“It’s been hard for small businesses to get the money they need to survive,” said Linda Jun, senior policy counsel at Americans for Financial Reform, a nonprofit advocacy group, “and now we have the bank regulators, instead of trying to work with their institutions on that, saying, ‘We’re going to throw some more sharks your way.'”
Looser monetary policy is a dangerous combination paired with the aggressive weakening of financial regulation by Jerome Powell’s Fed
“The C.F.P.B. should make sure companies are complying with all emergency protections on the books, and maximizing assistance to consumers to prevent garnishments, foreclosures and repossessions,” said Linda Jun, senior policy counsel at Americans for Financial Reform.
“It’s basically a way to finance state and local investment that doesn’t go through Wall Street and doesn’t leave the community and turn into a windfall for shareholders,” said Porter McConnell, the campaign director of advocacy group Take On Wall Street. “This is more about community development.”
It has been more than ten years since the Obama Administration signed into law the Dodd Frank Act, a set of modest financial regulations that were meant to address the causes of the Great Recession. Since then many of the regulations have been weakened and whittled down. But a new poll finds strong public support, across the political spectrum for Wall Street to be held to account.
There’s a looming student debt cliff awaiting us in 2021. With America in the teeth of the Covid-19–enabled economic downturn, lawmakers suspended federal student loan payments for 80 percent of federal student loan borrowers. This measure, which President Donald Trump extended a few weeks ago, is set to expire on New Year’s Eve, which means borrowers will ring in the new year by restarting their student loan payments in one of the worst job markets in a decade.