US House votes to lift Wall Street constraints News
US House votes to lift Wall Street constraints

The Republican-led US House of Representatives [official website] voted on Thursday to lift many of the constraints that were put into place following the 2008 financial crisis. This vote is likely the beginning of a debate over deregulation of the powerful banking industry. This bill [text], supported by the Trump administration, would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to spur economic growth by easing banking regulations. The bill is likely to face resistance in the Senate. Democrats and other progressive groups, who believe the banking industry requires tougher regulations, disapprove of the bill. These groups point out that banks reported [Chicago Tribune report] record profits last year, despite the tough Dodd-Frank Act rule. The Act is part of the broader GOP plan to reduce the size and influence of the federal government on everyday life.

The US banking industry has come under fire [JURIST op-ed], and greater regulation, since the 2008 economic downturn. As part of greater regulation, the Obama administration developed the Consumer Financial Protection Bureau (CFPB). Donald Trump began his attack on the CFPB during his campaign when he promised less regulation for businesses. In February Trump issued [JURIST report] an executive order and a presidential memorandum [texts] with orders aimed at an incremental dismantling of the Obama administration’s financial regulations. In January the president issued an executive order [JURIST report] that requires two regulations to be eliminated for every new one created.

THIS DAY @ LAW

Justice Department brings anit-trust action against AT&T

On November 20, 1974, the Department of Justice filed its final anti-trust suit against AT&T. United States v. AT&T was ultimately settled out of court with an agreement that the corporation would break up its monopoly on phone service throughout the country.

Nuremberg war crimes trials began

On November 20, 1945, the war crimes trials of Nazi World War II leaders began in the German city of Nuremberg. Review the Nuremberg Tribunal's Charter and the verdicts and sentences handed down on major war figures.

Winston Churchill born

On November 20, 1874, Sir Winston Churchill was born in Woodstock, England. He would go on to lead the United Kingdom as Prime Minister through World War II. Toward the end of the war, Churchill worked with US President Franklin D. Roosevelt to craft the treaties and accords that have defined the world since WWII. A 2002 poll by the BBC declared Churchill the Greatest Briton of all time.

New Jersey ratifies Bill of Rights

New Jersey ratified the Bill of Rights, a set of 10 fundamental amendments to the US Constitution, on November 20, 1789, becoming the first state to do so. The state also ratified an amendment on federal representation which ultimately failed. Additionally, New Jersey rejected an amendment on congressional salaries, which would eventually become the 27th Amendment more than 200 years later. Read the articles ratified by New Jersey.