“We are seriously concerned about what Jay Clayton’s leadership will mean for investors and the economy. His longtime client, Goldman Sachs, played a central role in the devastating financial crisis of 2008 and has a long record of questionable market behavior. Clayton himself has numerous direct personal conflicts of interest.”
The committee, with the backing of the Trump administration, is gearing up to pass a bill that would give Wall Street and assorted predatory lenders a free hand to abuse consumers and investors, and raise the likelihood of another financial crisis. Congress should be looking for ways to enforce the rules on Wall Street, not reward their army of lobbyists.
“Rep. Hensarling’s revisions to his Wall Street’s CHOICE Act will make a disastrous bill even worse…This legislation doesn’t just repeal huge swaths of the Dodd-Frank Act – it makes regulators even weaker than they were before the financial crisis.”
Secretary’s DeVos’s actions to rescind three past Department of Education memos moves us away from true accountability, and creates dangers for the very student loan borrowers the Department is responsible for protecting.
“’It is certainly not a coincidence after months of concerted pressure’ that Wells Fargo would opt to settle rather than litigate the issue, said Amanda Werner, arbitration campaign manager for advocacy groups such as Public Citizen and Americans for Financial Reform. ‘We’re happy to see that, but it doesn’t solve the problem in general. Essentially until we have strong federal rules and laws, we’re just waiting for the next scandal to happen.’”
“Today, consumer and civil rights groups, leading legal scholars and members of Congress will submit amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case of PHH Corporation v. CFPB in support of the Consumer Financial Protection Bureau. The diverse amici urge the full D.C. Circuit Court of Appeals to maintain a strong, independent agency to protect American consumers. …’In the five years since it opened its doors, the CFPB has worked tirelessly to enforce the laws that went ignored in the run-up to the 2008 financial crisis, and has done more than any other federal agency to empower consumers against predatory, deceptive, and outright fraudulent behavior by bad actors in the financial industry…,’ said Wade Henderson, president and CEO, The Leadership Conference on Civil and Human Rights.”