The House Republicans are passing legislation that would allow Wall Street to emulate the kinds of behavior that led to the 2008 financial crisis.
The legislation would allow banks to dodge market transparency and government oversight by conducting trades through offshore affiliates. By simply booking a trade in a London-based subsidiary, for instance, banks could avoid U.S. standards — even if the trade itself was actually conducted within the United States. The bill would also hamstring funding for a key agency, and make it easier for the largest banks to sue financial regulators over rules the banks don’t like.
It’s a neat trick of the right to pass legislation like this while you’ve kept up the drumbeat for 7 years now that the problem was the fault of Democrats giving too many loans to poor people via the Community Reinvestment Act (long since debunked). But that’s our right wing in America, always willing to do the dirty work of the ultra-rich while blaming the consequences on the poor and brown.