Upton voted “Yes” on U.S. House Bill 10 that repeals portions of Dodd-Frank financial regulations. Dodd-Frank was passed after the 2008 financial meltdown in an attempt to prevent a repeat. Upton’s vote can only be seen as another of his appeasements to big money and will increase the danger of further damaging activities of unscrupulous financial institutions.
The following is the description of this bill from congress.gov:
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:
- repeal Volcker Rule restrictions on certain speculative investments by banks;
- with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation’s orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
- repeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing.
Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.
The bill removes the Financial Stability Oversight Council’s authority to designate non-bank financial institutions and financial market utilities as “systemically important” (also known as “too big to fail”). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.
The bill also amends the Consumer Financial Protection Act of 2010 to:
- convert the Consumer Financial Protection Bureau into a consumer law enforcement agency;
- subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight;
- eliminate supervisory authority over financial institutions; and
- limit the agency’s authority to take action against entities for abusive practices.
In addition, the bill:
- modifies provisions related to the Securities and Exchange Commission’s managerial structure and enforcement authority;
- eliminates the Office of Financial Research within the Department of the Treasury; and
- revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.
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