Warren Statement on Trump Bank Regulators’ Basel III Proposal
Washington, DC - United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement:
“After a multi-year lobbying assault to gut modest safeguards on Wall Street risk-taking, big banks can now declare Mission Accomplished. Today’s proposal grants their every wish. It gives them a green light to fund their risky trading and other activities with reckless amounts of debt, further slashing loss-absorbing capital cushions by tens of billions of dollars. It’ll mean bigger payouts for megabank shareholders and executives, less lending to small businesses and families, and a banking system even more prone to devastating crashes and taxpayer bailouts. Trump is once again selling out the American people to enrich Wall Street.”
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