house Bill H.R. 4771
Should Banks be Considered Small if They Have Up to $3 Billion in Assets Instead of $1 Billion?
Argument in favor
Applying the Federal Reserve’s policy statement to bank holding companies with up to $3 billion in assets rather than only those with under $1 billion will allow firms to make more investments with businesses and consumers in the communities they serve.
02/08/2018
No constitutional authority to regulate banks anyway. Leave that up to states.
02/08/2018
Less regulations for smaller banks? Yes please. Go ahead and increase that to 50 billion while you are at it. Think Deregulation is what caused 2008? Go read a book. This was a good start: https://tomwoods.com/your-friends-still-think-deregulation-caused-the-financial-crisis/
Argument opposed
By expanding the policy statement to cover banks that are three times larger than those it originally covered, this bill could cause covered banks to engage in more risk-taking and ultimately lead to more small bank failures.
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02/08/2018
There's nothing small about 1billion dollars, upping that definition to3billion is fucking ridiculous. Do y'all just enjoy watching the economy be ruined? Cause that's the only reason you'd be voting for this, so don't say we didn't warn you when this fails.
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02/08/2018
All of this loosening of financial regulation can only lead to another crash. This particularly seems like a way to have large banks branch off into “small” subsidiaries and increase our risk.
02/06/2018
It was less than a decade ago that reckless lending practices nearly destroyed the economy. Is our collective memory really that short?
No constitutional authority to regulate banks anyway. Leave that up to states.
There's nothing small about 1billion dollars, upping that definition to3billion is fucking ridiculous. Do y'all just enjoy watching the economy be ruined? Cause that's the only reason you'd be voting for this, so don't say we didn't warn you when this fails.
All of this loosening of financial regulation can only lead to another crash. This particularly seems like a way to have large banks branch off into “small” subsidiaries and increase our risk.
It was less than a decade ago that reckless lending practices nearly destroyed the economy. Is our collective memory really that short?
All banks should be held to the strictest standard, and the CFPB needs to be un-neutered
Increasing the definitive size of what is considered "small" doesn't help American consumers or make their financial services more secure.
I don’t even think $1 billion is small. $3 billion is definitely not small. Stop finding ways to let billionaires shirk the law while causing the working class to suffer.
No. Just no. Stop empowering the banks and corporations at the expense of the people.
No, need more regulations on banks else we will have another collapse. How quickly people forget how that mess was created....
There is no additional benefit to Americans when banks become huge, only additional risk. Furthermore, the fraudulent practice of fractional reserve lending, makes all savings and loan type banks literally money making machines, inventing new dollars every day.
SMALL biz benefit should target ma-n-pa bizs. Easy to find a smaller threshold than $1B in an era of oligarchal-sized “small” bizs. I agree: un-neuter CFPA.
Why on Earth are we voting to repeat literally the exact same thing that led us to the crash of 2008? Have we not learned ANYTHING?!
No I’m supportive of only very conservative bank policies. Weren’t these the folks that had a principle role in our last financial meltdown at the end of the W. Bush administration? Yes they were. Just No.
How many times will we allow banks to get in over their heads and then expect taxpayers to pick up the tab? All banks need to be regulated to protect the consumers and the taxpayers.
Is this another bright idea from Mulvaney - the guy who thinks consumers should not be protected from predatory financial institutions? Do any of you study or even remember history? Banks are playing with the money deposited by their clients. There should be no regulation, law, proposal or thought passed to undermine the protections each bank customer deserves. You have an obligation to PROTECT THE CITIZENS, NOT THE BUSINESSES.
Regulations on ALL banks need to be strong and strict. ALL banks, regardless of size, need to be held accountable. ALL banks need to be transparent to the public. It is the people’s money they are handling.
This bill would be disastrous to consumers, and could eventually lead to the crash of the economy (again) because banks engage in risky behavior.