In Scott Tipton's last email, he is very critical of the Dodd-Frank act as a reform on the financial industry in favor of a "Financial CHOICE act". As a legislator, I don't know much about this new attempt at financial regulation, and would like to know more. A little research tells me that it would be a significant roll-back on control measures against some of the more wealth, powerful, and likely sociopathic people in our society.
Scott Tipton voiced support for smaller, local, community banks, but one mention by the New York Times, claims, "One provision would allow some of the largest banks to exempt themselves from some regulatory standards if they maintained an important ratio of capital to total assets at 10 percent or more." I find myself in favor of rolling back regulations on certain slices of our society, but rarely do I feel like regulations should be slackened on the largest, biggest and most powerful. I am sure we can find common ground in that concept; the federal government must be regulated because of its size and power--so must big banks.
The creator of this "CHOICE" Act, Mr. Hensarling, is rather untruthful when he says, “It is the president’s own Dodd Frank that codified into law taxpayer bailouts,” Hensarling said. “Again, all you have to do is look into Title I and Title II of Dodd Frank, you will see the ability to designate firms as too big to fail and they are backed up with something called the Orderly Liquidation Authority which is a taxpayer bailout fund which can borrow trillions and trillions of dollars of taxpayer money in order to resolve large Wall Street banks.”
The Orderly Liquidation Authority, rather, forces the financial institution themselves to liquidate and pay, rather than the government facing another bailout. It is a complete re-arrangement of purpose.
Scott Tipton voiced support for smaller, local, community banks, but one mention by the New York Times, claims, "One provision would allow some of the largest banks to exempt themselves from some regulatory standards if they maintained an important ratio of capital to total assets at 10 percent or more." I find myself in favor of rolling back regulations on certain slices of our society, but rarely do I feel like regulations should be slackened on the largest, biggest and most powerful. I am sure we can find common ground in that concept; the federal government must be regulated because of its size and power--so must big banks.
The creator of this "CHOICE" Act, Mr. Hensarling, is rather untruthful when he says, “It is the president’s own Dodd Frank that codified into law taxpayer bailouts,” Hensarling said. “Again, all you have to do is look into Title I and Title II of Dodd Frank, you will see the ability to designate firms as too big to fail and they are backed up with something called the Orderly Liquidation Authority which is a taxpayer bailout fund which can borrow trillions and trillions of dollars of taxpayer money in order to resolve large Wall Street banks.”
The Orderly Liquidation Authority, rather, forces the financial institution themselves to liquidate and pay, rather than the government facing another bailout. It is a complete re-arrangement of purpose.
