AFR Report Finds Treasury Copied Biggest Banks in Deregulation Report
Americans for Financial Reform today released a report detailing how the Treasury Department simply adopted the recommendations of the nation’s biggest banks as it drew up plans to dismantle vital financial reforms.
In its rush to eviscerate the Dodd-Frank reforms, Treasury Department adopted over three-quarters of the ideas put forth by The Clearing House, an association of the biggest U.S. and international banks, AFR found in its report, entitled “The Trump Treasury and the Big Bank Agenda.”
“Copying someone else’s work isn’t appropriate for a student, and it isn’t any more acceptable when the federal government simply copies Wall Street’s suggestions for how to dismantle protections against the next financial crisis,” said Marcus Stanley, policy director at AFR. “The Treasury Department should go back to the drawing board, and come up with ideas that serve the interests of ordinary Americans, not a tiny, wealthy elite.”
Treasury called for deregulation in 17 of the 20 broad areas of banking oversight in which The Clearing House advocated for action, according to the AFR report. The department also proposed action on 31 out of 40 specific requests by the big banks. While advancing these ideas for across-the-board deregulation, Treasury offered no compensating increase in oversight in any area.
Americans for Financial Reform is a coalition of faith groups, labor unions, consumer advocates and community organizations fighting for a more fair, stable and inclusive financial system.
You can find the full report here, or embedded below.