Bank failures, thanks to the Trump Administration. How much more harm can the repulicans do to our country, the working and the poor?
The Dodd-Frank Act was signed into law in 2010 after the 2008 financial crisis sent shockwaves through the banking system, causing Washington Mutual to collapse in what is now known as the biggest US bank failure. It was designed to protect consumers from abusive financial practices while increasing accountability in the US banking system.
In 2018, the House passed a rollback of regulations in Dodd-Frank by a vote of 258-159, and in the Senate, 17 Democrats joined Republicans to get the bill to Trump's desk and signed into law. The bill raised the threshold for regulation standards from $50 billion to $250 billion, which left less than ten big banks in the US subject to stricter federal oversight and allowed banks with under $250 billion in assets to escape increased scrutiny.
"This is truly a great day for America and a great day for American workers and small businesses all throughout the nation," Trump said in 2018. "The legislation I'm signing today rolls back the crippling Dodd-Frank regulations that are crushing community banks and credit unions nationwide, they were in such trouble."
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