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Warren slams Dems for backing Dodd-Frank rollback

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

Sen. Elizabeth WarrenElizabeth WarrenPorter loses seat on House panel overseeing financial sector OVERNIGHT ENERGY: Nine, including former Michigan governor, charged over Flint water crisis | Regulator finalizes rule forcing banks to serve oil, gun companies | Trump admin adds hurdle to increase efficiency standards for furnaces, water heaters DeVos mulled unilateral student loan forgiveness as COVID-19 wracked economy: memo 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 TrumpEx-Trump lawyer Cohen to pen forward for impeachment book Murkowski says it would be 'appropriate' to bar Trump from holding office again Man known as 'QAnon Shaman' asks Trump for pardon after storming Capitol MORE won in 2016. 

Sens. Claire McCaskillClaire Conner McCaskillEx-GOP senator blasts Hawley's challenge to electoral vote count as 'highly destructive attack' Harrison seen as front-runner to take over DNC at crucial moment McCaskill: 'Hypocrisy' for GOP to target Biden nominee's tweets after Trump MORE (Mo.), Joe Manchin (W.Va.), Heidi HeitkampMary (Heidi) Kathryn HeitkampHarrison seen as front-runner to take over DNC at crucial moment Biden to tap Vilsack for Agriculture secretary: reports OVERNIGHT ENERGY: EPA guidance may exempt some water polluters from Supreme Court permit mandate | Vilsack's stock rises with Team Biden | Arctic wildfires linked to warming temperatures: NOAA MORE (N.D.), Joe DonnellyJoseph (Joe) Simon DonnellyBiden and Schumer face battles with left if Democrats win big Harris walks fine line on Barrett as election nears The Hill's Morning Report - Sponsored by JobsOhio - Showdown: Trump-Biden debate likely to be nasty MORE (Ind.) and Jon TesterJonathan (Jon) Tester50-50 Senate opens the door to solutions outlasting Trump's moment of violence Biden VA pick faces 'steep learning curve' at massive agency Coronavirus relief deal hinges on talks over Fed lending powers MORE (Mont.) have all expressed support for the measure.