Rachel Maddow dived into the political story of how Dodd Frank was undermined and yelled at Kirsten Cinema to vote alongside the Republican Party to set the stage for more bank collapses.
Maddow’s video:
Maddow explained that the 2018 vote undermined Dodd-Frank.
These new rules were fought very hard in the aftermath of the 2008-2009 financial crisis. They passed the Democratic-led Congress and were signed by President Obama in 2010. Eight years later, in 2018, after constant lobbying by the banking and financial industry, what do you think happened when Republicans took control of Congress and President Donald Trump was in the White House? We have decided that the time has come to reinstate our new protective measures.
It was passed and signed by then-President Donald Trump in 2018 and was passed by all Republicans and 17 Democrats, as well as moderate and conservative Democratic senators who joined the Republicans in passing. In the House, his 33 Democrats participated in passing the bill alongside Republicans. This eliminated seatbelts under the Dodd-Frank Act, and 2018 safety regulations exempt banks from rules put in place to prevent another crisis from happening.
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If there are bad policies out there that will definitely support big business while potentially putting consumers at risk. Senator Kirsten Cinema is likely somewhere nearby.
Republicans want to act as if the weakening of the Dodd-Frank Act was something both parties broadly endorsed. It wasn’t. Bank deregulation by Trump and the Republican Party was voted in favor by Democrats like Cinema and other conservative Democrats who were worried about keeping their seats.
Rachel Maddow provided a solid reminder of the priorities and decisions that explain why Krysten Sinema is not in the US Senate.
Jason is the editor-in-chief. He is also a White House press pool and a congressional correspondent for PoliticusUSA. Jason has a BA in Political Science. His graduate work focused on public policy with a specialization in the social reform movement.
Awards and Professional Membership
Member of the Association of Professional Journalists and the American Political Science Association
