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Sen. Warren: The Public Has Little Confidence Current Penalties Will Deter Financial Crimes

"The question I'm asking is whether or not there's adequate deterrent to prevent the largest financial institutions in this country from breaking the law," Sen. Elizabeth Warren (D-Mass.) said at a Senate Banking Committee hearing today. "Right now, if financial institutions can just settle their claims out of court, and get a raise for settling them, then where's the deterrent?"

Senator Warren pressed regulators about their current enforcement efforts, noting that the "the public has little confidence in regulators' willingness to seek the kind of penalties that will actually deter future financial crimes."

"Jamie Dimon himself said on CNBC a couple of weeks ago that JPMorgan could never afford a public trial," Senator Warren said. "He said, I'm quoting here, 'Banks have a very tough time doing that. That would have been criminal for me to subject our company to.'"

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