1. Why did BILL CLINTON sign off on the Gramm-Leach-Bliley Act?
Republicans cotnrolled congress in 1998. Republicans repealed the act by a veto proof majority. Democrats had no power to stop it. "The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate and by a 343-86 vote in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This veto proof legislation was signed into law by President Bill Clinton on November 12, 1999. "
2. the Commodity Futures Modernization Act was passed as part of a larger bill by unanimous consent after Phil Gramm dominated the Senate debate. Gramm also gutted the SEC funding and forced Arthur Levitt out. Levitt was told to forget regulating derivatives or else. This is the same Republican that was John McCain’s financial advisor during his presidential campaign.
3.the Community Reinvestment Act. Clinton wasn't in the legislature. He couldn't revise it without their agreement. I guess you ignore this because it was a GOP controlled congress. Not to mention the 1995 revisions to the CRA changed only the way in which a bank’s CRA compliance is evaluated. There is no mention of mortgage securitization. Banks are rewarded only for making mortgages in their communities, not for re-selling mortgages as securities.
More than half of problematic sub-prime loans made in the last few years were issued by banks that are not regulated by the CRA. The CRA applies only to financial institutions that are insured by the FDIC, but not to independent mortgage companies such as Countrywide. In fact, non-CRA lenders were twice as likely as CRA lenders to issue excessively expensive subprime loans to vulnerable creditors. Responsible mortgages made by CRA lenders have a low rate of foreclosure similar to that of traditional mortgages.