Ten years after the Great Recession, Senate rolls back banking rules put in place to prevent another meltdown

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Ten years after the Great Recession, Senate rolls back banking rules put in place to prevent another meltdown

In 2008, hardworking Ohio families dealt with the devastating consequences of the Great Recession. Millions lost their jobs, houses or cars; others could no longer afford to send their kids to college. Today, even a decade later, many Americans are still impacted by the meltdown’s long-lasting ramifications.

But, as Sherrod has said, some members of Congress are suffering from collective amnesia regarding the crisis. Last night, the Senate passed a bill rolling back crucial rules put in place to prevent another Great Recession, and putting taxpayers in jeopardy of bailing out Wall Street’s risky bets.

This legislation is an unacceptable giveaway to the financial industry at the expense of taxpayers, once again putting Wall Street ahead of working families. That’s why Sherrod has remained a vocal opponent of it, and will continue to speak out on behalf of hardworking Americans—not big banks.

Washington Post: Senate passes rollback of banking rules enacted after financial crisis

Erica Werner and Renae Merle – March 14, 2018

Key points:

  • On Wednesday, the Senate passed the biggest rollback of financial regulations since the global financial crisis, freeing more than two dozen banks from the toughest regulatory scrutiny imposed after the 2008 economic meltdown.
  • … Sherrod Brown (Ohio) led vehement opposition to the bill, arguing that the bill amounts to a gift to Wall Street, increases risks for taxpayers, while increasing the chances of another financial crisis.

Read the full story here.