Last week, the US House of Representatives passed legislation designed to ease some of the regulations on the banking industry, originally put in place after the 2008 mortgage crisis as part of the Dodd-Frank regulatory overhaul. This month, we look at this new legislation and some ways in which it could affect the consumer.
In what was a rare act of semi-bipartisanship, the house voted 258-159 (with 33 Democrats) to ease Dodd-Frank regulations on banks put in place after the 2008 crisis. The progressive wing of the Democratic party promptly declared it as removing essential protections for consumers, while congressional Republicans and moderate Democrats hailed it as much needed relief for main street banks. So, what does this rollback actually roll back?Read More