Rachel Maddow dove into the political story of how Dodd-Frank was weakened, and she gave a shout-out to Kyrsten Sinema for voting with Republicans to set the stage for more bank collapses.
Video of Maddow:
Maddow explained the 2018 vote to weaken Dodd-Frank:
Those new rules were very hard-fought after the 2008-2009 financial catastrophe. They were passed by the Democratic-led congress and signed by President Obama in 2010. What happened? Eight years later in 2018 after relentless lobbying by the banks and financial industry, once Republicans are in control of congress and President Donald Trump was in the white house, guess what happened? They decided it was past time to roll back those new safeguards.
It was passed and signed by then-president Donald Trump in 2018 and was passed by all of the Republicans and 17 Democrats and moderate and conservative Democratic senators who joined with the Republicans to pass it. In the House, 33 Democrats who joined with the Republicans to pass it, including future Democratic — no longer Democratic senator Kyrsten Sinema. That would repeal the Dodd-Frank seatbelt and safety regulations in 2018 made it so those rules that were put into effect to stop there from being another crisis, they would not apply to banks anymore.
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If there is a bad policy out there that is certain to help big business while possibly placing consumers in jeopardy; the odds are good that Sen. Kyrsten Sinema will be somewhere nearby.
Republicans want to act like the weakening of the Dodd-Frank regulations was something both parties broadly supported. It wasn’t. Trump and the GOP’s deregulation of banks was voted for by Democrats like Sinema and other conservative Democrats who were worried about keeping their seats.
Rachel Maddow gave everyone a solid reminder of the priorities and decision-making that illustrate why Krysten Sinema doesn’t belong in the US Senate.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association