Political Quotes

“Mr. President, on Friday, we experienced the second largest bank failure in our Nation's history. And make no mistake, this failure was the direct result of leaders in Washington weakening financial rules. In the aftermath of the 2008 financial crisis, Congress passed the Dodd-Frank Act to protect consumers and to ensure that big banks could never again take down the economy and destroy millions of lives. Since then, Wall Street executives who hated the whole idea of the bill spent millions to keep it from becoming law and, after it passed, spent millions more to try to weaken it. In 2018, the big banks won. With support from both parties, President Trump signed into law a law to roll back critical parts of Dodd-Frank. Now, I fought against these changes. On the eve of the Senate vote in 2018, I warned from right here on the Senate floor that ``Washington is about to make it easier for the banks to run up risk, make it easier to put our constituents at risk, make it easier to put American families in danger, just so that the C.E.O.s of these banks can get a new corporate jet and add another floor to their new corporate headquarters.'' I wish I had been wrong, but last week, the FDIC was forced to rush in to take over two failing banks--Silicon Valley Bank and Signature Bank--and then take extraordinary actions to protect those banks' customers and prevent the contagion from spreading throughout the economy.…”