Thursday, February 16, 2017
Warren counters Twamp's lies with facts on financial regulations
Here' Warren questioning Fed Chair Yellen on the agency's semiannual monetary report to Congress. Warren starts by noting Twamp wants to reduce the Consumer Financial Protection Bureau (CFPB) and Dodd-Frank regulations to rubble. Twamp claimed that such regulations prevent business loans. Yellen provides facts to the complete contrary. Twamp's economic adviser claims that banks have been forced to build and hoard capital instead of lending to clients. Yellen again destroys this lie, noting that while regulations require have adequate capital to back their loans and investments, there is no requirement that prevents them from loaning that capital. Again, the Twamp swamp is wrong. Another claim is that regulations are stifling bank competitiveness in world markets. And again the opposite is true, US banks competing effectively with record profits in world markets.The facts just don't line up with the lies. And we can see why Republicans don't want Warren to speak.