Headline has the name wrong. It is Sen. DeMint.
Mr. Johnson, SEC regulations do not affect banks and they were the ones making the loans and selling nearly worthless paper. The president cannot just tweek laws by fiat. In fact Bush tried to get congress to get Fanny May and Freddy Mac under control but Barney Frank in the Senate and head of the banking committee would have no part of it. I could sympathize with your view but you never consider congress any part of the problem.
The problem with Mr. Johnson’s entry relative George Bush and “sweeping financial deregulation” is:
1. The Depository Institutions Deregulation and Monetary Control Act was passed by congress and signed by Jimmy Carter in 1980.
2. The Riegle-Neal Interstate Program Banking and Branching efficiency Act was passed by congress and signed by Bill Clinton in 1993.
3. The Gramm-Leach-Bliley Act was passed by congress and signed by Bill Clinton in 1996, it repealed Glass-Steagall restrictions and that is what really turned banks loose.
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