Warren, Porter unveil bill to undo Trump-era Dodd-Frank rollback

[brooklynite]

Source: The Hill

Sen. Elizabeth Warren (D-Mass.) and Rep. Katie Porter (D-Calif.) have introduced a bill to repeal part of a Trump-era bank regulation rollback law in the wake of the collapse of Silicon Valley Bank.

The bill, called the Secure Viable Banking Act, would put banks with at least $50 billion in assets back under strict Federal Reserve oversight and Dodd-Frank Act stress tests. A bipartisan 2018 bill to loosen Dodd-Frank raised that threshold to $250 billion, which exempted Silicon Valley Bank and dozens of other banks from the strictest federal oversight.

Warren, one of the lead Democratic opponents of the 2018 bill, and many of her Democratic colleagues have blamed the Dodd-Frank rollback for the Silicon Valley Bank’s collapse.

“In 2018, I rang the alarm bell about what would happen if Congress rolled back critical Dodd-Frank protections: banks would load up on risk to boost their profits and collapse, threatening our entire economy – and that is precisely what happened,” Warren said in a Tuesday statement.

Read more: https://thehill.com/business/3900920-warren-porter-unveil-bill-to-undo-trump-era-dodd-frank-rollback-after-silicon-valley-bank-collapse/

[ancianita]

1. The bill

https://www.warren.senate.gov/imo/media/doc/SIL23283.pdf

[ananda]

2. Short and sweet. Thank you, ladies.

...

[Marthe48]

3. Wish bank regulation stopped being determined by party in power

Isn't it time for some of the regulations and rights to be set in stone, so that they aren't set at the whim of greed or fanaticism? I don't have a problem linking bank failures and stripping away rights, because the same idiots are responsible for both.

Thank you, Senator Warren and Rep Porter.

[Rebl2]

6. I agree

there are some banking rules that should be set in stone like you say. Should not be able to overturn these rules so easily.

[Autumn]

4. We pass Dodd-Frank and the fucking republicans undo it. Rinse and repeat.

This shit is getting old. Let the banks and their depositors eat their shit. That seems to be what people want.

[JustABozoOnThisBus]

12. Not just Republicans. They needed a few fucking Democratic votes to undo it.

Bipartisan fuckage.

We'll need a few Republican votes to re-establish Dodd-Frank rules. It's a big ask.

[markodochartaigh]

14. I think of it like this:

Corporate/ Libertarian Republicans: "Let the rich bankers and businessmen run the country. There will be plenty of crumbs for the hoi polloi."

MAGA Republicans: "Let the rich bankers and businessmen run the country. The (poor, racial, sexual or ethnic minorities,) don't deserve any crumbs."

Corporate Democrats: "If we don't find any rich bankers or business people to support us we won't be able to get elected, and then nothing will be done for the poor, racial, sexual or ethnic minorities who we would like to help."

Sinema, Manchin: see Corporate/ Libertarian Republicans.

[JudyM]

5. They had it ready. Doing the work.

[Marthe48]

8. I bet neither one has stopped

since before traitor dropped his pants for the banks.

[JudyM]

11. They are both working their butts off, love their passionate tenacity and forthrightness.

I love that they did this one together, right?

[Marthe48]

13. Yes

I love their financial acumen and their determination. I love even more they are fighting for all of us who aren't rich and crooked.

[Jakes Progress]

7. Warren and Porter are the heart

of what I believe in when I vote Democratic.

[Snackshack]

9. I just did..

My taxes.... any chance the Dems might consider doing something about the atrocious state the middle class got throw into with DT and the GOPs disastrous tax plan for the rich....wait DeJoy is still at the post office? wt...

[Bev54]

10. Is it expected that any republicans will vote for it?