Connect with us

Revamping Dodd-Frank is a ‘this-year priority’: US Rep. Hensarling



The chairman of the U.S. Financial Services Committee told CNBC on Tuesday that revamping the 2010 Dodd-Frank Wall Street reform law remained a “this-year priority” for President Donald Trump, Vice President Mike Pence and House Speaker Paul Ryan.

Republican Representative Jeb Hensarling said he would soon reintroduce his legislation that gives banks a choice between complying with Dodd-Frank and holding more capital.

While the bill is expected to easily pass the Republican-led House, it will face resistance in the Senate, where Democrats hold enough seats to filibuster. Pence can cast votes to break ties on legislation.

On Friday, Trump ordered a review of Dodd-Frank’s effects on business and the economy, which raised the possibility he may use his executive powers to block, undo or kill by neglect parts of the law on his own.

The law, passed to prevent a repeat of the 2007-09 financial crisis, subjects banks to greater oversight and expands regulation of derivatives. Supporters say it has made the financial system stronger, while critics say it has entangled corporations in regulation that hurts the economy.

Hensarling said on Tuesday he had conferred with Trump about his legislation, known as the “CHOICE act,” and the president seemed to support much of it.


While Hensarling used sharp words to describe the agency created by Dodd-Frank to guard individuals against predatory lending, the Consumer Financial Protection Bureau, he did not say how it would be addressed in his bill.

Calling the CFPB a “rogue agency,” Hensarling said Trump should fire its sole director, Richard Cordray, after a U.S. court ruled in October its structure was unconstitutional. That decision has been stayed pending appeal.

(Reporting by Lisa Lambert; Editing by Meredith Mazzilli and Peter Cooney)

Report typos and corrections to [email protected].
Continue Reading


With new ‘imposed contract,’ Trump’s EPA tries to neuter worker rights



Agency announces new collective bargaining agreement—which was not agreed upon

The Trump administration continued its attacks on federal workers this week with a new "agreement" that would kneecap the power of unions representing EPA employees.

The development, as watchdog group Public Employees for Environmental Responsibility (PEER) noted Wednesday, is a new "Master Collective Bargaining Agreement" between the federal agency and the American Federation of Government Employees (AFGE). Far from an agreement, said PEER, the document is really an "edict."

Continue Reading


Ex-prosecutor explains why Trump feels like he can lie about Robert Mueller



On Wednesday, former U.S. Attorney Preet Bharara told CNN's Wolf Blitzer that Trump is everything he accuses special counsel Robert Mueller of being — and he feels confident in gaslighting the American people because he knows no one has the ability to challenge him on it.

"The president falsely accused Mueller of illegally deleting anti-Trump text messages between two former FBI employees," said Blitzer. "In fact, those messages were wiped from government phones by the Justice Department in accordance with longstanding department policy. What's your reaction to that baseless, personal attack from the president on Mueller?"

Continue Reading

Breaking Banner

Soccer star slams Trump for attacking her teammate: He hates women he ‘cannot control or grope’



On Wednesday, U.S. Women's Soccer champion Ali Krieger rebuked President Donald Trump for his attacks on her teammate Megan Rapinoe, saying that the president feels threatened by women that he "cannot control or grope":

In regards to the “President’s” tweet today, I know women who you cannot control or grope anger you, but I stand by @mPinoe & will sit this one out as well. I don’t support this administration nor their fight against LGBTQ+ citizens, immigrants & our most vulnerable.

Continue Reading

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

I need your help.

The 2020 election needs you. There are 18 months until the election, and the Supreme Court is on the line. I'm trying to add journalists to do more exclusive reports. Let me get rid of the ads for you, and put your support toward 100% progressive reporting. Want to ensure your voice is heard? Join me and restore the power of hard-hitting progressive journalism.