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32 sats \ 3 replies \ @Scoresby 8 Aug \ on: Reactions to Trump’s Debanking Executive Order - Nic Carter post Politics_And_Law
It's almost like more regulation doesn't fix things...
It has to be checked at the door.
I gather he is putting forth the notion “politicized debanking” isn’t really a banking problem it’s a regulator problem.
Fix the regulatory back channels and target the choke points, then the secret politics will drain out of banking without turning every bank into a public utility.
For being his second post on substack it has only gotten better. 👌
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Regarding "turning banks into public utilities", Dodd Frank 2010 already made this happen by creating banks that are "too big to fail" or too important to fail
There is more homogeneity in the banking system today vs 2009 and earlier
The number of new banks has dwindled since 2010 because the compliance costs are too high and regulators have too much discretion w/o clear rules or guidance
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Trump's EO nullifies Operation Chokepoint 1.0 and 2.0 which were stealth operations
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