I don’t think anyone in the state of Nevada doesn’t know what happened the last time Wall Street was left unfettered. The Bubble splattered all over the state. The offcast included 167,000 empty houses. [USAToday] Nevada’s unemployment rate soared to 12.8% by December, 2009. By October 2010 the state’s unemployment rate was 14.4%. And now the House of Representatives is on track to vote on H.R. 10, the “Choice Act” to dismantle the financial regulatory reforms enacted in the wake of the Housing Debacle and deregulated banking disaster.
Two procedural votes are on record to move this bill forward — House vote 290, and House vote 291 — and Representative Mark Amodei voted in favor of bringing this bill to a vote by the full House. Watch this space for an update on the vote for passage.
Update: On House vote #299, Representative Mark Amodei (R-NV2) voted along with 232 other Republicans to essentially gut the financial reform regulations enacted in the wake of the Housing Bubble debacle. (HR 10)
Representatives Kihuen, Rosen, and Titus voted against this deregulation bill.
Comment: Be aware of Republican representatives to frame this vote as one against Bank Bailouts and “Too Big to Fail.” In a polite world we’d call this something euphemistic like “south bound product of a north bound bull.” The Dodd Frank Act requires banks to have a plan for unwinding failing banks, and bankers have screamed to the heavens about provisions to allow outside oversight of banking management. More simply, if you approve of the antics of Wells Fargo — then you’ll love the “Choice Act,” a bill which gives banks the “choice” to skewer its customers and investors.