The Senate just passed The Economic Growth, Regulatory Relief, and Consumer Protection Act, which, for all intents and purposes, is a bank deregulation bill.
Of course, this comes on the heels of the U.S. House of Representatives' Systemic Risk Designation Improvement Act, a like-minded bill passed on Dec. 19, 2017.
Next, as we all remember from high school civics, the two chambers will reconcile their versions and deliver legislation to the president for signing, which he will almost certainly do, with great relish.
It's no surprise that Congress is pushing bank deregulation. After all, it's a midterm election year, and both parties want bank and financial services money directed their way.
The Senate's 67-31 vote, with 16 Democrats siding with the Republican majority, proves it's a bipartisan push, despite some compulsory, loud Democratic opposition.
Nor will it come as any surprise that after blowing huge holes in the post-crisis-era Dodd-Frank wall that protects consumers, the economy, and taxpayers from bad bank behavior, more rules and regulations will be whittled away soon.
That's going to be great for big banks and big financial services companies... for a while.
It's not hard to envision them coming up with new and interesting ways - and some old "classic" ways - to leverage up their balance sheets in pursuit of profits and blow themselves up again.
Look, I'm all for growth. I'm all for capitalism. But I'm not for putting the entire economy at hazard... all over again.
That's what's wrong with what Congress is doing. I can show them what they should be doing to fix this problem once and for all.
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