It’s Not Just About the Bill Anymore – Your Money Could Be in Serious Trouble

0 | By Shah Gilani

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.

Here’s what this bill means, what’s really going on behind the scenes, and what all of this could mean for your cash.

The Senate’s Made a Big Mistake

0 | By Shah Gilani

Generally, I’m not inclined to write about legislation in process – meaning a bill that passes one house and has yet to make it into the other chamber for consideration.

However, it’s not like me keep quiet about banking rules, especially proposed rules rolling back consumer or economic protections, or protections from bankers with dirty bomb briefcases.

So, I have to touch on the Senate bill passed on Wednesday this week – on the 10th anniversary of Bear Stearns failing, mind you – because it’s the first crack in crisis-era rules that have safeguarded us since then.

There’s good and bad in the Senate bill… But mostly bad.

Here’s what’s wrong with the Senate bill and what to watch for coming out of the House.

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