{"id":36892,"date":"2018-08-21T09:45:26","date_gmt":"2018-08-21T14:45:26","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36892"},"modified":"2018-08-21T09:45:26","modified_gmt":"2018-08-21T14:45:26","slug":"big-banks-were-meant-to-gain-from-bipartisan-deregulation-bill-all-along-senate-letter-reveals","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36892","title":{"rendered":"Big Banks Were Meant to Gain From Bipartisan Deregulation Bill All Along, Senate Letter Reveals"},"content":{"rendered":"
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Photo: Bill Clark\/CQ Roll Call\/AP<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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BIG BANKS WERE MEANT TO GAIN FROM BIPARTISAN DEREGULATION BILL ALL ALONG, SENATE LETTER REVEALS<\/a><\/h3>\n
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DEMOCRATS WHO COLLABORATED<\/u> on the bank deregulation law<\/a>passed earlier this year have categorically insisted that it only benefits small community banks and credit unions.<\/p>\n

Take Sean Patrick Maloney, a House Democrat who is simultaneously running for both re-election and New York attorney general \u2014 the so-called Sheriff of Wall Street position. He was asked recently on a local radio show<\/a> about his yes vote.<\/p>\n

\u201cIf you look at the African-American Credit Union Association and the African-American small bankers, they are the guys who benefited from easing some of the restrictions,\u201d Maloney said, using lenders of color as a shield for his vote. Maloney maintained that the legislation \u201cdidn\u2019t touch any of the important restrictions we put on the big banks.\u201d It\u2019s been his go-to refrain each time he\u2019s been pressed on the Dodd-Frank rollback, echoing a chorus of lawmakers singing songs of sincere deregulatory innocence.<\/p>\n

But a letter<\/a> sent by seven Senate Republicans last week suggests that the law is trying to do precisely what its critics warned: provide regulatory relief for some of the largest banks in the country.<\/p>\n

The letter<\/a>, headlined by Senate Banking Committee member David Perdue, R-Ga., is a classic Washington document, \u201csigned\u201d by members of Congress but transparently prepared by lobbying groups looking to add congressional backing for their priorities. While the bill\u2019s author, Senate Banking Committee Chair Mike Crapo, R-Idaho, isn\u2019t on the letter, that\u2019s likely because it would be messy\u00a0to have the senator who promised Democrats in negotiations that big banks wouldn\u2019t benefit from the legislation turn around and assist the lobbying efforts of those very institutions.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Photo: Bill Clark\/CQ Roll Call\/AP BIG BANKS WERE MEANT TO GAIN FROM BIPARTISAN DEREGULATION BILL ALL ALONG, SENATE LETTER REVEALS DEMOCRATS WHO COLLABORATED on the bank deregulation lawpassed earlier this year have categorically insisted that it only benefits small community banks and credit unions. Take Sean Patrick Maloney, a House Democrat who is simultaneously running […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[19668,63,13603,5567,827,1237],"class_list":["post-36892","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-deregulation-bill","tag-banks","tag-david-dayen","tag-the-intercept","tag-united-states","tag-us-senate"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36892"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36892\/revisions"}],"predecessor-version":[{"id":36893,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36892\/revisions\/36893"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}