Vice: Elizabeth Warren Explains How the Banking Bill Will Put Families at Risk
On Wednesday night, 17 Democrats joined every single Republican in Senate in passing a bill to ease regulations on most of the major banks in the country.
Senator Elizabeth Warren was not one of the senators in that coalition, and she certainly did not hold back her criticism of the choice they’d just made. “Republicans and Democrats came together today to deregulate the big banks and set the stage for another financial crash. Bankers are popping champagne because the Bank Lobbyist Act just passed the Senate,” read her first tweet, which was quickly followed by three equally forceful statements.
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Warren and other progressives have argued at length that this would set the stage for another financial crisis, but their warnings seemed to have fallen on deaf ears. “That change will mean that 25 of the 40 biggest banks in this country will be taken off the watch list and not examined very closely,” she told Broadly. “These are the banks that collectively sucked down about $50 billion in bailout money back in 2008.”
Read the full article on the Vice website here.
By: Seamus Kirst
Source: Vice
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