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The Dangers of Undoing Dodd-Frank

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The New Deal, set up an elaborate array of controls by the federal gov’t over the financial system!  Even on the verge of the 2008 crisis, few believed that a collapse of the entire system was possible. Dodd-Frank, by placing unregulated new markets under government supervision & by requiring big banks to behave less riskily, reversed the swing of the pendulum. There are lots of places to chip away at Dodd-Frank, until the changes add up to systemic risk. The most significant threat to the safeguards of Dodd-Frank would be to sharply lower the amount of capital that the biggest banks are required to hold in reserve. Doing so would make them—and the financial system as a whole—far more vulnerable in a moment of panic, when everybody wants to withdraw assets in a hurry. Such a move wouldn’t require congressional approval, just the assent of several agencies. And it could happen soon!

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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Susan Lee Schwartz

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' The obvious question to ask is whether the financial markets, which have risen for most of the past decade but have been alarmingly shaky of late, could crash again. The answer largely depends on whether the Trump Administration undoes the best protection that we have against such an event: the Dodd-Frank law, which was passed in 2010, in response to the crash, after thirty years of financial deregulation."

And it could happen soon, when Martin Gruenberg, the only remaining Democratic appointee to head a government financial agency--the Federal Deposit Insurance Corporation--steps down. Trump's nominee to replace him, Jelena McWilliams, declined, in her confirmation hearings, to state a position on capital requirements.

Submitted on Tuesday, May 1, 2018 at 1:15:02 AM

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Susan Lee Schwartz

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Read and learn what 'they' are up to while the Trump show distracts us!HERE is a link that explains how How Senator Crapo's Dodd-Frank Rollback Will Let Banks Bet More Of Your Money
"
As a result of the 2008 Crisis, the Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 until 2012. In contrast, it had closed only ten banks in the preceding five years. The bank failures were attributed in large measure to inadequate capital reserves to meet a stressful situation and bad investments in derivatives. Thus, Dodd-Frank increased the regulatory capital requirements to protect all banks. Its Volcker Rule restricted banks using bank credit to speculate in the market for profit. While the Crapo bill proposes amendments to several provisions, this article deals with only the capital adequacy and Volcker Rule."

Submitted on Tuesday, May 1, 2018 at 1:25:36 AM

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