Warren slams Dems for backing Dodd-Frank rollback

Warren slams Dems for backing Dodd-Frank rollback
© Greg Nash

Sen. Elizabeth WarrenElizabeth Ann WarrenSenate Dems protest vote on controversial court pick Dems call for hearings on Trump’s CFPB nominee to be put on hold Dems to propose legislation to prevent ICE from shackling pregnant women MORE (D-Mass.) on Tuesday went after Democratic senators who backed a bill that would deregulate many of the country’s major banks.

Despite the measure to roll back critical parts of the Dodd-Frank Act being largely backed by Republicans, a number of Democrats have said they would support the bill. Seventeen Democrats voted on Tuesday to advance the bill.

Warren said these votes make it likely the bill will pass.

“Senate Republicans voted unanimously for the #BankLobbyistAct. But this bill wouldn’t be on the path to becoming law without the support of these Democrats,” Warren tweeted on Tuesday afternoon. “The Senate just voted to increase the chances your money will be used to bail out big banks again.”

The proposed bill would decrease the number of banks that are subject to higher oversight from the government to ensure they can weather a financial shock.

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Under Dodd-Frank, banks with at least $50 billion are subject to the additional scrutiny. The proposed bill would increase that threshold to $250 billion, lowering the number of banks subject to the high level of oversight from 40 to about 12.

Warren said on Tuesday that if this bill is passed, the possibility of another financial crisis would increase.

“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, according to Mother Jones. “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.”

Democratic backers have said that the dangers of passing the bill have been overstated and the bill could help community banks compete with Wall Street banks.

A number of the Democrats supporting the bill are facing tough reelection campaigns this year in states that President TrumpDonald John TrumpTrump says he doesn't want to use 'adversary' to describe Russia Comey urges Americans to vote for Democrats in midterms Roby wins Alabama GOP runoff, overcoming blowback from Trump criticism MORE won in 2016. 

Sens. Claire McCaskillClaire Conner McCaskillSenate Dems build huge cash edge in battlegrounds Senate Dems lock in million in TV airtime Why does Congress keep playing political games on FBI oversight? MORE (Mo.), Joe Manchin (W.Va.), Heidi HeitkampMary (Heidi) Kathryn HeitkampSenate Dems build huge cash edge in battlegrounds Bipartisan group introduces retirement savings legislation in Senate Fed chief lays out risks of trade war MORE (N.D.), Joe DonnellyJoseph (Joe) Simon DonnellySenate Dems build huge cash edge in battlegrounds Fed chief lays out risks of trade war Doug Jones walks tightrope on Supreme Court nominee MORE (Ind.) and Jon TesterJonathan (Jon) TesterSenate Dems build huge cash edge in battlegrounds Fed chief lays out risks of trade war Dem infighting erupts over Supreme Court pick MORE (Mont.) have all expressed support for the measure.