"Brazen" is the only word that comes to mind.
WASHINGTON (AP) — Congress was taking a final step Tuesday toward
dismantling a chunk of the rules framework for banks installed to
prevent a recurrence of the 2008 financial crisis that brought millions
of lost jobs and foreclosed homes....
“This is not a bill that benefits consumers. It is a big-bank
bonanza,” Rep. Al Green, D-Texas, said in debate on the House floor
before the vote.
The bill would make a fivefold increase, to $250 billion, in the
level of assets at which banks are deemed to pose a potential threat if
they failed. The change would ease regulations and oversight on more
than two dozen financial institutions, including BB&T Corp.,
SunTrust Banks, Fifth Third Bancorp and American Express.
Eventually, the exempted banks would no longer have to undergo an
annual stress test conducted by the Federal Reserve. The test assesses
whether a bank has a big enough capital buffer to survive an economic
shock and keep on lending. The banks also would be excused from
submitting plans called “living wills” that spell out how a bank would
sell off assets or be liquidated in the event of failure so it wouldn’t
create chaos in the financial system.
No comments:
Post a Comment