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babylonsister

(171,057 posts) Wed Mar 7, 2018, 06:04 PM Mar 2018

Elizabeth Warren Blasts Fellow Democrats for Supporting a Massive Bank Deregulation Bill

https://www.motherjones.com/politics/2018/03/elizabeth-warren-blasts-fellow-democrats-for-supporting-a-massive-bank-deregulation-bill/

Elizabeth Warren Blasts Fellow Democrats for Supporting a Massive Bank Deregulation Bill
“The Senate just voted to increase the chances your money will be used to bail out big banks again.”

Hannah Levintova
Mar. 6, 2018 6:00 PM

snip//

If this threshold change becomes law, several dozen major banks and financial institutions—including BB&T, American Express, Credit Suisse, Regions Financial, Citizens Financial, and SunTrust—would no longer be subject to the most rigorous checks, and the total number of financial institutions under the highest level of oversight would drop from 40 to about 12. Additionally, the CBO found that the bill would grow the deficit by at least $671 million between 2019 and 2027, and would slightly increase the possibility of another financial crisis.

Despite this CBO analysis, the bill appears to be on course to sail through the Senate, in part because it has garnered support from a sizable number of Democrats. On Tuesday, Sen. Elizabeth Warren (D-Mass.)—one of the original champions of Dodd-Frank—criticized Democrats who voted to advance the current bill. “This bill wouldn’t be on the path to becoming law without the support of these Democrats,” she wrote on Twitter. “The Senate just voted to increase the chances your money will be used to bail out big banks again.”

Democrats who support the bill—17 voted to advance the legislation on Tuesday—have argued that the dangers of its deregulatory measures are being blown out of proportion.

At a Tuesday morning press conference on Capitol Hill, however, Warren did not shy away from describing the bill as a precursor to another financial collapse. “People in this building may forget the devastating impact of the financial crisis 10 years ago—but the American people have not forgotten,” she said. “The millions of people who lost their homes; the millions of people who lost their jobs; the millions of people who lost their savings—they remember, and they do not want to turn loose the big banks again.”