Democrats are helping Republicans unleash Wall Street. What could go wrong?

The Dodd-Frank rollback is a grotesque betrayal

The New York Stock Exchange.
(Image credit: Illustrated | Jerry Lai/Alamy Stock Photo)

A hefty package of bank deregulation passed the House of Representatives earlier this week, after being passed by the Senate back in March. It now goes to Trump to be signed into law. The majority of votes were Republican, of course, but some 33 Democrats also joined — some 17 percent of the House Democratic caucus, which is at least less than the 16 (or 34 percent of) Senate Democrats.

But even so, those votes are a grotesque betrayal of the American people and a spectacular political own goal on the part of these so-called "moderate" Democrats. It harms the great majority of people who do not work on Wall Street, and makes another devastating financial crisis — one which might shatter the political fortunes of the Democratic Party — more likely.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.