Joint Letter to Senate Minority Leader Schumer

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S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” is a controversial bill that includes dozens of measures that deregulate banks and other financial entities and would harm consumers and the public interest, including rollbacks of various rules and requirements in the Dodd-Frank Act. Although it has attracted a number of Democratic cosponsors, it is also opposed by many Democratic Senators, including the Ranking Member of the Banking Committee. In addition, this legislation is strongly opposed by numerous public interest, labor, and consumer protection groups, including the organizations signed on to this letter.

The undersigned organizations write to urge you to do everything in your power as Democratic Leader to ensure that, if S. 2155 is advanced at all, it is given full floor consideration as a separate bill, including an open amendment process.We believe that if this bill is given full consideration on the floor, its deficiencies will become evident, and that such full consideration will allow you and members of your caucus to stand up for the public interest, and stand in the way of Wall Street and financial industry lobbyists advancing a proposal that put consumers wellbeing and all of our economic security at risk.