Katie Porter and Elizabeth Warren want to reverse Trump's weakening of bank regulations. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE: https://www.nbcnews.com/politics/congress/svb-collapse-warren-porter-unveil-bill-repeal-trump-bank-law-rcna74785
"A group of Democrats led by Sen. Elizabeth Warren of Massachusetts and Rep. Katie Porter of California will unveil legislation Tuesday to restore bank regulations that were undone under then-President Donald Trump in 2018, seeking to fix what they say was the cause of Silicon Valley Bank's collapse.
The legislation, first reported by NBC News, would repeal the centerpiece of a law passed on a bipartisan basis by the Republican-led Congress in 2018, which eased Dodd-Frank financial regulations on midsize banks by raising the 'too big to fail' threshold from $50 billion in assets to $250 billion.
'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. 'President Biden called on Congress to strengthen the rules for banks, and I'm proposing legislation to do just that by repealing the core of Trump's bank law.'
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