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US law to ease bank controls
24/5/2018 12:00 am [rtl] WASHINGTON (Reuters) - US President Donald Trump said on Tuesday he would propose new tax cuts before November, as Republicans would look to retain control of Congress in the midterm elections . Trump said he would meet Republican Rep. Kevin Brady, chairman of the tax and budget committee on the proposal, without giving further details. Trump said in a speech to Susan B. Antony's anti-abortion "we will provide additional tax cuts sometime before" November. Trump signed a tax cut of $ 1.5 trillion in December and has so far been the main legislative achievement of his presidency. Banking controls In the same vein, the US Congress on Tuesday adopted a law to ease banking controls imposed after the financial crisis in 2008 to protect taxpayers from any new economic shock. The House of Representatives (by 258 votes to 159 votes) adopted the text after it was adopted in the Senate, according to the agency "AFP". Later, the text was sent to the White House for signature by President Donald Trump, who has long been critical of the proceedings. The text exempts thousands of small and medium-sized banks from the Dodd-Frank Act, passed in 2010, but maintains the basic legislation of major financial institutions. The White House said: This action protects banks from "excessive laws." Critics of the text, including Democratic House Minority Leader Nancy Pelosi, have seen it as an additional effort to undermine the crucial reforms of the Dodd-Frank, which, she says, include the strongest financial measures in history to protect consumers. Pelosi said the new law "opens the door to discrimination in lending and could threaten the stability of our financial system and our economy." "The law will bring us back to the days when uncontrolled Wall Street dereliction led to a historic financial collapse ." The financial crisis The Senate voted on the law on March 14, 10 years after the collapse of the Bear Stearns investment bank, which was considered the beginning of the financial crisis, which shook the world economy. Supporters of the text argue that the law exempts small banks from strict controls, which were designed to restrain major financial institutions in the crisis, and allow these banks to resume lending. "Banks are the engines of growth and it will be easier for these banks to lend to small businesses and families," House Speaker Paul Ryan said in a tweet via Twitter . The economy is a bright spot for Republicans who will show themselves to voters in November, with unemployment falling to its lowest in nearly 17 and a half years .[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=157596 [/rtl] |
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