Congress Is Getting Ready To Demolish Dodd-Frank Regulations
The Senate will vote on a bill Tuesday that’s being touted by supporters as much-needed regulatory relief for small community banks — a sales pitch that conjures images of tellers greeting longtime customers by name as they kick farm dust off their boots at the door.
But the companies that will benefit most from the bill don’t fit that casting call. They’re gigantic — large enough, in most cases, to have an entire sports venue named after them. These “stadium banks,” as one Senate staffer dubbed them to The Intercept’s David Dayen, are masquerading as small retail banks in order to swindle lawmakers into weakening vital economic protections.
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