16 Scuzzy Democrats join with 50 scuzzy GOP senators to deregulate banks. Because we all want to bail banks out again. Some #Resistance.
SEN. ELIZABETH WARREN: This bill is a punch in the gut to American consumers. If it passes, it will be harder to police banks that sell abusive mortgages, harder to police lenders who discriminate against their customers, and harder to police giant monopolies that build and sell and offer financing to mobile home buyers. Only a bunch of bank lobbyists—and their friends in Washington—would call this a consumer protection bill.
SEN. SHERROD BROWN: We’re not doing infrastructure. We’re not dealing with the opioid crisis. We’re doing nothing here about guns. But we got time—we got time to do a lot for America’s largest banks. These are banks whose collapse, with this deregulation—these are banks whose collapse could harm—could cause ripples across the world. Together, the country’s biggest banks took $239 billion in taxpayer bailouts. So, without the rigorous annual stress tests that we put in Dodd-Frank a decade ago, and we’re relaxing now, taxpayers could once again be on the hook if “too big to fail” banks collapse and we don’t have the right tools in place to see it coming.
AMY GOODMAN: ThinkProgress reports many of the banks that are getting relief from this bill also finance assault weapons? Can you explain this?
ALEXIS GOLDSTEIN: So, ThinkProgress had a great article yesterday listing specifically all of the banks that finance assault weapons manufacturers. And there’s at least 12 banks on that list that also benefit from this bill, by my count. So these are banks like Citizens and Regions and other banks like that. And so, it just strikes me as a very strange time for the Democrats to be teaming up with Republicans to deregulate banks, including banks that are helping fund and finance the companies that are used in these horrible mass murders and shootings and school shootings that we’ve been seeing. The Democrats have a lot of leverage here. This is not a bill that could pass without 60 votes. They could be using that leverage to demand things. And, unfortunately, right now they’re not.