Chad Bolt Profile picture
Mar 8, 2018 14 tweets 4 min read Twitter logo Read on Twitter
If Dems supporting the #BankLobbyistAct are looking for an off ramp to change their mind, they have all they need to jump ship between the managers amdt (new text) and the CBO score. Here are a few new provisions added last night. 1/
Big Q: is Sec. 310 anything more than a gift to Equifax? We WANT alt. data considered in credit scores but 1 of the only alternative models is Equifax's Vantage Score. There's NO accountability for breach affecting 148 million ppl in this bill. Equifax doesn't need a new gift. 2/
Also added: section creating new loopholes for risky commercial real estate loans, a key driver of community bank failures ~2008. Supporters say this will make credit more available, but commercial lending is already taking off w/o it. No need for this.… 3/
Bill supporters conceded we were right about 2 main critiques of original version by trying to fix: 1. that huge foreign banks reaped the benefits of this bill and 2. that exempting banks from the requirement they collect data under HMDA (used to spot redlining) was a mistake. 4/
On 1: there's a new "clarification" that foreign banks aren't helped. But it still doesn't require regulators to retain the enhanced oversight for U.S. operations of foreign banks at $50-250B. It doesn't do what supporters say it does, other than give them political cover. 5/
If Senators were serious about excluding foreign banks from the benefits of this bill, they would support @SenSherrodBrown’s amendment #2080. And they would vote NO on final passage of the bill if the amendment doesn’t receive a vote. 6/
On 2: The exemption from HMDA data collection that CFPB uses to spot discriminatory lending practices is still there for most banks, with an insulting new exception. It's made to look like bill authors fixed this problem but it's unlikely to add many, or any, banks back in. 7/
The bill currently exempts 85% of banks from the req. Banks won't get exemption if they get a bad Community Reinvestment Act rating, but that only happens to a tiny fraction of banks. And it has to happen TWICE which takes 6 years! New text makes little difference. Still bad. 8/
If Senators were serious about protecting communities of color from discriminatory lending, they would support @SenCortezMasto’s amendment #2157. And they would vote NO on final passage of the bill if the amendment doesn’t receive a vote. 9/
Worth noting what has NOT changed about the bill. What @SenWarren says is biggest threat of all is still there. Biggest banks - yes, banks ABOVE $250 billion - get new way to challenge federal oversight: the req. that the Fed tailor rules to them. 10/
The bill still exempts banks with $50-250 billion in assets from certain increased safeguards, like stronger risk management, liquidity requirements, & stress testing. What this jargon means: more stability, less chance banks would cause an econ catastrophe if they failed. 11/
CBO said earlier this week this bill increases the likelihood of future taxpayer-funded bailouts. Changes weren't made through the managers amendment that would affect that estimation. 12/
If Democrats want to pass a community bank bill, they should pass a community bank bill. This is (still) not it. It's not too late to change their minds and stop this train wreck for the good of our economy. 13/13
PS the statement I drafted for any Senators wanting to jump ship still stands! No pride of ownership here, just change some words around and get your name off of this bill.

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More from @chadderr

Feb 21, 2018
Here are some of the “community banks” escaping regulation under a bill the Senate is voting on in less than 2 weeks. Just your run-of-the-mill, mom-and-pop banks down the street from you:

-Deutsche Bank
-Barclays 1/
Here are some of the "community banks" that would get new legal footing to challenge federal oversight. You've probably heard of them because, gee wilikers, they're known for being real friends of our communities:
-Wells Fargo
-Goldman Sachs 2/
Sadly, just a decade since the worst financial crisis since the Great Depression, the Senate is plowing ahead with a bill that would de-regulate 25 of the 38 biggest financial institutions -- in the name of helping "community banks."… 3/
Read 9 tweets
Feb 12, 2018
Trump's infrastructure plan is out (released on same day as his proposed budget later this AM).

First thing to know: it is NOT a "$1 trillion infrastructure plan." It is $200 billion in federal spending OFFSET by cuts to other programs, including infrastructure programs! 1/
Here's the plan:…

Reading through now and will tweet some reactions, and will probably get interrupted by budget release (happy Monday).

To underscore previous point, key word here is "stimulate." Trump expects $200 billion in federal spending (offset by program cuts) to generate the other $850 billion. That's an absurd assumption and there's nothing to back it up. 3/
Read 11 tweets
Feb 6, 2018
Infrastructure update: Trump is *allegedly* releasing his infrastructure principles on Monday (the same day that his President's Budget is expected to be released).… 1/
The overlapping timing is an... interesting... choice given that his last budget SLASHED funding for infrastructure. Releasing his plan and his budget on the same day will make clear whether seriously investing in infrastructure is REALLY a priority.… 2/
His principles leaked last month, and here's what we know about them.

1. His "$1.5 trillion plan" only has $200B in federal funding, offset by "unspecified $ cuts." (Read: could be Medicaid, nutrition assistance, housing, legal aid, or even other infrastructure programs!) 3/
Read 8 tweets
Dec 20, 2017
Alright, alright. I'll bring it full circle in this final hour before the Senate votes. From the beginning we've been calling the #GOPTaxScam just that -- a scam. What makes it a scam? Here goes. (And all of my tax friends should jump in.) 1/
"This bill is a gift to the middle class."

On the contrary. By 2027, 83% of the benefits of the #GOPTaxScam go to the top 1%.… 2/
It was NEVER designed to be a gift to the middle class. Its key features are a massive corporate tax cut, further erosion of the estate tax, and new tax breaks for hedge funds, private law firms, and the Trump Org. It lowers the tax rate on millionaires. 3/
Read 9 tweets
Dec 18, 2017
Good morning! In case you spent the weekend checked out of #GOPTaxScam news, here’s an update. TL; DR: we can STILL win. The #CorkerKickback is a thing. Corker, Collins, and Flake are key. 1/
#CorkerKickback: turns out a new loophole was added for pass-through income *during the conference committee.* It specifically benefits real estate LLCs, and would personally enrich Bob Corker and Donald Trump.… 2/
Remember, @SenBobCorker said after conference he’ll flip his vote from no to yes. What does he say about #CorkerKickback? Only read “like a 2-page summary,” not the bill, so he didn’t know about it. But Cornyn said it was added to cobble together votes.… 3/
Read 17 tweets
Dec 2, 2017
The Senate just passed the #GOPTaxScam. To recap:

13 million more uninsured
Premiums up 10%
87 million fams get a tax INCREASE
Huge tax cuts for rich, corps, and Donald Trump
$1 trillion added to deficit - forcing huge cuts to Medicaid, Medicare, SS

What happens next? 1/
Senate and House have to go to conference to resolve some big differences. Then produce a "conference report" that has to be voted on again by both chambers. OR... 2/…
The House can just pass the Senate version. Everyone so far is publicly saying they'll go to conference, but I've thought all along Rs will avoid another vote and extra time on a deeply unpopular bill if they can. 3/
Read 10 tweets

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