Tight banking regulations that were imposed when the economy collapsed ten years ago are being relaxed. The Senate Banking Committee has a hearing Tuesday to see how implementation is going for the latest rollback, in a bill passed last spring.
President Donald Trump signed the “Economic Growth, Regulatory Relief, & Consumer Protection Act” in May. It eases qualifications for loans and cuts paperwork.
But Ohio Senator Sherrod Brown, who’s on the Banking Committee, says some abuses that led to the 2008 economic collapse could potentially be permitted again with relaxed regulation. “I see those same things happening today. Not to the same level. I do not warn that we’re close to another meltdown. I do know, though that when big banks, when Wall Street takes huge risks they make more money. And, in the end, they take more chances with our money.”
Brown, a Democrat, opposed the de-regulation measure when it originally came before the Senate.