EXCERPT:
WARREN: “Remember, Gary Becker and the other CEOs of these multi-billion dollar banks came to Washington back in 2016, said, 'Lighten the regulations on us.' Donald Trump ran for president saying, 'I will lighten the regulations on these big banks.' He gets put in and he puts in bank regulators who lightened the regulations. He then goes to Congress and says to Congress, 'Give them the authority to lighten the regulations even more.' And Congress, with help from both parties, obliged him. Then Jerome Powell just took a flamethrower to the regulations, weakened them, weakened them, weakened them, weakened dozens of the regulations. And then the CEOs of the banks did exactly what we expected. They loaded up on risk that boosted their short-term profits. They gave themselves huge bonuses and salaries and exploded their banks. So the problem we now face is twofold, as you describe this. What are we going to do to make sure that the banks across the system are stable? That is, these big banks. The little community banks, they're doing great. But these banks that are multi-billion dollar banks, how are we going to make sure that they are stable and that we've got a set of rules in place going forward that will keep them safe? So, I want to see an independent investigation. Fed doesn't just get to investigate itself. I want to see us make a change in the laws, roll back the rollbacks to put tougher regulations in place.”