While we are being distracted with 45's shenanigan's, this is happening... [View all]
https://www.nytimes.com/2019/03/06/business/bank-regulation.html?action=click&module=Top%20Stories&pgtype=Homepage
The Federal Reserve said it would adjust the structure of its annual stress tests, which measure the ability of leading banks to withstand a potential economic or financial storm. The changes are likely to make it easier for banks to get regulatory approval to pay higher dividends or buy back their own shares.
Separately, a federal oversight panel announced that it planned to no longer designate big, non-bank financial institutions insurers, asset managers and the like as systemically important. The classification subjected such firms to more intrusive government regulation.
Taken together, the announcements on Wednesday represented a big win for the financial industry, which has been arguing since the Obama administration that a flurry of regulations imposed following the financial crisis were onerous and made it harder for banks to make loans and support economic growth. Bank executives also argue that because the industry is much financially stronger than it was a decade ago,many recent regulations are now unnecessary.
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Critics, however, argued that the relaxation of the rules, while financially beneficial to bank shareholders and executives, will lead to a less safe, less transparent financial system that is more vulnerable to a repeat of last decades devastating crisis.
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Opening the door to another severe recession like the one we had 11 years ago????