“The influential head of the House Financial Services Committee wants to do away with most of the Wall Street regulations passed by Congress in the wake of the 2008 financial crisis. Rep. Jeb Hensarling, R-Texas, would allow banks that keep more capital on their books than they currently do to be exempt from most of the new rules. The change would include the Democrats’ signature legislation, the Dodd-Frank Act.”
“In 2008, the capital shortfall was at least double 10%, and the only reason that the losses weren’t greater was because taxpayers bailed out Wall Street’s biggest banks to end the panic.”
To read the full NPR article by Jim Zarroli click here.