regulations and reforms, the law is meant to prevent similar financial meltdowns in the future and protect consumers from having to bail out Wall Street.
The new GOP legislation watering down Dodd-Frank means Wall Street will once again have less oversight and put the taxpayers on the hook. It also represents a return to the type of trickle-down economics that caused the Great Recession in the first place.
“It’s a deeply misguided measure that would bring harm to consumers, investors and our whole economy,” Democrat Rep. Maxine Waters said of the legislation, according to The Hill. “The bill is rotten to the core.”
While the Democrats in the Senate are likely to block such legislation, it’s clear Trump and Republicans are working hard to restore an economy where those at the very top can make risky and disastrous decisions at the expense of middle-class taxpayers.
Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance coverage.