While members of the liberal echo chamber look back glowingly on Obama’s presidency as if it was flawless, the story back here in reality is quite different.
Obama dropped a number of policies that hampered our nation as a whole, and they were completely glossed over by a mainstream press that was more concerned with how enchanting his rhetoric was during a speech or how sharp his golf game looked while on vacation.
Thankfully, President Donald Trump has been breaking out the dustpan whenever he can to clean up Barack’s liberal mess, and he just managed to sweep up another huge pile.
In short, Obama can officially kiss his financial legacy good-bye forever.
The Trump administration unveiled a proposal Wednesday morning that would begin a substantive roll back of the broad, Obama-era banking regulation Dodd Frank.
The Department of the Treasury released a 57-page proposal that does not fully repeal Dodd Frank, keeping a crucial provision that allows the Federal Deposit Insurance Corporation (FDIC) to take control of an insolvent bank and restructure it using federal money.
The main purpose of Dodd-Frank was to prevent the failure of major banks. The thinking behind that is that such a thing would lead to a massive financial crisis.
While Dodd-Frank may have prevented that from happening, it doesn’t come close to address the real issue.
When financial powerhouses aren’t held accountable for their actions, they’ll continue building the house of cards as high as it can possibly go with nary a thought given to the possibility that it can come tumbling down at any second.
Trump’s proposal is a big step in the right direction, and the GOP-led Congress is on board.
The proposal does address banks filing for Chapter 14 bankruptcy, arguing for a more predictable, fair and streamlined process.
“The Chapter 14 framework would preserve the key advantage of the existing bankruptcy process—clear, predictable, impartial adjudication of competing claims—while adding procedural features tailored to the unique challenges posed by large, interconnected financial firms,” the proposal states.
Under the proposal, shareholders, management level employees and creditors would be on the hook for all losses under the bankruptcy filing.
In short, those responsible for the mess would be held accountable for their actions.
Isn’t that the way it’s supposed to be in the first place?
The Obama administration didn’t seem to think so, but his successor’s business background knows that accountability is crucial in order for any economy to survive.