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Large financial non-banks aka shadow banks were at the center of the 2008 economic crisis, yet they mostly stood outside the regulatory system. I am worried that we have failed to learn the lessons of '08 and are making the same mistakes again.https://www.cnbc.com/2019/04/11/shadow-banking-is-now-a-52-trillion-industry-and-posing-risks.html …
AIG. Bear Stearns. Lehman Brothers. We know the names all too well. The size and complexity of these financial institutions made them central to the '08 crash. But Trump appointees have removed protections from these non-bank financial companies, which puts us at risk.
My constituents cannot afford another crash. They lost their homes, jobs, and many of them are still recovering. That’s why today at @FSCDems hearing I asked about how we can help protect our communities from these #shadowbanks, which have been deregulated under Trump.
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