New regulations to police the industry could backfire by undermining smaller lenders, Sen. Jon Tester of Montana cautioned.
Sens. Elizabeth Warren and Jon Tester were among the Democrats who cautioned against allowing big banks to grow even bigger. | Susan Walsh/AP PhotoSenate Democrats on Thursday warned regulators against allowing big banks to grow even bigger, saying the trend was posing a threat to the financial system.Jon Tester
“In 2008…we railed on regulators, we railed and railed and railed, because they didn’t do their job, and you know what they ended up doing? They ended up regulating the hell out of the banking industry to the point where we made the bigger banks bigger,” Tester said during an oversight hearing the Senate Banking Committee held with top regulators.
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