Warren slams Dems for backing Dodd-Frank rollback

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

Sen. Elizabeth WarrenElizabeth Ann WarrenElizabeth Warren urges grads to fight for 'what is decent' in current political climate Tomi Lahren responds to genealogist's investigation of her family: 'She failed miserably' GOP, Dem lawmakers come together for McCain documentary 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 TrumpMexican presidential candidate vows to fire back at Trump's 'offensive' tweets Elizabeth Warren urges grads to fight for 'what is decent' in current political climate Jim Carrey takes aim at Kent State grad who posed with AR-10 MORE won in 2016. 

Sens. Claire McCaskillClaire Conner McCaskillCalif. gov candidates battle for second place Senate panel advances Trump's CIA nominee Five votes to watch in fight over Trump's CIA nominee MORE (Mo.), Joe Manchin (W.Va.), Heidi HeitkampMary (Heidi) Kathryn HeitkampOvernight Defense: Senate confirms Haspel as CIA chief | Trump offers Kim 'protections' if he gives up nukes | Dem amendments target Trump military parade Hillicon Valley: Lawmakers target Chinese tech giants | Dems move to save top cyber post | Trump gets a new CIA chief | Ryan delays election security briefing | Twitter CEO meets lawmakers Senate confirms Haspel to head CIA MORE (N.D.), Joe DonnellyJoseph (Joe) Simon DonnellyVoters Dems need aren't impressed by anti-waterboarding showboating Overnight Defense: Senate confirms Haspel as CIA chief | Trump offers Kim 'protections' if he gives up nukes | Dem amendments target Trump military parade Hillicon Valley: Lawmakers target Chinese tech giants | Dems move to save top cyber post | Trump gets a new CIA chief | Ryan delays election security briefing | Twitter CEO meets lawmakers MORE (Ind.) and Jon TesterJonathan (Jon) TesterOvernight Defense: Over 500 amendments proposed for defense bill | Measures address transgender troops, Yemen war | Trump taps acting VA chief as permanent secretary Not only do we need to support veterans, but their caregivers, too Trump Jr. prepares to hit the campaign trail ahead of midterms MORE (Mont.) have all expressed support for the measure.