Statement from Senator Warren on OCC Approval of Trump Billionaire Allies' New Bank Erebor
Washington, DC – Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of Senate Committee on Banking, Housing, and Urban Affairs, released the following statement on the Office of the Comptroller of the Currency (OCC) approving the new bank Erebor:
“President Trump’s billionaire buddies Peter Thiel and Palmer Luckey just received approval from the OCC to launch a new bank that will cater to the financial whims of Silicon Valley billionaires. In a free market, credit flows fairly to businesses because they can use the money productively, not to the President’s cronies because of their political connections. Trump’s financial regulators just fast tracked an approval of this risky venture that could set up another bailout funded by American taxpayers and destabilize our banking system.”
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