See you in court? Good luck
defense and commercial litigation attorney John Wright said.
Other forms of discrimination, like a government not serving someone because they identify as a man or woman, has a higher level of scrutiny.
The highest form of scrutiny goes to refusing service to someone because of their race, religion or national origin.
“This would easily survive,” Wright said of the gun dealers’ new policies.
GUNS
Banks have long complained about the cost of complying with the many requirements of Dodd-frank. Under the Senate bill, some of the nation’s biggest banks would no longer have to undergo an annual stress test conducted by the Federal Reserve. The test assesses whether a bank has enough capital to survive an economic shock and continue lending.
Dozens of banks would also be exempted from making plans called “living wills,” which spell out how the bank will sell off assets or be liquidated in a way that won’t create chaos in the financial system.
The legislation increases from
$50 billion to $250 billion the threshold at which banks are considered critical to the system. The change would ease regulations on more
than two dozen financial companies, including BB&T Corp., Sun Trust Banks Inc. and American Express.
Opponents of the bill argue that the same banks getting regulatory relief through the Senate bill also got about $50 billion in taxpayer-funded bailouts during the financial crisis. They note that Countrywide Financial, which was at the center of the mortgage crisis, was smaller than some of the banks targeted for relief now.
“There is no reason at all to roll back the rules on these big banks so they can pad their pockets even more and cut them loose to take on wild risks again,” wrote Warren, who before joining the Senate led a congressional oversight panel for the bailout programs.
The Senate bill emerged from lengthy negotiations between Sen. Mike Crapo, the Republican chairman of the Senate Committee on Banking, Housing and Urban Affairs,
and Democratic members on the committee. The ranking Democrat, Sen. Sherrod Brown of Ohio, said the changes go too far and he walked away.
But many Democrats stayed on board, and the bill has 13 Republican and 13 Democratic or independent co-sponsors, a rare level of bipartisanship for substantive legislation in the current Congress. By contrast, the House effort to roll back Dodd-frank didn’t generate a single Democratic vote in support.
Crapo said the Federal Reserve will have the authority to tailor tougher capital and liquidity requirements for individual banks when it believes it’s necessary. For the others, compliance costs should drop.
“It’s going to free up a phenomenal amount of capital in this country that right now for no good reason, no safety or soundness reason, is being held back,” Crapo said.