Welch joins call to re-strengthen Dodd-Frank Act

Dozens of Democratic lawmakers, including Vermont Senator Peter Welch, are trying to repeal a 2018 bill over bank regulations.
Published: Mar. 17, 2023 at 8:35 AM EDT
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WASHINGTON (WCAX) - Vermont Senator Peter Welch is among dozens of Democratic lawmakers looking to repeal Trump-era rollbacks of the Dodd-Frank Act, banking regulations passed in the wake of the 2008 financial crisis.

The 2018 rollbacks of the bill made it so more banks had less oversight, including Silicon Valley and other mid-sized banks that were forced to close in the past week.

“Critical checks on big banks gives folks greater certainty that their money is safe in U.S. financial institutions,” Welch said.

On Thursday, the Fed provided the first glimpse of the scale of their bail-out response: It said banks had borrowed about $300 billion in emergency funding in the past week.

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