Elizabeth Warren: Costs of Big Banks
on Tuesday, November 18, 2014Elizabeth Warren Money Quotation saying the lack of SEC enforcement of banking rules are substantially larger than reported. Elizabeth Warren said:
“What are the costs of people being cheated on mortgages and credit cards? What are the costs when money launderers are not prosecuted? What are the costs when big financial institutions crash our economy?” — Elizabeth Warren
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In this quote, Elizabeth Warren is arguing that any analysis of the costs and benefits of financial regulations must consider broader societal costs beyond just the price of enforcement. She questions what the real costs are when people are taken advantage of through predatory mortgages and credit cards, or when criminal behavior like money laundering goes unpunished.
Warren also questions the high costs incurred when the lack of proper oversight allows large financial institutions to engage in risky practices that crash the overall economy, as seen in the 2008 financial crisis. The quote conveys Warren’s view that regulatory policy needs to account for these types of downstream economic and social impacts, not just focus on compliance costs for the industry. She is advocating for a comprehensive assessment of the true costs of insufficient regulation of Wall Street.
John Darkow, Columbia Daily Tribune, Missouri
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