Why deregulate the more profitable than ever financial sector? Is it simply to say you reversed what your predecessor accomplished without regard to consumers and financial stability?
I do hear the argument that small community banks struggle with compliance costs. Perhaps we shouldn’t throw away the entire regulatory framework just to save a handful of small banks. Perhaps a better approach we be to adjust regulation to provide relief to the smaller banks while maintaining regulations on the larger banks that enjoy record profits with those regulations anyway.
A pastor once said “Rules are needed when there is an absence of love.” I for one don’t believe larger profit-motivated banks love consumers. We just saw the recent financial crisis and the Wells Fargo’s fake account scandal as evidence. Thus, as the SF Fed Chairman said during “Meet the Fed” last year: “we need rules and referees.”
Just my two cents,
The problem with Trump’s plan to boost Wall Street: Banks are more profitable than ever
By Renae Merle, The Washington Post Wall Street has never been more profitable and that could be a big problem. The banking industry has cheered President Donald Trump’s promise to roll back regulations put in place after the financial crisis to rein in Wall Street. But the industry’s record-setting profits complicate the arguments for rolling back those rules, which banking analysts have said could boost their profits even more. The country’s nearly 6,000 banks – from large players like Bank of Read the full story
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