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this post was submitted on 13 Aug 2024
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It's not "business friendly" so it'll be DOA in Congress.
Dems won't fight for it, because there's no donor money coming in as a reward for passage.
Republicans will fight it aggressively, because they've got an enormous financial incentive to be seen as on the side of these corrupt business interests.
State and municipal governments will claim they don't have jurisdiction to set these rules locally, so we'll never see a localized attempt to implement these rules and prove them out as useful.
Any compromise that does squeak through will die in the courts. Judges will throw up injunctions and gut the language, because they see a path forward in their careers by siding with big business.
Customers getting exploited by these laws will remain more fixated on immigration and foreign wars and abortion and national debts as hot-button issues, because the candidates in their districts simply won't talk about this part of the platform.
YouTubers, AM Radio shock jocks, and other shill influencers will make up elaborate conspiracy theories about why the rule is bad, because that's what they're paid to tell people.
Its the same fucking game every time.
None dare say the words "Break up the monopolies"
I was in the Investment Banking Industry during the 2008 Crash and its aftermath and paid a lot of attention to what was done in the places with the largest Financial Industry companies (which most definitely includes the US) and the Democrats (at a time Obama was POTUS) were almost as much to given large Financial Institutions whatever they wanted with no restructuring and no conditions, as the Republicans.
Further, remember how Hilary Clinton suffered when running against Trump because just before starting her campaign she was personally paid half a million dollars to go give a speech to a bunch of Goldman Sach's types.
(Interestingly, after his unconditional rescue and support for the Finance Industry, Obama too made a lot of money giving speeches to these types).
Even more, remember that the 2008 Crash was the result of Bill Clinton repealing the Glass-Steagal that kept Investment Banking separate from Retail Banking (and the consolidation you can see in that chart would not have been possible without it, since all of those you see above joining are Investment Banks that merged or bough Retail Banks or are Retail Banks that opened Investment Banking divisions).
The Democrats might be less prone to Fascism (though Biden's undying love and military support for Genocidal ethno-Fascists shows it's hardly a line they won't cross so long the Fascism happens abroad) and indulging in Ultra-Conservative Moral Proms, but very few of them are there representing "The People" rather than representing those who can afford to buy them with non-executive board memberships, gold-plated consulting positions and millionaire speech circuit gigs.
If everyone was this pessimistic, nothing would ever happen.
This legislation will be popular enough that it might be political suicide to be against it. If it's not poison pilled I bet it passes.
Just another reason to use a member-owned credit union.