Tuesday, October 17, 2017

Free market

Robert Reich
10.14.2017

In the midst of the chaos that has enveloped the White House, Treasury Secretary Steve Mnuchin is charging ahead with plans to deregulate Wall Street. The Treasury Department recently released a 220-page report calling for the elimination of reforms designed to prevent another financial collapse. The recommendations include:
1) Easing oversight of financial markets by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
2) Limiting the ability of regulators to impose new rules.
3) Reducing the information companies must provide before they go public.
4) Repealing disclosure requirements for mining and other natural resources companies.
Adding insult to injury, the report also calls for the elimination of a rule that requires companies to release how much executives make compared to their employees. Naturally, lobbyists and trade associations for the financial industry immediately hailed the recommendations.
Do Trump and his team of banksters think we've forgotten about the last time Wall Street greed destroyed the economy? We need strong rules and regulators who will enforce them to protect public. If left to their own devices, the big banks and hedge funds will gamble away the economy again. Your thoughts?

Source
https://www.facebook.com/RBReich/?hc_ref=ART9IJikS6Cq6Gi5ZVahxcs5bX-8Qh3k1g2MODD1QqPOeBiORkpaGF_cvPFblOo5vJo&fref=nf

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