SPONSORED:

Warren slams Dems for backing Dodd-Frank rollback

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

Sen. Elizabeth WarrenElizabeth WarrenForgiving K in school loans would free 36 million student borrowers from debt: data IRS chief warns of unpaid taxes hitting trillion Biden sparks bipartisan backlash on Afghanistan withdrawal  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.

ADVERTISEMENT

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 TrumpBiden to move ahead with billion UAE weapons sale approved by Trump Fox News hires high-profile defense team in Dominion defamation lawsuit Associate indicted in Gaetz scandal cooperating with DOJ: report MORE won in 2016. 

Sens. Claire McCaskillClaire Conner McCaskillThe Hill's Morning Report - Biden tasks Harris on border; news conference today Missouri Senate candidate Eric Greitens tangles with Hugh Hewitt in testy interview The Hill's Morning Report - Presented by the National Shooting Sports Foundation - CDC news on gatherings a step toward normality MORE (Mo.), Joe Manchin (W.Va.), Heidi HeitkampMary (Heidi) Kathryn HeitkampBill Maher blasts removal of journalist at Teen Vogue Centrist Democrats pose major problem for progressives Harrison seen as front-runner to take over DNC at crucial moment MORE (N.D.), Joe DonnellyJoseph (Joe) Simon DonnellyEverybody wants Joe Manchin Centrist Democrats pose major problem for progressives Biden and Schumer face battles with left if Democrats win big MORE (Ind.) and Jon TesterJonathan (Jon) TesterThe Hill's Morning Report - Biden's infrastructure plan triggers definition debate Lawmakers say fixing border crisis is Biden's job Five things to watch on Biden infrastructure plan MORE (Mont.) have all expressed support for the measure.