WASHINGTON, March 6 (Reuters) - Democratic Senator Elizabeth Warren promised on Tuesday to fight a U.S. Senate bill easing rules for small and mid-sized lenders that were introduced following the 2007-2009 global financial crisis, although her effort is unlikely to succeed.
Warren, long an advocate for strong consumer protections, warned these could be eroded as the Senate moved closer to passing the first rewrite of the 2010 Dodd-Frank financial reform law. A vote paving the way for the Senate to debate the bill was scheduled for Tuesday morning.
Despite her sway among liberal Democrats, Warren’s efforts were unlikely to derail the bill, according to analysts, who put the chances of it becoming law at around 90 percent on Monday.
The bipartisan bill, authored by Senate Banking Committee chairman Mike Crapo, has the support of 13 moderate Democrats, which given broad Republican backing should be enough to assure passage in the 100-seat chamber. Several senior Democratic senators, including Warren and Sherrod Brown, have come out against the bill.
“People in this building may forget the devastating impact of the financial crisis 10 years ago, but the American people have not forgotten,” Warren told reporters at a Senate press briefing on Tuesday morning.
“The importance of fighting now is to stop this bill, but it’s also to make clear we’re not just going to lay down for the big financial institutions,” the Massachusetts senator added. (Reporting by Pete Schroeder Writing by Michelle Price Editing by Frances Kerry)