“Republicans cook up plan to cripple consumer agency”
[….] “’Dodd-Frank’s false premise is that an alchemy of Wall Street greed, out-sized private risk and massive Washington deregulation almost blew up the world economy,’ he [i.e., Rep. Jeb Hensarling] said in a speech last week to the Economic Club of New York. ‘It wasn’t deregulation that caused the financial crisis,’ Hensarling said. ‘It was dumb regulation.’
As for greed, he said, ‘When hasn’t there been an element of greed on Wall Street?’ Boys will be boys, right?” [….]
‘He’d gut Dodd-Frank and gut the Consumer Financial Protection Bureau,’ said Deepak Gupta, a Washington lawyer who previously worked as senior counsel for the watchdog agency. ‘Jeb Hensarling is a wholly owned subsidiary of the financial services industry.’
Too harsh? Not when you consider that, according to the Center for Responsive Politics, Hensarling has received more than $5.5 million from financial firms and industry groups since being elected to the House in 2002. The top two contributors to his political endeavors are JPMorgan Chase ($105,000) and the American Bankers Assn. ($85,000).” In the 2014 election cycle, Hensarling was Congress’ No. 1 recipient of cash from payday lenders ($68,000), which are strongly against proposed rules from the CFPB that would rein in their operations. [….]
The full article from the Los Angeles Times by David Lazarus is here.
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