Democrats help to dismantle Dodd Frank


Is Congress about to repeat the same mistakes that lead to 2008’s economic crash? A bipartisan bill in the Senate would relax burdensome regulations on small community banks. In reality, it benefits 28 of the 35 largest financial institutions in the country.

Mike Konczal, a fellow at the Roosevelt Institute who focuses on financial reform, joined Salon’s Alyona Minkovski on “Salon Now” to talk about how the “Crapo bill,” named for Idaho Republican Mike Crapo, the chair of the Senate Banking Committee, would loosen regulations that measure the health of banks and their ability to respond to economic downturns. “I think there’s a real risk of repeating some of the problems we had in 2008,” Konczal said.

Katie Porter, a consumer protection attorney and Congressional candidate in California, added the political side. “The bank lobby gives heavily to both sides of the aisle, and the bank lobby is pushing this bill, and that’s exactly who’s gonna benefit from this bill,” Porter said on “Salon Now.” To learn more about the Crapo bill watch the video above.

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