"There are many who say, sure, 'too big to fail' isn't over yet, but Congress should wait to act further because the agencies still have to issue a bunch of Dodd-Frank's required rules,'" Warren said, according to her prepared remarks. "True, there are rules left to be written, but that’s because the agencies have missed more than 60 percent of Dodd-Frank’s rulemaking deadlines."
Warren touted the new Glass-Steagall Act as a potential solution, and said she doesn't understand "the logic" in Congress waiting to step in and stop unfair advantages to large banks over their smaller peers.
"I don't understand the logic," she said. "Since when does Congress set deadlines, watch regulators miss most of them, and then take that failure as a reason not to act? I thought that if the regulators failed, it was time for Congress to step in. That's what oversight means. And that's certainly a principle that would have served our country well prior to the crisis."
Warren argued "Congress must act" if regulators won't end "too big to fail."
"So what I want to know is this: how much longer should Congress wait for regulators to fix this problem? Another three months? Another three years? Until the next big bank comes crashing down?" Warren said.
BEFORE YOU GO
How to vote
Vote-by-mail ballot request deadline: Varies by state
For the Nov 3 election: States are making it easier for citizens to vote absentee by mail this year due to the coronavirus. Each state has its own rules for mail-in absentee voting. Visit your state election office website to find out if you can vote by mail.Get more information
In-person early voting dates: Varies by state
Sometimes circumstances make it hard or impossible for you to vote on Election Day. But your state may let you vote during a designated early voting period. You don't need an excuse to vote early. Visit your state election office website to find out whether they offer early voting.My Election Office
General Election: Nov 3, 2020
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