Weird question but what is your favorite act of Congress?

Oct 2015
686
Virginia
#13
Yeah, "conservatives" hated it, repealed parts of it, and gave us financial crises every ten years. Then re-enacted parts as Dodd-Frank, and now want to get rid of it again.
 
Jun 2017
2,512
Connecticut
#15
I'm conservative but I have no idea what this stuff is.

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Glass-Steagall separated commercial banking from investment banking, not allowing investment banks to use savings accounts for investment banking. With the advent of the center right pro corporate "third way" movement taking over the Democratic Party, business was able to easily get this restriction repealed almost unanimously. More than any other legislative action this is seen as having caused the practices that in turn led to the Great Recession. Dodd-Frank does not restore this part of the law, nor does it come close. This was a very contentious policy argument in the Democratic Primary with it being one wing's main financial regulation priority while the other works pretty hard to ignore it's existence.
 
Jun 2017
2,512
Connecticut
#16
Yeah, "conservatives" hated it, repealed parts of it, and gave us financial crises every ten years. Then re-enacted parts as Dodd-Frank, and now want to get rid of it again.
Yes conservatives but let's be transparent, it was two economically conservative parties. The repeal passed almost unanimously in Congress and was signed into law by a Democratic President. This is one of those rare things where the overused "they are all corrupt" trope really does fit. Not saying the vote would go the same way today, they'd certainly be a lot more no's but not enough to pass. We also have to keep in mind the original legislation did pass in the 1930's during the Great Depression when economically liberal Democrats had massive majorities, pretty high bar to beat Wall Street's influence here(and in the 1930's doubtful they cared or were in a position to care given the circumstances).
 
Likes: HeadinOutWest

Viperlord

Ad Honorem
Aug 2010
8,069
VA
#19
More than a little stunned we're not talking about the Civil Rights Act of 1964, the Voting Rights Act of 1965, or the Reconstruction (as well as 17th and 19th) amendments in here. Without these the US would not even be close to a democracy in reality.
 
Nov 2018
34
St. Louis, MO
#20
More than a little stunned we're not talking about the Civil Rights Act of 1964, the Voting Rights Act of 1965, or the Reconstruction (as well as 17th and 19th) amendments in here. Without these the US would not even be close to a democracy in reality.
If you're gonna talk about that, how can you forget the 19th amendment.

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