Democratic Sen. Elizabeth Warren on Wednesday panned the bipartisan effort to roll back banking regulations, telling MSNBC "did we learn nothing from the crash of 2008?"
Warren, D-Mass., told MSNBC's Stephanie Ruhle that the bill is a wolf disguised in sheep's clothing vis-à-vis the effort to help out small banks.
"If this been a bill just about the smaller banks, I'd be all in. … But that's not what this bill is," Warren told Ruhle. "This bill offers a few changes for small banks. But the price of that is to sock consumers in the nose, to turn loose of banks between $50 billion and a quarter of $1 trillion and to put in some special bonuses for the biggest banks in America.
"That makes no sense at all and that ultimately puts the American economy at risk. Bad idea," Warren said.
Warren says it's incredulous that the bill has bipartisan support given the 10th anniversary of the subprime mortgage-driven crash.
"This says that 25 of the 40 largest banks in America will be taken off the watch list and they'll be treated like tiny little community banks for purposes of oversight," Warren said.
"Those 25 banks … (are) between $50 billion and $250 billion in assets. Collectively, they sucked down about $50 billion in TARP money. They helped crash the economy and nobody went to jail," Warren said.
"Did we learn nothing from the crash of 2008?"
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