We’re all used to Elizabeth Warren schooling bankers during committee hearings. But the video below is somewhat unusual.
About 15 seconds before the end, someone off camera applauds. Why is that unusual? According to The Huffington Post, the person clapping is another banker, John H. Buhrmaster, the chairman of the Independent Community Bankers of America.
Warren’s question called out Wall Street for an old tactic: the practice of claiming that a lobbying group is not attempting to help huge New York-based banks with global reach, but rather merely looking to give a boost to the beleaguered local banker, today’s Jimmy Stewart from “It’s A Wonderful Life.”
Warren noted that when new banking regulations were initially proposed, large banks predicted that the rules would doom smaller community banks. But even though those restrictions have gone into effect, she pointed out, those banks are highly profitable today. “We should be very skeptical of regulatory relief bills that are promoted as helping small banks but are pushed by ABA lobbyists for the big banks,” she said, referring to R. Daniel Blanton, who was at the hearing representing the American Bankers Association.