The facts detailed below demonstrate that the financial industry has been deeply deregulated on a bipartisan basis for most of the past 44 years. As a result, the financial industry is already dangerously under-regulated (as proved by the recent costly 2023 banking crisis). Trump’s promise to add another 4 years of deregulation on top of that will create a very high risk of another catastrophic financial crash.

That next crash may well be worse than the 2008 crash which caused the worst economy since the Great Depression of the 1930s. It tragically crushed tens of millions of Main Street Americans with historically high unemployment and foreclosures, resulting in 90% of Americans being poorer at the end of 2016 than they were in 2007. Economically speaking, the 2008 crash resulted in a lost generation of Americans, with dire political and social consequences.

These facts demonstrate that the financial industry’s nonstop complaints that it is overregulated are baseless and false. The industry’s claims that costly, burdensome, and unnecessary regulations reduce economic growth, lending, and job and business creation are also baseless and false – those consequences are actually a direct result of under-regulation and the resulting crashes. The industry is and has been dangerously deregulated and underregulated for decades.

Full Report: