WASHINGTON – Sen. Mark Warner D-Va., blasted businessman Donald Trump Wednesday for his promises to be tough on Wall Street.
"This is one of the inherent contradictions," Warner told reporters on a conference call. "If you match up Mr. Trump's statements and his policies, they are totally contradictory."
Trump is the presumptive Republican presidential nominee and has said he would get rid of Dodd-Frank Act regulations, but has also attacked Wall Street bankers who he claims enriched themselves off the backs of the middle class.
"You can't pick on Wall Street and then say, 'By the way we are going to get rid of all the regulation,' " said Warner, who sits on the Senate Banking Committee.
Warner added that while Dodd-Frank regulation "may not be perfect" it has "made our banks add more capital – be more safe than most of the rest of the world's banks."
"It is where sound bite versus policy are total contradiction," Warner said.
However, GOP lawmakers say they have a plan to be tough on banks while reducing regulations.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has laid out a plan that centers on increasing capital requirements for community banks while reducing their compliance burden. Hensarling first provided specifics of the forthcoming legislation earlier this month and also briefed Trump on how the legislation would work.