Obama may have had a ‘pen and a phone’, but President Trump has Congress.
Congress is busy hammering nails into the coffin of the ‘big government’ legacy of Obama.
President Trump hasn’t shied away from using a ‘pen and a phone’ to repeal the executive orders that Obama put in place to bypass Congress.
As Barry has been learning, ‘What can be enacted by a pen and a phone can be dismantled by a pen and a phone‘.
In other words, ‘Don’t legislate in pencil‘.
PRO TIP: Don’t legislate in pencil. pic.twitter.com/m4goZV5VSq
— Matt’s Idea Shop (@MattsIdeaShop) May 9, 2018
But, unlike Obama, the use of Executive Order is not the only tool in the President’s toolbelt.
The latest erasing of the Obama administration is a rollback of the Dodd-Frank law that was passed in the Senate in March but has received approval from the House on Tuesday.
You remember Dodd-Frank, right?
Here’s a quick summary of the problems with Dodd-Frank from a 2015 article in the Wall Street Journal written by Rep. Jeb Hensarling (R-TX,) chairman of the House Financial Services Committee:
Dodd-Frank was based on the premise that the financial crisis was the result of deregulation. Yet George Mason University’s Mercatus Center reports that regulatory restrictions on financial services grew every year between 1999-2008. It wasn’t deregulation that caused the crisis, it was dumb regulation …
Before Dodd-Frank, 75% of banks offered free checking. Two years after it passed, only 39% did so … Bank fees have also increased due to Dodd-Frank, leading to a rise of the unbanked and underbanked among low- and moderate-income Americans.
Dodd-Frank’s Volcker rule banning proprietary trading by banks, and other postcrisis regulatory mandates, has drastically reduced liquidity for making markets in fixed-income assets … Because of Dodd-Frank, financial markets will have less capacity to deal with shocks and are more likely to seize up in a panic. Many economists believe this could be the source of the next financial crisis.
The new bill means that fewer than 10 big banks in the U.S. would be subject to stricter federal oversight, and only banks with $250 billion in assets would be considered systemically important to the financial system and therefore subject to more regulation.
House Speaker Paul Ryan said the bill would lead to “freeing our economy from overregulation … Our smaller banks are engines of growth. By lending to small businesses and offering banking services for consumers, these institutions are and will remain vital for millions of Americans who participate in our economy.”
House Minority Leader, Nancy Pelosi (D-CA) disagreed:
The #DoddFrankRollBack would open the doors to banks once again discriminating in how they lend to home buyers. We should be taking steps to move forward, not making the situation worse.
— Nancy Pelosi (@SpeakerPelosi) May 22, 2018
Senator Elizabeth Warren (D-MA) was Tweeting that this was just a way for Congress to favor ‘Big Banks’.
For years, armies of bank lobbyists & executives have groaned about how financial rules are hurting them. But there's a big problem with their story – banks are making record profits. Congress has done enough favors for big banks – the House should reject the #BankLobbyistAct. https://t.co/x95rfTYBUL
— Elizabeth Warren (@SenWarren) May 22, 2018
Despite the hew and cry from Pelosi and Warren, 33 Democrats voted for the bill in the House.
It appears that there’s something that those 33 Democrats know that Pelosi and Warren don’t know — good policy.
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