Rep. Ellison on Rollback of Key Dodd-Frank Banking Regulations

In a rare bipartisan effort Tuesday, House lawmakers voted 258 to 159 to exempt banks with less than $250 billion in assets from many of the 2010 Dodd-Frank Act regulations, even though banks’ profits are soaring. The Dodd-Frank Act was passed after the 2008 economic crisis, which was provoked by years of risky lending by Wall Street banks. Thirty-three Democrats joined their Republican counterparts in voting for the financial regulation rollback, which, if signed into law, would leave less than 10 banks in the US subject to stricter federal oversight. For more, we speak with Minnesota Democratic Congressmember Keith Ellison. He is the first Muslim member of Congress and the deputy chair of the Democratic National Committee, or DNC.

TRANSCRIPT

JUAN GONZÁLEZ: On Capitol Hill, Congress passed sweeping legislation to exempt thousands of banks from key regulations in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, meaning the vast majority of banks will no longer have to follow the regulations aimed at preventing another financial meltdown. The Dodd-Frank Act was passed after the 2008 economic crisis, which was provoked by years of risky lending by Wall Street banks. Yet, in a rare bipartisan effort on Tuesday, House lawmakers voted 258 to 159 to exempt banks with less than $250 billion in assets from many of these regulations, even though banks’ profits are soaring.

AMY GOODMAN: A report issued Tuesday from the FDIC, the Federal Deposit Insurance Corporation, said the net income of banks and savings institutions hit $56 billion in the first quarter this year, a 27 percent increase from a year ago. Thirty-three Democrats joined their Republican counterparts in voting for the financial regulation rollback, which, if signed into law, would leave less than 10 banks in the U.S. subject to stricter federal oversight.

Well, we’re still with Democratic Congressmember Keith Ellison of Minnesota, first Muslim member of Congress, deputy chair of the Democratic…

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