Paul Ryan Secures $17 Billion Giveaway To Banks

We’re told that the Freedom Caucus fights for the average American, hates bank bailouts and crony capitalism. Obviously their champion Paul Ryan is going to waste no time as House Speaker writing billion-dollar megabank subsidies into the tax code. Cenk Uygur, host of the The Young Turks, breaks it down. Tell us what you think in the comment section below.

"The gas tax has been fixed at 18.4 cents per gallon since the 1990s even as the price of gas and other goods has risen considerably, effectively curbing the funds available for road and bridge repairs.

The GOP had initially pressed to include other bank-friendly measures in the highway bill, including a plan to hamstring the new Consumer Financial Protection Bureau and deregulate large banks. Those efforts were abandoned in favor of the more straightforward $17 billion payment.

Bank have aggressively lobbied Congress to maintain the flow of government money. Federal Reserve Chair Janet Yellen has defended the payments, saying they encourage banks to be part of the Federal Reserve System. The Fed, however, has the authority to regulate banks whether they participate in the formal system or not. And access to the Fed's borrowing facilities remains a powerful incentive for banks to remain in the system with or without the annual payments. Banks also rely heavily on payment and securities settlements services provided by the central bank.”*

Read more here

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The Young Turks November 5, 2015 Hour 1

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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)