J.D. Vance Takes Aim at Wall Street Banks

Republican Senator J.D. Vance is aligning with Democrats to challenge big banks and promote legislation that protects smaller banks. Vance, known for his populist stance, is working on bipartisan proposals that penalize bank executives for failures, restrict bank acquisitions, and rein in credit card fees. He has gained support from fellow Republicans, causing concern for big bank lobbyists. Vance's approach reflects a broader shift within the GOP, challenging the party's pro-business ideology. His efforts were fueled by the collapse of Silicon Valley Bank, which drew attention to banking industry mismanagement. Vance's collaboration with Senator Elizabeth Warren has resulted in significant progress on executive compensation legislation. He is also supporting a bill to lower credit card swipe fees, despite opposition from the banking industry.