Rep. Michele Bachmann Fights Against Wall Street Reform

During a campaign stop in southern California yesterday, Rep. Michele Bachmann parroted Newt Gingrich and falsely claimed that Wall Street Reform was killing the banking industry: “And not only repealing Obamacare, also repealing Dodd-Frank, which is killing the banking industry. I’ve got the bill to repeal both of them.”

In reality, bank profits rose substantially in the first quarter of the year, with banks showing the biggest profits since before the recession. Things were sunny in the second quarter as well:

  • Profits at JPMorgan Chase, the nation’s second largest bank, were up 13 percent.
  • Third-largest Citigroup’s profits soared 23 percent.
  • Fourth-largest Wells Fargo’s profits shot up 29 percent.
  • Fifth-largest Goldman Sachs, meanwhile, “disappointed investors” when it merely “more than doubled its profits.”
  • Sixth-largest Morgan Stanley’s profits were up an impressive 17 percent.