Public strongly opposes the Carper/Coons plan to (re)deregulate Wall Street
Tom Carper and Chris Coons are currently working to undo everything good that happened after the finical meltdown of 2008. In an attempt to take us back to the bad old days and undo many of the regulatory reforms achieved under Dodd-Frank, Tom Carper and Chris Coons have presented the regulatory roll back as relief to small and regional banks. But that doesn’t pass the “If it walks like a duck” test.
Former Fed Chair Paul Volcker, former FDIC Chair Sheila Bair, and a wide array of Wall Street watch dogs, say that it goes too far and will, in fact, “substantially reduc[e] the regulation of 25 of the 38 largest banks to which [enhanced prudential] standards now apply,” as well as harm consumers.
The public apparently agrees with the (re)deregulation skeptics.
According to the latest polling from PPP. Their results show there are two simple reasons for the public’s strong support for the regulations and distrust of the banks: “they think effective regulation of banks is needed to avoid another financial crisis, and they think big banks already have too much influence in Washington.”
- Fully 64% of voters think big banks and finance companies continue to require tough oversight to avoid another financial crisis. Only 25% think Congress went too far in regulating the financial services industry after the 2008 crisis.
- Overall, 59% of voters support Dodd-Frank, the law Congress passed to regulate Wall Street after the 2008 financial crisis. Only 21 percent oppose it. And 20 percent are not sure.
- Only 17% of voters support loosening regulations on banks with between $50 billion and $250 billion dollars in assets, to 67% who are opposed. Democrats (11/80), independents (15/63), and Republicans (25/54) are all strongly against that provision.
- Only 22% support provisions to loosen the rules on mortgage lenders, to 65% who are opposed. There is a strong bipartisan consensus against that as well with Democrats (17/76), independents (18/64), and Republicans (33/53) in agreement it’s a bad idea.
FTR – The Bill [S2155: Economic Growth, Regulatory Relief, and Consumer Protection Act] is cosponsored by Carper and, thanks to the Red State Dems Carper hangs with, has enough Dem votes to pass without him. So the vote may be a test of whether or not Carper is feeling any primary challenge heat.
Here is more on what Carper is trying to give away with s.2155:
“S.2155’s second hidden threat is that it deregulates the U.S. operations of Deutsche Bank, Barclays and other systemically important foreign banks — firms whose failure could inflict harm on the U.S. economy.
After foreign megabanks experienced destabilizing funding runs during the financial crisis, the Federal Reserve implemented rules requiring large foreign banks to keep capital in the United States and rules preventing those banks from moving assets to their home country when the next crisis hits.
S.2155 removes these important protections and leaves the U.S. economy vulnerable to foreign banks’ misconduct and excessive risk-taking.
Finally, and most troublingly, S.2155 makes it more difficult for the Federal Reserve to regulate the biggest U.S. banks, including Wells Fargo and Goldman Sachs. The bill requires the Fed to tailor its enhanced oversight of the largest banks, taking into account “appropriate risk-related factors.”
If you are looking for how Carper might defend himself on this, I predict that he’ll hide behind his amendment that provides some protections to active-duty military.
As if that makes the rest of this crap okay.
The key is to make Mumbles talk. Nobody makes the case that Carper is a compromised, bumbling old fool better than Carper himself. There’s a reason you see Coons on TV a lot and Carper hardly at all.
The real key to beating him, dirty tricks division, is to send people to any public appearances he makes (they will be few) to try to get him to lose his temper.
I am hopeful that the Coons/Carper strategy is to amend s.2155, fixing the weakening of Dodd-Frank and loosening our regulatory grip on huge international banks. If their motive is to relieve small community banks of unrealistic, burdensome reserves requirements more appropriate for McChain banks to enable them to better provide lending to local businesses, I’m with Carper/Coons.
If you run your own businesses like I did pre-retirement, you know the McChain branch banks (Bank of America, Wells Fargo) are managed by people one step up from a fast food store; no authority, no real experience or judgement compared to your community bank managements. Community banks are the heartbeat of support for local entrepreneurs and small business where most of the economic growth and opportunity remains for most of us. They need help. If the trade off is to deregulate the banking goliaths, this is a bad trade off and I oppose.
My community bank lent money to local businesses. It was called Wilmington Trust. Burdensome. Heh.
Have WDEL/ Jensen invite Carper to come on his show– in studio– for an hour and discuss the merits of his bill and take questions from listeners . 1) See if he accepts and 2) see how he mumbles for an hour with his talking points. Make him accountable. Don’t accept excuses or delays. Even if its after the fact.
I think you’l have to attend the Wilmington Rotary Club meeting if you ever want to hear Carper speak. It meets noon each Thursday at the Hotel du Pont.
I doubt he’ll be doing any town halls between now an the primary.
Wall Street owns the Democratic Party The dems are total shills for Dimon and the rest
Deep. How long did that one take to burp up? Wall Street owns the Republican Party, too. You could look it up, but you clearly don’t know how. Poor little monkey.