Loosen financial regulation, roll back Dodd-Frank Act
CAMPAIGN FINANCE/VOTING RULES:
Republicans: Loosen financial regulation. Rolled back parts of Dodd-Frank Act, law that tightened regulations for banks and other financial institutions. Said law harmed smaller banks. Loosen rules on interest rates
from auto lenders. Ended Obama-era rule making auto lenders ensure minorities weren't charged higher rates.
Democrats: Tighten financial regulation. Restore Consumer Financial Protection Bureau provisions cut by Trump administration.
Source: CampusElect on 2020 Major Party positions
, Aug 30, 2020
OpEd:GOP replaces scientific fact with profit-driven opinion
Convincing Americans not to trust the government was the first step. Grover Norquist famously explained the ultimate conservative mission, "to get government down to the size where we can drown it in the bathtub." For decades, Congressional Republicans
have executed this second step by stripping crucial bureaucracies of funding, sometimes aided by cowed Democrats. Waves of privatization, deregulation, and sequestration had their desired effects: fewer hand on deck. The third step has been replacing
scientific fact with profit-driven opinion. From the climate change deniers to the congressional prohibition of unpopular scientific studies, modern conservative ideology has rejected research as a necessary ingredient for decision making.
weakening of our public administration infrastructure has reached its pinnacle in the Trump administration. Trump's actions have built on the GOP's intentional destruction of institutions, and has left America weakened in a time of international crisis.
FactCheck: Obama didn't say "you didn't build that"
The RNC Chairman announced the theme for Tuesday would be "We Built It," and that they would remind their audience of a clumsy quote from Obama that they've been taking out of context ever since he said it.
Obama did utter the words 'You didn't build
that,' but the full context of his remarks makes it clear he was saying taxpayer-funded public support "gave you some help" to succeed in business.
Obama, July 13: "If you were successful, somebody along the line gave you some help. There was a great
teacher somewhere in your life. Somebody invested in roads & bridges. If you've got a business--you didn't build that. Somebody else made that happen.."
The Obama campaign says the word "that" in the phrase "you didn't build that" refers to roads and
bridges [but the clumsy grammar allows for misinterpretation]. There is no room for misinterpretation, however, in Obama's summary statement: "When we succeed, we succeed because of our individual initiative, but also because we do things together."
American businesses now face the world's highest corporate tax rate. It reduces their worldwide competitiveness, encourages corporations to move overseas, lessens investment, cripples job creation, lowers U.S. wages, and fosters the avoidance of tax
liability-without actually increasing tax revenues. To level the international playing field, and to spur job creation here at home, we call for a reduction of the corporate rate to keep U.S. corporations competitive internationally, with a permanent
research and development tax credit, and a repeal of the corporate alternative minimum tax. We also support the recommendation of the National Commission on Fiscal Responsibility and Reform, as well as the current President's Export Council, to switch to
a territorial system of corporate taxation, so that profits earned and taxed abroad may be repatriated for job-creating investment here at home without additional penalty.
Party signed letting businesses help define regulatory rules
Our plan includes ideas to:
Back startups and small businesses by giving them a real say in the rules that affect their work, and cutting down on roadblocks to capital formation and growth.
Consider putting regulators on a budget by allocating to each agency a limit on the amount of regulatory costs that it can impose for each fiscal year.
Publish the cost--and cut the cost--of regulations by requiring agencies to adopt the least costly method of implementing new rules, provide a full accounting of the costs--including the costs of jobs lost--of new rules, and detail the cumulative impact of new rules instead of looking at each one in isolation.
Stop blank checks by implementing sunset dates for regulatory programs, and empowering federal judges to carefully scrutinize agencies' decisions.
Put the feds on the clock by establishing a shot-clock approach, meaning failure to act within a reasonable period of time would lead to automatic approval.
The way things work now, regulators can hold up jobs and projects indefinitely, with little to no explanation.
Open up government data so that all evidence used in support of regulation is based on sound science and available for proper scrutiny.
Subject regulations to spring cleaning by establishing an independent commission that goes back and looks at past regulations to see what has become outdated, and identifies rules that can be weeded out responsibly.
Pare back the paperwork police by easing penalties for first-time paperwork violations by small businesses.
Regulate only when needed by preventing the federal government from regulating in areas where states are already fulfilling that duty successfully. This will end regulators' habit of creating regulations in search of problems.
Stop bad regulations in their tracks by requiring Congress to approve all rules that would cost the economy more than $100 million a year.
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