FOR IMMEDIATE RELEASE

CONTACT

Carter Dougherty
Communications Director
carter@ourfinancialsecurity.org

Americans for Financial Reform along with 62 other groups wrote a letter opposing the Regulatory Accountability Act, being marked up today (Wednesday) in the Senate Homeland Security and Governmental Affairs Committee. It is focused in particular on the impact on financial regulation

Lisa Donner, executive director, Americans for Financial Reform:

“This bill would hamstring regulators trying to enforce fair rules of the road, protect consumers from being ripped off, or prevent another catastrophic financial crisis. Throwing up elaborate procedural hurdles isn’t a recipe for to good government. It’s a deliberate plan for increasing the control that Wall Street’s lobbyists have over government decision-making at the expense of the public interest.”

Among the bill’s many terrible provisions, it would:

Effectively end independent financial regulation by routing key decisions through the White House
Create numerous additional procedural hurdles to issuing a new regulation
Dramatically expand the opportunities for regulated industries to challenge vital rules in court

The full letter is here