Yesterday, the House passed a bill that rolls back a large chunk of Dodd-Frank, the YUGE financial reform bill that gave banks new rules to try to prevent another massive financial meltdown like the banks destroyed the world’s economy during Chimpy’s Reign of Error.
Paul Ryan cheered the roll-back as if Congress had cured him of zombie-ism and he could be a Real Boy, as Ayn Rand would want.
Breaking news→ The House just voted to free our economy from overregulation. Main Street banks are engines of growth, and now it will be easier for these banks to lend to #SmallBiz and families.
— Paul Ryan (@SpeakerRyan) May 22, 2018
But the problem, of course, is that Paul Ryan is a BS artist. According to the F.D.I.C., the combined net income of the country’s commercial banks and savings institutions for the first quarter was up 27.5 percent from a year ago, hitting $56 billion.
So I guess those onerous regulations weren’t hurting the banks that much, huh?
Anyway, when the next banking collapse happens, Payola Paul won’t be in office to take the blame, so he’s got that working for himself.