On July 10, 2010, President Obama signed the Dodd-Frank financial reform bill into law. Speaking about the bill at the time of signing, Obama made his typical speech telling the American public that this bill was designed to create a fairer banking system and it would “look out for people – not big banks, not lenders, not investment houses.”
A year later, American University’s Investigative Reporting Workshop examined the Dodd-Frank bill and found that the exact opposite is true. Their report indicates that the number of smaller banks that now hold the majority of American’s liquid assets is steadily decreasing and the number of large banks is increasing:
“While the Senate was debating a measure last year that would have forced some of the biggest banks to shed some of their parts, the megabanks were actually growing.
Since 2007, the share of assets held by banks with more than $50 billion in assets grew from about 65 percent of total assets to nearly 69 percent.
In the next 12 to 18 months we are going to see a huge number of acquisitions. Hundreds of banks will fail, either taken over by FDIC, or taken over and acquired (by other banks) for pennies on the dollar.”
Some Treasury officials warned at the time that Dodd-Frank would be more favorable to create an atmosphere of mergers and acquisitions of the megabank institutions, but the Obama clan assured them and the public the opposite was true.
So while Obama was telling us to our face that he was protecting us, he had a knife in his other hand ready to stab us in the back. How many times does this have to happen before the American people will see that this is what he has done to us time and time again. This is the most corrupt and untrustworthy President the United States has ever had.