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House Dems push legislation
requiring banks to receive critical
'diversity and inclusion' rating

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Posted By: MissMolly, 2/14/2020 3:43:55 AM

House Democrats are proposing that all banks and credit unions receive a new "diversity and inclusion" rating in an unprecedented step that would fundamentally alter federal regulators' critical "CAMELS" rating system that currently employs a series of metrics that solely assess the financial health of banking institutions. The "Promoting Diversity and Inclusion in Banking Act of 2019" is draft legislation supported by Democrats on the House Subcommittee on Diversity and Inclusion, which was created by House Financial Services Committee chairwoman Maxine Waters Rep. Maxine Waters, D-Calif. Waters has long pushed for government-led diversity efforts, even as Republicans have challenged her knowledge of fundamental economic issues.

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Reply 1 - Posted by: John C 2/14/2020 5:47:55 AM (No. 318013)
History repeating itself, by these know nothing idiots.
12 people like this.

Reply 2 - Posted by: BarryNo 2/14/2020 6:31:12 AM (No. 318032)
They are desperately trying to recreate the sub- prime mortgage crisis, again to bring Trump down.
13 people like this.

Reply 3 - Posted by: erod111 2/14/2020 7:14:36 AM (No. 318070)
Exactly as noted above. This is how we got ourselves into the mess that blew up in our faces in 2008. Congress thinks it can force financial institutions to loan money to borrowers who do not have a foreseeable way to make good on the loan. Even those with regular credit sometimes go into default. Forcing lenders to make sub prime loans is just asking for another debacle. Financial institutions do not have a diversity bias. Anyone, from any sector of the rainbow, can get a loan, but they have to be financially mature enough.
10 people like this.

Reply 4 - Posted by: udanja99 2/14/2020 8:05:50 AM (No. 318098)
I’m self employed and have never had to attend any diversity and inclusion classes. Those very words set my teeth on edge. But I know this - if I were ever forced to attend one, it would only make me less likely to have any use for diversity and inclusion.
9 people like this.

Reply 5 - Posted by: 3D-Chess 2/14/2020 8:27:56 AM (No. 318121)
We all know this has Maxine Waters stinch all over it. Can we all say V E T O ?
4 people like this.

Reply 6 - Posted by: jacksin5 2/14/2020 8:52:42 AM (No. 318163)
It appears the Radical Left is getting their Wish List out in front of their base, It won't go anywhere in the Senate, or Oval Office. I guess this is what passes for "Work" in the House when they're not to busy investigating PDJT.
5 people like this.

Reply 7 - Posted by: Heil Liberals 2/14/2020 10:08:26 AM (No. 318259)
There is no end to the Leftist lunacy that passes for intellectual and legislative endeavors. I keep waiting on the nightmare comedy to end, but it just keeps going and going and going....
3 people like this.

Reply 8 - Posted by: whyyeseyec 2/14/2020 10:34:45 AM (No. 318295)
This type of legislation won't happen during Trump's Administration but beware, this is what the Crats will bring if/when they take the WH in the future.
2 people like this.

Reply 9 - Posted by: NorthernDog 2/14/2020 10:40:34 AM (No. 318303)
It would be almost impossible to satisfy this law. The goal is to hamstring investment firms that Democrats don't like, and generate endless lawsuits.
1 person likes this.

Reply 10 - Posted by: DVC 2/14/2020 11:43:54 AM (No. 318379)
These idiots are trying to set a replay of the 2008 mortgage collapse banking implosion. There are several fundamental US laws for banks which dramatically increased the severity of this problem, and yet, have not been fixed. Entirely aside of the root cause of forcing banks to loan to minorities who have no chance of repayment, there are downstream US banking laws which caused the collapse of perfectly healthy banks. That is no exaggeration, perfectly healthy banks with lots of proper mortgages/bonds in place to underwrite their deposits were suddenly "bankrupt" in a purely technical sense, due to a valuation rule which caused temporary market valuation changes to literally put the bank out of business, when the bank had no actual financial problems. It's called "mark to market" and requires a bank to VALUE it's bond holdings based on the CURRENT market value, even if they have no intent of selling. When some mortgage based bonds were disfavored because the bond was a collection of mortgages, and some were holding unknown numbers of these "uncollectable" mortgages, lots of bond buyers "pulled in their horns" and stopped buying mortgage based bonds until "things get sorted out". This means that the value of this class of bonds temporarily plummeted with no buyers. A bank with similar bonds, which it had no intent of selling them, but was holding to get the mortgage payments over 30 years as an income stream, and those payments were 99+% being made, had to "value" this mortgage-based portfolio as if it were to be sold TODAY, when there were no buyers. So the mortgage portfolio/bond was valued at some small fraction of it's actual value ON THE BOOKS, and the bank was instantly "insolvent", ON PAPER, even though they held 99+% GOOD mortgages, with people paying their bills every month. This insane law destroyed many perfectly good, perfectly stable banks. They got bought up for a fraction of actual value, and the big banks like BoA got very rich on this essentially "legalized theft". And AFAIK this law has not been adjusted to avoid being a bank destroying law rather than a useful banking law. Dems could cause a replay of the 2008 debacle, which THEY CAUSED entirely.
1 person likes this.

Reply 11 - Posted by: iraengneer 2/14/2020 3:15:09 PM (No. 318611)
So, we have (and are paying for) a "House Sub Committee on Diversity and Inclusion"? I must be having a bad brain day. Try as I might, I can't locate in our Constitution's listing of enumerated federal powers, ANY mention of such a thing. Can someone help me here? As for Maxine Walters, I hope she goes to Heaven. SOON! That is a blessing, right?
2 people like this.

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