Rachel Maddow dove into the political history of Dodd-Frank’s weakening, and she paid tribute to Kyrsten Sinema for voting with Republicans to set the stage for more bank meltdowns.
Maddow explained the 2018 vote to weaken Dodd-Frank:
These new rules were hotly contested after the financial disaster of 2008-2009. 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 banks and the financial industry, once Republicans took control of Congress and President Donald Trump was in the White House, guess what happened? pass ? They decided it was high time to cancel these new warranties.
It was passed and signed by then-President Donald Trump in 2018 and was passed by all Republicans and 17 moderate and conservative Democrats and Democratic Senators who joined Republicans in passing it. In the House, 33 Democrats joined Republicans in pushing it through, including the future Democrat – who is no longer Democratic Senator Kyrsten Sinema. This would repeal the Dodd-Frank seat belt and safety regulations in 2018, so the rules that were put in place to prevent another crisis, they would no longer apply to banks.
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If there is bad policy that is certain to help big business while possibly putting consumers at risk; there’s a good chance that Senator Kyrsten Sinema is somewhere nearby.
Republicans want to act as if the weakening of Dodd-Frank regulations is something both parties broadly support. This was not the case. Trump and GOP bank deregulation was voted in by Democrats like Sinema and other conservative Democrats who feared to keep their seats.
Rachel Maddow gave everyone a solid reminder of the priorities and decision-making that exemplifies why Krysten Sinema doesn’t belong in the US Senate.
Jason is the editor. He is also a member of the White House press pool and a congressional correspondent for PoliticusUSA. Jason holds a bachelor’s degree in political science. His graduate studies 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