Discover and read the best of Twitter Threads about #BankLobbyistAct
Most recents (10)
GOOD NEWS: Authorities looking into possible executive malfeasance in #SiliconValleyBankCrisis
The executives lost their jobs, shareholders were zeroed out --> There was no bailout a la 2008
But we still need systemic change 🧵 1/6
nytimes.com/2023/03/14/bus…
The executives lost their jobs, shareholders were zeroed out --> There was no bailout a la 2008
But we still need systemic change 🧵 1/6
nytimes.com/2023/03/14/bus…
Thanks to the #BankLobbyistAct back in 2019, and the Trump-era Fed's further deregulation, the Fed took its eyes off large banks like SVB. AFR fought against that tooth and nail. 2/6
The government moved decisively to avoid a panic by guaranteeing deposits. Banks that benefit from that now need tougher supervision. AFR's Renita Marcellin told the NYT ... 3/6
The collapse of Silicon Valley Bank and Signature Bank have something in common: they both benefited from deregulation under the #BankLobbyistAct in 2018 1/5
Congress passed the law but the Trump-era regulators pushed it even further, giving authorities less oversight of these large-ish banks. Now we need action to reverse those changes and make others 2/5 ourfinancialsecurity.org/2023/03/news-r…
People like @SenWarren warned of this outcome back in 2018. Check out her op-ed in The New York Times today. 3/5 nytimes.com/2023/03/13/opi…
I present how Liz Warren, a divisive crony capitalist, lost my vote before her campaign started: a thread.
Like Bernard himself, back in 2015 I felt inspired by Warren’s castration of Wall St. We wanted her to run for president. Badly. Created CFPB, critical of Obama at a crucial time for Dodd-Frank, and unapologetic about it all in a vulnerable era for the US.
She refused to run though. It was “Hillary’s moment.” Liz was not at all willing to piss off the DNC even if a Warren admin was what we needed to rebuild post-recession. Unwritten oligarchical rules dictated that Hillary deserved another (failed) run.
Instead of working to #EndGunViolence – 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 #BankLobbyistAct just passed the Senate.
Exactly ten years after the financial crisis began, the Senate has voted 67-31 to pass the #BankLobbyistAct and roll back important regulations on America’s biggest banks. We fought hard, but the big banks and their lobbyists won this round.
I’m not giving up. We need real accountability for big banks – and the people who run them. I just introduced a new bill – the Ending Too Big to Jail Act – to help ensure bank executives are hauled out of their offices in handcuffs when they break the law. commondreams.org/news/2018/03/1…
The #BankLobbyistAct will roll back rules on 25 of America’s 40 biggest banks. Combined, they got nearly $50 billion in taxpayer bailouts after the 2008 financial crisis – and they’re back to making record profits.
SunTrust Bank got $4.85B in taxpayer bailouts after the financial crisis. It’s recovered pretty well. It controls $206B in assets and has a MLB stadium named after it. But the #BankLobbyistAct could regulate @Suntrust as if it were a small community bank.
BB&T Corporation has over 2,000 branches across the country and controls $221 billion in assets. It received $3.13 billion in taxpayer bailouts during the 2008 crash. But the #BankLobbyistAct could apply the same rules to @BBT as your neighborhood community bank.
If Dems supporting the #BankLobbyistAct are looking for an off ramp to change their mind, they have all they need to jump ship between the managers amdt (new text) and the CBO score. Here are a few new provisions added last night. 1/
Big Q: is Sec. 310 anything more than a gift to Equifax? We WANT alt. data considered in credit scores but 1 of the only alternative models is Equifax's Vantage Score. There's NO accountability for breach affecting 148 million ppl in this bill. Equifax doesn't need a new gift. 2/
Also added: section creating new loopholes for risky commercial real estate loans, a key driver of community bank failures ~2008. Supporters say this will make credit more available, but commercial lending is already taking off w/o it. No need for this. ourfinancialsecurity.org/wp-content/upl… 3/
Calling out members of my own party who are supporting the #BankLobbyistAct doesn’t make me the most popular kid on the team. But that's not why I ran for the Senate. medium.com/@SenWarren/i-c…
I have to call it like I see it. And the truth is the #BankLobbyistAct is a giant gift to the big banks that could put us on track for another financial crash and hurt America’s working families.
The people of Massachusetts didn’t send me to the Senate to fight for big banks. They sent me here to fight for them. And so long as I am privileged to hold this job, that’s exactly what I’m going to do.
The Senate is expected to pass the #BankLobbyistAct – with Democratic support. But I'm not going down without a fight. ​I've sponsored a series of amendments to fix major flaws in the bill and add important consumer protections. Here are all 17:
1. Amend the #BankLobbyistAct to prevent rolling back rules on banks that received over $1 billion in taxpayer bailouts during the 2008 crisis. They already wrecked our economy once – we can't let them do it again. 
2. Amend the #BankLobbyistAct to prevent rolling back rules on banks that are under Justice Department supervision after being busted for breaking the law. They broke the rules already – they shouldn't be rewarded with less oversight.
The Senate has begun considering the #BankLobbyistAct, which will make it more likely that we have a repeat of the 2008 financial crisis. This is a core part of the Republican agenda: siding with big banks, corporations, and the wealthy, at the expense of the rest of us. [Thread]
Mitch McConnell, Republicans, and Donald Trump don’t care about the enormous risk this creates for our country and for American families. That’s not surprising. What is surprising is that Democrats are pushing the #BankLobbyistAct over the finish line.
We’re seeing something that we often see from Democratic leadership — that might only be obvious to you if you’ve worked on the Hill or have covered the Hill. Dem leadership might be ostensibly opposed to this bill, but is LETTING this bill pass. Here’s how.
The Senate should be working to #EndGunViolence. Instead, Mitch McConnell is teeing up legislation on what he thinks is a much more pressing issue: fulfilling the wish lists of big bank lobbyists.
The Senate – with the support of some Democrats – is set to start debate on a bill to roll back regulations on the same big banks we bailed out a few years ago. If we lose the final vote next week, we’ll be paving the way for the next big crash. politico.com/story/2018/02/…
The #BankLobbyistAct takes 25 of the 40 biggest banks in the country off the watch list for more federal oversight. It weakens consumer protections on mortgages – and makes it harder to fight racial discrimination in housing. huffingtonpost.com/entry/democrat…
