With James Comey giving his Senate testimony today, it’s not exactly surprising that the media is completely consumed with the story. The media spent months crafting the Russian collusion story, and Comey’s testimony gives them another chance to drown the news cycle talking about it. When there’s a chance to go after Trump, no other news really matters.
However, not everyone is distracted by the political circus. In fact, Republicans in Congress had the strange notion that actually governing was more important. So, while the country obsessed over every word Comey said today, the House went ahead and passed a bill that would keep a huge Trump promise.
The House of Representatives pushed through a bill Thursday that would gut many of the key banking reforms implemented after the financial crisis.
The bill would essentially gut the Dodd-Frank legislation that was passed in 2010:
In all, the measure takes aim at the Dodd-Frank reforms, which sought less risk and higher capital levels from an industry linked to the crisis and the accompanying Great Recession. Lenders got in trouble after mass defaults of risky mortgages, then required a government bailout when they didn’t have the capital to cover their losses.
If signed into law, it would be a huge lift for small businesses:
“This is a jobs bill for Main Street. It will rein in the overreach of Dodd-Frank that has allowed the big banks to get bigger while small businesses have been unable to get the loans they need to succeed,” said Speaker Paul Ryan in a statement Friday supporting the measure.
Although well-intentioned, Dodd-Frank was a knee-jerk reaction to the financial crisis. While it was meant to rein in big banks, the result has been exactly the opposite. In fact, a recent Harvard study largely attributes the decline in local banks to the legislation.
Since taking office, President Trump has made rolling back Dodd-Frank a priority. While this bill would go a long way to help Trump accomplish that goal, many doubt it has a chance to get through the Senate.
Whether or not that’s true remains to be seen. However, what is clear is that while Democrats continue to turn Washington into a circus, Republicans are committed to helping hard working Americans.
[Note: This post was written by Michael Lee. Follow him on Twitter @UAMichaelLee]