News Release: Wall Street Should Not Drive Coronavirus Response


June 17, 2018

Carter Dougherty
(202) 251-6700

Statement on White House Meeting with Wall Street Executives

From Marcus Stanley, policy director, Americans for Financial Reform:

Apart from the obvious fact that this is a public health crisis and should be treated as such, we should all be immensely skeptical of any suggestion from Wall Street that it needs a bailout or any kind of assistance. We need to help people, not profits.

Wall Street has a long track record of screaming for assistance or deregulation no matter what problems the country faces. Tough regulation and supervision is good for financial stability and consumer protection. The White House and Congress should not give in to industry demands and add to what has already been excessive deregulation under this administration.

What people need from banks and regulators is relief on loans they cannot pay due to escalating economic hardship and assistance for states and localities on the front lines of public health response. But more than anything, an effective program of public spending is required. The Wall Street lobby should not be driving the agenda.