On Friday, I talked to you about the mistake of a bill that the Senate passed on March 14. Called the Economic Growth, Regulatory Relief, and Consumer Protection Act, the bill was enacted to reduce the number of so-called “systemically important financial institutions” (SIFIs) that are subject to tough regulations like stress tests and writing their own living wills.
Truth be told, there’s a lot more to this situation than just this bill. Something fishy is going on with one of the U.S.’s most-used banks, and let me tell you, it stinks.
In fact, it could even affect your money as it stands now.
Now the House of Representatives, which already passed H.R. 3312, the Systemic Risk Designation Improvement Act of 2017, on December 19, 2017, by a bipartisan vote of 288 to 130, has to reconcile its American Bankers Association sponsored “Free Willy” SIFI freedom act with the Senate’s.
Those two bills will get reconciled, sent to the President who will sign it, and the beginning of the end to the crazy, burdensome, out of control Dodd-Frank Act will be underway… Which is a good thing.