“His own median worker is making $57,000 while he is awarded a pay package that could add up to $1 trillion by being a part-time C.E.O.,” Ms. Renta said. “It’s just very outrageous.”
Ahead of the vote, the watchdog Americans for Financial Reform sent a letter urging senators to let the loophole, which was set to sunset in 2025, expire.
“I think that private equity is seen right now as one of the worst actors on Wall Street,” Valdes-Viera said. “At this point, it’s going to take a lot to rebrand them and portray them as a good steward of retirement savings.”
The passage of the bills was slammed by Americans for Financial Reform, a left-leaning watchdog group, which said in a statement last month that Trump and his allies would “personally benefit from limitless legalized corruption while the rest of us stand in harm’s way of the next crypto implosion.”
“It’s not a real issue. ‘Debanking’ is an excuse for political attacks,” said Amanda Jackson, a director for Americans for Financial Reform, a coalition of progressive-leaning groups.
The letter was signed by bank trade associations including the American Bankers Association and consumer groups including Americans for Financial Reform. “This unprecedented overriding of state law and supervision weakens vital consumer protections, creates opportunities for regulatory arbitrage, and undermines state sovereignty,” the letter said.