Seventeen Democrats voted to proceed on a bill that would roll back major portions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Sen. Elizabeth Warren championed this landmark legislation after the 2008 market crash, reports The Daily Caller.
Senators voted 67-32 to end debate on a bill that takes aim at a number of the protective barriers Dodd-Frank put between consumers, banks, and the greater economy in the wake of the 2007-2009 Great Recession.
Here are the 17 Democrats that voted against the motion to proceed, as provided by The Daily Caller:
- Michael Bennet of Colorado
- Tom Carper of Delaware
- Chris Coons of Delaware
- Joe Donnelly of Indiana
- Maggie Hassan of New Hampshire
- Heidi Heitkamp of North Dakota
- Doug Jones of Alabama
- Tim Kaine of Virginia
- Angus King of Maine
- Joe Manchin of West Virginia
- Claire McCaskill of Missouri
- Bill Nelson of Florida
- Gary Peters of Michigan
- Jeanne Shaheen of New Hampshire
- Debbie Stabenow of Michigan
- Jon Tester of Montana
- Mark Warner of West Virginia
The senators who voted against it are looking to ease mortgage regulations on small and regional banks. The bipartisan group is also toying with the idea of easing liquidity reserve requirements for large banks, which were instituted after the Recession of 2008 to ensure large lending institutions had enough capital on hand to help ease the burden of a financial crisis or episode.
Warren is already preparing to stop the Republican efforts to rewrite Dodd-Frank. The Senator sent an email to her constituents Friday lambasting her Republican and Democratic colleagues for backing the bill, claiming they are selling out to industry lobbyists and bankers.
The Consumer Financial Protection Bureau was Warren’s brainchild and she was one of its ardent supporters in 2010, believing it to be a crucial safeguard against malpractice on the part of large banks.