Elizabeth Warren Asks New Treasury Secretary If He’ll Be As Bad On Big Banks As The Old One (VIDEO)
Sen. Elizabeth Warren (D-Mass.) grilled Treasury Secretary Jack Lew at a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday, pressing him for concrete answers on whether the department would continue his predecessor’s policy of rejecting steps to break up big banks.
Warren began by speaking about a string of scandals that emerged as a result of the continued existence of “too big to fail banks.” Despite this evidence and the fact that many officials have admitted the dangers to the economic system posed by big banks, Warren noted that various members of President Barack Obama’s administration have appeared unwilling to prescribe concrete measures to address them. She then pointed specifically to a quote from a Treasury official during former Treasury Secretary Tim Geithner’s tenure that suggested the department had been instrumental in scuttling an earlier bipartisan amendment that would have enacted restrictions on “too big to fail.”
“The question I want to ask now is, has Treasury Department’s position changed, or are you still opposed to capping the size of the largest financial institutions?” Warren asked.