Highlights:
2017: DeSantis Said Efforts To Repeal Dodd-Frank Would “Be Very Good For The Economy.” While appearing on FBN Mornings With Maria, DeSantis said, “So I think you’ve got to do both of those. I think you can do both of those. You know, the Dodd-Frank piece I think would be very good for the economy, moving away from too big to fail and really lifting the burden off a lot of our small and medium-sized financial institutions who have just gotten clubbed by Dodd-Frank.” [FBN Mornings With Maria, 6/12/17]
2018: DeSantis Voted To Raise The Threshold Set By Dodd-Frank Where A Bank Is Deemed Large Enough That If It Failed, It Would Cause Significant Economic Harm. In May 2018, DeSantis voted for a bill that increased the asset threshold for financial institutions to $250 billion for when they were subject to more stringent financial regulations. According to Congressional Quarterly, “Passage of the bill that would apply the more stringent bank regulation provisions of the 2010 financial overhaul to banks with $250 billion in assets, instead of those with at least $50 billion in assets. It would also allow banks with less than $10 billion in assets to trade with depositors’ money. The bill would lift the threshold for disclosure requirements to $10 million for employee-owned securities and would allow venture capital funds to have up to 250 investors and be exempt from certain registering requirements. It would provide consumers with the right to request a ‘security freeze’ on their credit reports, which would prohibit a consumer reporting agency from releasing information from the consumer’s credit report without express authorization. It would define a ‘qualified mortgage’ as any residential mortgage loan held by a bank, removing the requirement that for a ‘qualified mortgage,’ a bank must determine that a mortgage recipient has the ability to repay.” The vote was on passage. The House passed the bill by a vote of 258 to 159. The bill was later signed into law by the president. [House Vote 216, 5/22/18; Congressional Quarterly, 5/22/18; Congressional Actions, S. 2155]
2017: DeSantis Voted For Legislation That Would Have Repealed Significant Portions Of Dodd-Frank. In June 2017, DeSantis voted for the Financial Choice Act. According to NPR, “House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.” The vote was on passage. The House passed the bill by a vote of 233 to 186. [House Vote 299, 6/8/17; NPR, 6/8/17; Congressional Actions, H.R. 10]
2015: DeSantis Voted To Repeal Portions Of Dodd-Frank As Part Of The FY 2016 Republican Study Committee Budget Resolution. In March 2015, DeSantis voted for repealing portions of Dodd-Frank. According to the Republican Study Committee, “The CFPB […] should be eliminated. […] Dodd-Frank financial reform law provided the Federal Deposit Insurance Corporation (FDIC) the authority to access taxpayer dollars to bail out the creditors of large, ‘systemically significant’ financial institutions. The federal government—read taxpayers—should not be the emergency piggy bank for hazardous decision-making by banks and corporations. This budget proposal would save $37.7 billion over ten years, according to CBO.” The underlying budget resolution would have, according to Congressional Quarterly, “provide[d] for $2.804 trillion in new budget authority in fiscal 2016, not including off-budget accounts. The substitute would call for reducing spending by $7.1 trillion over 10 years compared to the Congressional Budget Office baseline.” The vote was on the substitute amendment to a Budget Resolution. The House rejected the amendment by a vote of 132 to 294. [House Vote 138, 3/25/15; Republican Study Committee, FY 2016 Budget; Congressional Quarterly, 3/25/15; Congress.gov, H. Amdt. 83; Congressional Actions, H. Con. Res. 27]
2015: DeSantis Voted For The FY 2016 Budget Resolution Which Recommends Repealing Portions Of Dodd-Frank. In March 2015, DeSantis voted for the FY 2016 budget resolution which recommended repealing portions of Dodd-Frank. According to Congressional Quarterly, the resolution called for “rolling back provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203) that, it says, could allow for ‘bailouts’ of large, systemically significant financial institutions. It also urges Congress to repeal the mechanism under which the Bureau of Consumer Financial Protection receives funding directly from the Federal Reserve's direct funding mechanism, saying that those Federal Reserve funds should be used for deficit reduction.” The vote was on the budget resolution. The House passed the resolution 228 to 199. The budget resolution died in the Senate, but a similar concurrent resolution did pass both Houses. [House Vote 142, 3/25/15; Congressional Quarterly, 3/23/15; Congressional Actions, H.Con.Res. 27; Congressional Actions, S.Con.Res. 11]
2015: DeSantis Voted For A FY 2016 Budget Resolution Which Recommends Repealing Portions Of Dodd-Frank. In March 2015, DeSantis voted for a FY 2016 Budget Resolution which recommended repealing portions of Dodd-Frank. According to Congressional Quarterly, the resolution called for “rolling back provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203) that, it says, could allow for ‘bailouts’ of large, systemically significant financial institutions. It also urges Congress to repeal the mechanism under which the Bureau of Consumer Financial Protection receives funding directly from the Federal Reserve's direct funding mechanism, saying that those Federal Reserve funds should be used for deficit reduction.” The vote was on the adopting the substitute amendment. The House passed the amendment 219 to 208 and later passed the budget resolution. The budget resolution died in the Senate, but a similar concurrent resolution did pass both Houses. [House Vote 141, 3/25/15; Congressional Quarterly, 3/23/15; Congressional Actions, H.Con.Res. 27; Congressional Actions, S.Con.Res. 11]
2015: DeSantis Voted For A FY 2016 Budget Resolution Which Recommends Repealing Portions Of Dodd-Frank. In March 2015, DeSantis voted for a FY 2016 Budget Resolution which recommended repealing portions of Dodd-Frank. According to Congressional Quarterly, the resolution called for “rolling back provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203) that, it says, could allow for ‘bailouts’ of large, systemically significant financial institutions. It also urges Congress to repeal the mechanism under which the Bureau of Consumer Financial Protection receives funding directly from the Federal Reserve's direct funding mechanism, saying that those Federal Reserve funds should be used for deficit reduction.” The vote was on the adopting the substitute amendment. The House rejected the amendment 105 to 319. The House later adopted a substitute amendment identical to this except for a change in defense spending and then later passed the budget resolution. The budget resolution died in the Senate, but a similar concurrent resolution did pass both Houses. [House Vote 140, 3/25/15; Congressional Quarterly, 3/23/15; Congressional Quarterly, 3/30/15; Congressional Actions, H.Con.Res. 27; Congressional Actions, S.Con.Res. 11]
2014: DeSantis Voted For Repealing The Part Of Dodd-Frank That Required Private Equity Fund Advisors To Register With The Securities And Exchange Commission. In September 2014, DeSantis voted for repealing a portion of Dodd-Frank that requires certain private equity fund advisors from registering with the Securities and Exchange Commission (SEC). According to the House Financial Services Committee, “The bill corrects an overreach of the Dodd-Frank Act that diverts job-creating capital from small- and medium-sized businesses to unnecessary regulatory compliance costs. The bill exempts advisers to private equity funds from Securities and Exchange Commission (SEC) registration so long as the funds under management have not borrowed and do not have outstanding principal amount in excess of twice their funded capital commitments.” This provision was part of a larger bill called the Jobs for America Act. The bill passed the House by a vote of 253-163. The bill died in the Senate. [House Vote 513, 9/18/14; House Financial Services Committee, 9/19/14; GOP.gov, Accessed 9/15/15; Thomas.loc.gov, Accessed 9/15/15]
2014: DeSantis Voted To Repeal Key Part Of Dodd-Frank Wall Street Reform Act That Gave The Federal Deposit Insurance Corporation The Power To Take Over And Shut Down A Failing Financial Firm, As Part Of Rep. Paul Ryan’s Budget Proposal. In April 2014, DeSantis voted for repealing the expanded resolution authority that the Dodd-Frank Wall Street Reform and Consumer Protection Act gave to the Federal Deposit Insurance Corporation, as part of House Budget Committee Chairman Paul Ryan’s (R-WI) proposed budget resolution covering fiscal years 2015 to 2024. According to the Hill, “The proposal from the House Budget Committee chairman would repeal a top provision of the law. Proponents say the tool, which gives the Federal Deposit Insurance Corporation the power to step in and wind down a failing financial firm, bars future bailouts.” The House adopted the budget resolution by a vote of 219 to 205. [House Vote 177, 4/10/14; The Hill, 4/1/14]
2013: DeSantis Voted For Repealing Portions Of The Dodd Frank Wall Street Reform Act As Part Of The FY 2014 Ryan Budget. In March 2013, DeSantis voted for repealing portions of the Dodd-Frank regulations for financial institutions, as part of House Budget Committee Chairman Paul Ryan’s (R-WI) proposed budget resolution covering fiscal years 2014 to 2023. According to the House Budget Committee, “This budget would end the bailout regime enshrined into law by the Dodd-Frank Act. The federal government must ensure financial markets are fair and transparent. And it must hold accountable those who violate the rules. But federal bureaucrats should not micromanage the system or protect Wall Street bankers from the risks they are taking.” The resolution passed the House by a vote of 221 to 207. [House Vote 88, 3/21/13; House Budget Committee, 3/12/13]
2013: DeSantis Voted To Repeal Dodd-Frank Wall Street Regulation. In March 2013, DeSantis voted to support revisiting the Dodd-Frank regulations for financial institutions, as part of the Republican Study Committee’s proposed budget resolution covering fiscal years 2014 to 2023. According to the Republican Study Committee, “End Too Big To Fail: […] Instead of rewarding corporate failure with taxpayer dollars, this budget calls for an alternative to the FDIC’s too big to fail bailout authority by supporting a policy that places responsibility of large, failing firms in the hands of shareholders who own them, the managers who run them, and the creditors who finance them.” The vote was on an amendment to the House budget resolution replacing the entire budget with the RSC’s proposed budget; the amendment failed by a vote of 104 to 132 with 171 Democrats voting present. According to Congressional Quarterly, “Repeating a strategy from last year, 171 Democrats voted “present” to push Republicans to vote against the RSC plan to make sure it did not have enough support to replace the Ryan plan.” [House Vote 86, 3/21/13; Republican Study Committee, 3/18/13; Congressional Quarterly, 3/25/13]
2017: DeSantis Voted For Legislation That Would Have Repealed Significant Portions Of Dodd-Frank, Including Requiring The Federal Reserve To Create A Mathematical Formula Dictating Policy. In June 2017, DeSantis voted for the Financial Choice Act. According to NPR, “House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.” The vote was on passage. The House passed the bill by a vote of 233 to 186. The Senate took no substantive action on the legislation. [House Vote 299, 6/8/17; NPR, 6/8/17; Congressional Actions, H.R. 10]
2013: DeSantis Voted To Delay The Labor Department From Issuing Regulations On Fiduciary Standards On Private Pension Plans. In October 2013, DeSantis voted for legislation that would have delayed the issuance of the Fiduciary Rule. According to Congressional Quarterly, the legislation would have “prohibit[ed] the Labor Department from issuing regulations regarding fiduciary care standards under federal law on private pension plans until 60 days after the Securities and Exchange Commission finalizes its own rule. The measure would [have] require[d] the SEC, before issuing its rule, to identify whether expanded fiduciary standards would result in less access to financial products and services for retail investors and to submit formal findings that any final rule would reduce retail investor confusion over the standards of conduct that apply to brokers and advisers.” The vote was on the legislation. The House passed the bill by a vote of 254 to 166. The Senate took no substantive action on the legislation. [House Vote 567, 10/29/13; Congressional Quarterly, 10/29/13; Congressional Actions, H.R. 2374]
2017: DeSantis Voted For Legislation That Would Have Repealed Significant Portions Of Dodd-Frank, Including The Fiduciary Rule. In June 2017, DeSantis voted for the Financial Choice Act. According to NPR, “House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.” The vote was on passage. The House passed the bill by a vote of 233 to 186. The Senate took no substantive action on the legislation. [House Vote 299, 6/8/17; NPR, 6/8/17; Congressional Actions, H.R. 10]
2016: DeSantis Voted To Repeal The So-Called Fiduciary Rule. In April 2016 DeSantis voted for legislation formally disapproving the Labor Department’s Fiduciary Rule. According to Congressional Quarterly, “Passage of the bill that would provide Congressional disapproval of the Department of Labor rule relating to the ‘definition of the term ‘Fiduciary’’, that was published on April 8, 2016, regarding standards for individuals giving retirement investment advice. The resolution would also void the rule.” The vote was on the resolution. The House passed the bill by a vote of 234 to 183. The bill was then passed by the Senate and was sent to the president, who vetoed it. The House later failed to override the president’s veto. [House Vote 176, 4/28/16; Congressional Quarterly, 4/28/16; Congressional Actions, H. J. Res. 88]
2016: DeSantis Voted To Override President Obama’s Veto Of A Bill That Repealed The So-Called Fiduciary Rule. In April 2016, DeSantis voted for overriding President Obama’s veto of legislation formally disapproving the Labor Department’s Fiduciary Rule. According to Congressional Quarterly, “Passage, over President Obama’s June 8, 2016 veto, of the joint resolution that would disapprove and nullify the Labor Department’s April 2016 rule regarding standards for individuals who provide retirement investment advice to act in the best interests of their clients.” The vote was on the overriding President Obama’s veto of the joint resolution, requiring a two-thirds majority, or 280 affirmative votes in this case. The House failed to override the veto by a vote of 239 to 180. [House Vote 338, 6/22/16; Congressional Quarterly, 6/22/16; Congressional Actions, H. J. Res. 88]
2015: DeSantis Voted To Prevent The So Called “Fiduciary Rule,” Which Would Require Any Advisor Being Paid To Provide Investment Advice Must Put Their Clients Interests Before Their Own. In October 2015, DeSantis voted for a bill that would have, according to The Hill, “prevent[ed] the Labor Department from finalizing a controversial regulation to expand investment advice standards for retirement accounts.” According to Congressional Quarterly, the legislation would have specifically “prevent[ed] the Labor Department from issuing a final rule regarding fiduciary standards for retirement investment advisers until after the Securities and Exchange Commission (SEC) issues a final rule on broker-dealer conduct standards. The bill would not [have] require[d] the SEC to issue a final rule. The SEC, before issuing a rule, would [have] be[en] required to report to Congress with certain information, including whether retail investors are being harmed by the lower standard for brokers and dealers and whether adoption of a uniform fiduciary standard would harm retail investors’ access to cost-effective and personalized investment advice.” The vote was on passage. The House passed the bill by a vote of 245 to 186. The Senate took no substantive action on the legislation. [House Vote 575, 10/27/15; The Hill, 10/27/15; Congressional Quarterly, 10/27/15; Congressional Actions, H.R. 1090]
2016: DeSantis Voted To Remove The Requirement That The Federal Reserve Automatically Review Certain Institutions With Greater Than $50 Billion In. In December 2016, DeSantis voted for legislation that would have, according to Congressional Quarterly, “modif[ied] the Dodd-Frank Act to eliminate the requirement that the Federal Reserve automatically review bank holding companies with assets greater than $50 billion. The measure would [have] authorize[d] the Financial Stability Oversight Council to require enhanced Federal Reserve supervision and regulation of any bank holding company based on the FSOC’s determination of the individual institution’s riskiness.” The vote was on passage. The House passed the bill by a vote of 254 to 161. The bill died in the Senate. [House Vote 599, 12/1/16; Congressional Quarterly, 12/1/16; Congressional Actions, H.R. 6392]
DeSantis Signed A Bill To Ban Central Banking Digital Currencies. According to Florida Politics, “A central bank digital currency (CBDC), which hasn’t been issued in the U.S., would be banned in Florida if it ever were, per new legislation Gov. Ron DeSantis has signed. The CBDC ban was one of the Governor’s priorities for the Legislative Session, and it’s now law after he signed SB 7054 at an event in Fort Myers. DeSantis argued the ban is important to protect consumers against government oversight of individual purchases, which could lead to restrictions on purchases of some goods like guns and gas. ‘Maybe you bought a firearm last week and they don’t want you to buy another one this week,’ DeSantis said. ‘Anyone with their eyes open can see the dangers of what this type of arrangement would mean.’” [Florida Politics, 5/13/23]
DeSantis Signed A Bill Which Banned Credit Card Companies From Issuing A Specific Merchant Class Code For Firearms And Ammunition Purchases. According to Florida Politics, “DeSantis also signed another bill Friday (SB 214) banning credit card companies from issuing a specific merchant class code for firearms and ammunition purchases. Agriculture Commissioner Wilton Simpson pushed the measure as one of his top priorities to guard against a campaign by ‘liberal elites’ to track gun buys. ‘If you go and buy ammunition for your firearms and you’re going to get flagged for that?’ DeSantis said. ‘In the state of Florida you will not be flagged for doing that.’” [Florida Politics, 5/13/23]
DeSantis Echoed Called By Right-Wing Figures, Such As Alex Jones, To Ban The Use Of Centralized Banking Digital Currency, Which DeSantis Labelled As A Backdoor Attempt At Pushing “Woke Ideology.” According to the Orlando Sentinel, “Echoing recent claims by Alex Jones and other right-wing personalities that the federal government wants to create a Communist-style surveillance system to track the spending habits of Americans, Gov. Ron DeSantis on Monday said he wants to ban such activities in Florida. At a news conference in Panama City, DeSantis said he’d heard such a plan was in the works within the Biden administration. He called on the Legislature to pass a law forbidding the use of Centralized Banking Digital Currency, or CBDC, in Florida, which he called a backdoor attempt at pushing ‘woke ideology.’” [Orlando Sentinel, 3/20/23]
DeSantis Claimed The Federal Government Was Creating A Surveillance Communist-Style System To Track Spending Habits, Claimed The Government Would Not Let Americans Buy “Too Much” Gasoline Or May Not Let Americans Purchase Firearms. According to the Orlando Sentinel, “Echoing recent claims by Alex Jones and other right-wing personalities that the federal government wants to create a Communist-style surveillance system to track the spending habits of Americans, Gov. Ron DeSantis on Monday said he wants to ban such activities in Florida. […] ‘It’s all about surveilling Americans and controlling American behavior. How do we know, look at China, where they cut off access to goods and services,’ DeSantis said. ‘What are they going to want to do here? If you go and buy too much gasoline, they won’t allow you to use this to make a transaction? Who knows? Maybe they won’t let you purchase a firearm.’” [Orlando Sentinel, 3/20/23]
Orlando Sentinel Noted The Centralized Digital Banking Was Not Real
Orlando Sentinel Noted The Centralized Digital Banking Was Not Real. According to the Orlando Sentinel, “Such a system currently doesn’t exist in the U.S. and isn’t likely to happen for years, if ever, according to federal officials. A digital currency plan was highlighted in an executive order from President Joe Biden last year calling for ‘the highest urgency on research and development efforts’ for a central digital bank. But Federal Reserve Chairman Jerome Powell said no such thing would happen without congressional approval, according to Fortune magazine.” [Orlando Sentinel, 3/20/23]
Orlando Sentinel Noted While Biden Previously Called For Research And Development Efforts, Federal Reserve Chair Jerome Powell Said Nothing Would Happen Without Congressional Approval. According to the Orlando Sentinel, “Such a system currently doesn’t exist in the U.S. and isn’t likely to happen for years, if ever, according to federal officials. A digital currency plan was highlighted in an executive order from President Joe Biden last year calling for ‘the highest urgency on research and development efforts’ for a central digital bank. But Federal Reserve Chairman Jerome Powell said no such thing would happen without congressional approval, according to Fortune magazine.” [Orlando Sentinel, 3/20/23]
Powell Said The Digital Currency Would Only Be Allowed For Bank-To-Bank Digital Transfers. According to the Orlando Sentinel, “Also, he said, it would only be used to allow bank-to-bank digital transfers. ‘We are not at the stage of making any real decisions,’ Powell told a congressional hearing two weeks ago. ‘What we are doing is experimenting in kind of early-stage experimentation.’” [Orlando Sentinel, 3/20/23]
Orlando Sentinel Reported Other 2024 Hopefuls Such As Kristi Noem Took Action And Condemned The Central Banking Digital Currency System
Orlando Sentinel Reported Other 2024 Hopefuls Such As Kristi Noem Vetoed A Bill That Would Have Banned Cryptocurrency, Which She Said Would Have Opened The Door To The Federal Government Adopting A Central Banking Digital Currency System. According to the Orlando Sentinel, “Republican South Dakota Gov. Kristi Noem, also a potential candidate for president in 2024, beat him to the punch 10 days ago when she vetoed a bill that would have banned the use of cryptocurrency, which she said would have opened the door to the federal government adopting a central bank digital currency, Bitcoin.com reported.” [Orlando Sentinel, 3/20/23]