“The House passed legislation to effectively kill class action lawsuits, which are often consumers’ only chance to fight back against repeated corporate fraud and scams… ‘If this bill becomes law, those ill-gotten gains will instead be used to pad Wall Street’s bottom line,’ said Lisa Donner, Executive Director of Americans for Financial Reform… ‘H.R. 985 gives banks and lenders a license to steal and encourages more scandals like Wells Fargo’s fake account opening.'”
“Banks and other financial companies expecting big benefits from Republican-led deregulation spent record amounts on lobbying in the last election cycle… The financial sector spent $2 billion on political activity from the beginning of 2015 to the end of 2016, including $1.2 billion in campaign contributions – more than twice the amount given by any other business sector, according to the study from Americans for Financial Reform.”
View or Download PDF March 1, 2017 Dear Representative: On behalf of Americans for Financial Reform, we are writing to express our opposition to HR 1009, the “OIRA Insight, Reform, and Accountability Act”. This legislation would have a crippling effect on the regulation of our financial system. It would add an unnecessary, burdensome, and time-consuming layer
“’Hard data on bank earnings and lending should lay to rest any notion that financial regulations are holding back the American economy, or getting in the way of American banks making money,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘These claims are just an excuse to dismantle hard-won protections for consumers and financial stability.’
Since the financial crisis, the banking industry has largely thrived, according to the FDIC data. “
“Lisa Donner, executive director of Americans for Financial Reform, a coalition that supports tougher Wall Street regulations, said the delay was ‘clearly part of the administration’s plan’ to scrap the rule.
‘Blocking the common-sense, long-overdue rule, which requires retirement advisors to act in their customers’ best interests, would allow Wall Street to continue to grab more than $17 billion a year — tens of millions of dollars a day — from retiree savings,’ she said. ‘This decision is not justified by the facts, and it is a betrayal of the public interest.'”
The chairman’s opening move in this year’s budget debate might delight Wall Street, but it would make life harder and more dangerous for the rest of us. His plans would make it easier for big banks and predatory lenders to rip off their customers, and easier for Wall Street billionaires to crash the economy — again.
