The bill also tailors the rules affecting mid-sized community banks, but those who would characterize this as a giveaway to Wall Street are simply wrong. Here’s why this is important:pic.twitter.com/RZ6OkQAIBd
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As Fed Chair Jay Powell testified recently, these changes will not undermine the Fed’s authority to regulate regional banks, and the Fed will continue to provide strong oversight of these institutions.https://www.warner.senate.gov/public/index.cfm?p=PressReleases&id=AEA7E35A-A85B-4BA8-A2E9-14F93B7AF189 …
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So if you’re concerned about consolidation in the banking sector and the threat that poses to the stability of our financial system, you should support this bill.
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If you’re concerned about rural banks closing up or consolidating into bigger banks, you should support this bill.
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When I say this bill is about
#Relief4MainStreet, I mean it. The sponsors of this legislation have worked hard to make sure this bill stays focused on the community banks, credit unions, and regional banks.https://www.bloomberg.com/news/articles/2018-03-08/wall-street-shut-out-in-senate-s-latest-rewrite-of-banking-bill …Show this thread
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@MarkWarner While I might agree that waiving these requirements make sense for smaller community banks, this law exempts 25 of the top 35 banks. How does that make any sense?Thanks. Twitter will use this to make your timeline better. UndoUndo
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The CBO said it targeted MID-SIZE banks, NOT small banks Like my First Advantage CU & Chesapeake Bank. They are doing just fine, so why take a chance on a repeat fiasco by changing our protections under Dodd-Frank? I’m VERY disappointed with you & Tim Kaine, our VA senators.
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Just the worst optics and politics for dems. Which constituents are asking for this?
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If you wanted to limit the bill to smaller community banks and credit unions, you would have done so. You've chosen to include in this reform bill some fairly large institutions without justification.
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Is the language change of “May” to “Shall” for the benefit of small banks? My understanding is that it’s custom designed to open the Federal Reserve up to big bank lobbying and lawsuits and fundamentally undermine
#DoddFrank Plus the rest of your post is also a lie based on CBO.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Targeted is not the same as limited. I'm sure the tax bill was targeted to middle class families when you'd agree it should have been limited to middle class families.
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Sorry Senator. I call BS.
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I understand Republican corporate lackeys promoting this outrage. But you too? I guess we'll need to vote you out in November with the rest of them.
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Usually I'm with you but now I have to do my own fact checking. What I'm hearing in whispers of excitement is that Dodd frank is gone
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I lost everything I had due to the last round of predatory lending and crooked banking under W. I haven’t recovered yet. I think Bank of America got the government’s financial help, though. So don’t worry about them.
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The bill increases leverage for some of the biggest banks, which increases the chance of more bailouts.
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This is absolute tosh and you know it.
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It also does away with regulation of too big to fail banks- puts us back in position prior to financial meltdown. Not a good bill
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