Hold Wall Street accountable and preserve consumer-protection regulations.
Financial Regulation
The receipt
Warren's career identity is tied to financial-regulation accountability. The Consumer Financial Protection Bureau (CFPB), established under Dodd-Frank in 2010, was based on her academic proposal. She served as the Treasury Department's Spec…Warren's career identity is tied to financial-regulation accountability. The Consumer Financial Protection Bureau (CFPB), established under Dodd-Frank in 2010, was based on her academic proposal. She served as the Treasury Department's Special Advisor for setting up the CFPB in 2010-2011 before her Senate run. In 2018, S. 2155 (Economic Growth, Regulatory Relief, and Consumer Protection Act) rolled back portions of Dodd-Frank by raising the asset threshold for enhanced prudential standards from $50 billion to $250 billion. Warren voted NO and spoke against the bill in floor remarks predicting that the loosened oversight would create systemic risk. The bill passed 67-31 with 17 Democrats joining Republicans. In March 2023, Silicon Valley Bank and Signature Bank — both in the $50B-$250B asset range that S. 2155 had moved out of stringent oversight — failed in the largest banking failures since 2008. Federal Reserve Vice Chair Michael Barr's post-mortem report (April 2023) identified the 2018 deregulation as a contributing factor. Stakes that financial-stability advocates foreground: SVB failure required FDIC backstop of approximately $20 billion in uninsured deposits. The 2008-2009 financial crisis is estimated to have cost the U.S. economy $10-22 trillion. CFPB has returned approximately $19 billion to consumers in restitution since its founding. Stakes that financial-deregulation advocates foreground: CFPB is funded outside congressional appropriations (Supreme Court upheld this structure in 2024). Approximately 4,500 community banks under $10 billion in assets have argued regulatory compliance costs are disproportionate to systemic risk. The Federal Reserve was already empowered to designate non-bank SIFIs independently of statutory thresholds.Read the full receipt →Show less ↑
See Elizabeth Ann Warren's full recordcampaignreceipts.com