Stephanie Ruhle On GOP Bank Reform: ‘I Think This Is A Great Move’
MSNBC’s Stephanie Ruhle actually praised Republican reforms over bank rules Wednesday.
“I’m just gonna start with, I think this is a really good idea,” she said. “In 2008-2009 I worked in investment banking. I was in the gnarliest part of the business in structured credit derivatives. And banks took way too much risk and we didn’t have enough cash in reserves. But when Dodd-Frank was put into place, it brushed every bank in the same way, and we were subject to regulatory capture.” (RELATED: MSNBC’s Stephanie Ruhle: President Trump ‘Adores’ A ‘Honky-Tonk Rodeo’)
“So those massive JP Morgans of the world, they can afford to hold more capital, they can hire a thousand more compliance officers,” she continued, “but if you ran a small- or mid-sized bank that predominantly did loans in the Midwest, you couldn’t possibly afford that. And they were the institutions that got strangled, and even if you don’t care about banking, if you need a loan and you run a small business in all different parts of the country you couldn’t get it because the JP Morgans in the world, they’re not interested in doing business with you.” (VIDEO: MSNBC’s Stephanie Ruhle Defends Ali Velshi, Accidentally Calls Them A ‘Couple’)
“I think this is a great move and the fact that Barney Frank thinks it is, I think, says a lot.”