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In a rare show of bipartisanship, the U.S. House of Representatives voted 258-159 last week to approve a regulatory rollback of the 2010 Dodd-Frank law, a Democrat-led initiative narrowly adopted in the aftermath of the 2007-09 financial crisis and bank meltdown. The U.S. Senate passed the rollback measure earlier this year. It stops short of an outright repeal, but now only roughly 10 of the biggest banks in the United States (including Bank of America, Citigroup and TD Group) will continue to be subjected to stricter federal oversight — leaving thousands of banks with less than $250 billion in assets freed of what House Speaker Paul Ryan, R-Wisc., called “overregulation.” In another deregulation move, Treasury Secretary Steven Mnuchin has delivered a report to President Trump that recommends, among three dozen changes, relaxing the “Volcker Rule” that prohibits speculative trading in securities and derivatives by banks with access to federal deposit insurance or emergency loans from the Federal Reserve.
Are you concerned the deregulation of the banking industry puts the country at greater risk of another financial crisis and bank meltdown?