Wall Street pumped $719 million into the political process in 2017, a rate that puts it on pace to outstrip the record $2 billion it spent during the 2015-2016 campaign cycle, according to a new report by Americans for Financial Reform.
Mick Mulvaney admits he favored lobbyists who gave him money as a lawmaker. He has no business running the CFPB, an agency devoted to the protection of consumers, not lobbyists.
Senators who voted to reverse this important CFPB action have also opened the door to challenging long-standing regulatory actions that are crucial to protecting workers, consumers, civil rights, the environment, and the economy
As the Trump administration rolls back the greater regulatory scrutiny the for-profit college industry has faced during the last several years, it is private equity that stands to benefit the most, posing continuing dangers to students, taxpayers, and the integrity of the federal financial aid system.
The regulators must act on the same principles in approaching fiduciary rulemakings; anything less leaves investors vulnerable to losing billions of dollars a year to ‘advisors’ who pitch investments that produce greater returns for themselves, but leave the clients earning less.
The legislation approved by a bipartisan majority in the Senate doesn’t serve families or communities, nor is it policy that most Americans support. It puts the interests of financial institutions ahead of the rest of us
The ability for states to enact laws governing how servicers may interact with borrowers, and the ability of state Attorneys General to file lawsuits against servicers for consumer abuses, are crucial accountability mechanisms that must continue. That the Department would attempt in any way to prevent these state level efforts to defend borrowers simply shows that under Betsy DeVos, it is servicers before students.
“Congress ought to spend its time addressing the student loan crisis, cracking down on serial lawbreakers like Wells Fargo, and ensuring companies like Equifax pay a meaningful price for massive data breeches — not deregulating the financial services industry,” said Lisa Donner, executive director, Americans for Financial Reform. “Too many Senators seem willing to ignore the lessons of the financial crisis, and what happens when we let big banks write the rules of the economy. Millions of Americans know the costs all too well and will take notice of how members vote on passage of this harmful legislation.”
Of particular concern this year is a perennial rider that has prevented scientific research into gun violence at the U.S. Centers for Disease Control and Prevention. This research could help protect toddlers from accidentally firing a weapon, reduce gun-related suicides and help evaluate the effectiveness of public education, background checks and other commonsense measures to reduce needless injuries and deaths.
Opposition to the provisions of S. 2155, on banking supervision, on mortgage lending, and on mobile home financing is strong. And voters believe big banks still have too much influence in Congress.