This memo offers discussion of ten House bills and lists all financial services bills in the House of the 115th Congress that received either 5+ Democratic votes in the Financial Services Committee or one third of Democratic votes on the House floor.
“Lisa Donner, executive director of Americans for Financial Reform, used Thursday’s disclosures to argue against Trump administration efforts to roll back financial regulations: ‘Mounting evidence of just how pervasively and systematically Wells Fargo has abused consumers is a powerful argument for more robust regulation and enforcement to hold big banks accountable.’”
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.
“The financial services industry pumped a record $2bn of campaign contributions into the political system in the two years leading up to the 2016 elections. And the flood of cash has continued, with a particular focus on senators whose votes will be decisive. The influence that money buys is creating a massive shift away from the moderate reforms made in and around Dodd-Frank, which were making the system safer and helping consumers and investors keep billions of dollars each year that an already profitable industry would otherwise siphon off.”
AFR and more than 300 organizations urge members of Congress to oppose any poison pill financial reform policy riders, whether to put the CFPB under the normal Appropriations process, otherwise weaken the authority, structure or independence of the CFPB.
AFR sent a letter urging House members to vote “No” on H.R. 4296—a bill that would tie regulators hands in setting operational risk capital.
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.
Strong majorities support the Dodd-Frank law that Congress passed in the aftermath of the financial crisis and oppose the provisions of the deregulation bill currently under consideration.
“Marcus Stanley, policy director for Americans for Financial Reform, said he was glad to see the authority embraced in the report, but alarmed by specifics of the bankruptcy recommendations that he said ‘would create special privileges for big banks, rely on unrealistic assumptions, and in their current form would likely increase risks to the financial system.'”
Click to view or download PDF version of the letter. S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” is a controversial bill that includes dozens of measures that deregulate banks and other financial entities and would harm consumers and the public interest,