WASHINGTON—Sometimes—in fact, most of the time—the real long-term shenanigans with the really long-term ramifications happen in legislative committee rooms, and nobody knows they’ve happened until something blows up a few years down the line, and then everybody wonders how such a thing could have happened. This is something that happened on Tuesday during a meeting of the Senate Banking, Housing, and Urban Affairs Committee, where, on a sadly bipartisan basis, various senators proved they learned approximately dick from what happened (and what nearly happened) to the world financial system in 2008.
At issue was Senate Bill 2155, the gaudily named Economic Growth, Regulatory Relief, and Consumer Protection Act. (The cheaper the crook, etc.) As HousingWire points out, this bill goes a long way toward repealing the Dodd-Frank regulations that were passed in response to how the financial system nearly blew up the world, all the while pretending it doesn’t. The bill does a lot of things, and almost none of them protect consumers in any measurable way, nor do any economies grow except for those of the shareholders in certain banks. There certainly is a lot of regulatory relief, but that’s in the nature of the regulatory relief you get when you don’t install sprinklers and your factory burns down.