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178

US reportedly plans to slash bank rules imposed to prevent 2008-style crash (www.theguardian.com)

submitted 1 day ago* (last edited 1 day ago) by MicroWave@lemmy.world to c/news@lemmy.world

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Watchdogs could cut capital rules as Trump’s deregulation drive opens door to rollback of post-crisis protections

US watchdogs are reportedly planning to slash capital rules for banks designed to prevent another 2008-style crash, as Donald Trump’s deregulation drive opens the door to the biggest rollback of post-crisis protections in more than a decade.

The move follows heavy lobbying by the banking industry, with lenders such as JP Morgan and Goldman Sachs having long complained that competition and lending have been hindered by burdensome rules governing the assets they must hold versus their liabilities.

Regulators are expected to put forward the proposals this summer, aimed at cutting the supplementary leverage ratio that requires big banks to hold high-quality capital against risky assets including loans and derivatives, according to the Financial Times, which cited unnamed sources.

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[–] jonne@infosec.pub 32 points 1 day ago

Not for the wealthy. Every crisis is a transfer of wealth to the top while we get left behind. A lot of corporations used cheap credit to buy up all the 'distressed' housing that's now being milked for rent by corporate landlords.