Letters to Congress: AFR Opposition Letter to Moran Amendment 2140 — A Radical Attack on Bank Supervision
AFR opposes a radical legislation that would put unprecedented new limits on the powers of bank examiners.
AFR opposes a radical legislation that would put unprecedented new limits on the powers of bank examiners.
AFR supports Sen. Brown’s amendment that would guarantee that enhanced prudential safeguards remain in place at the U.S. operations of foreign mega-banks.
AFR’s senior policy analyst Alexis Goldstein joined Democracy Now! to discuss the dangers of S. 2155, a bill the Senate is considering that would encourage discrimination in lending, roll back rules on large U.S. and giant foreign banks, and make further bailouts more likely.
“Congress ought to spend its time addressing the student loan crisis, cracking down on serial lawbreakers like Wells Fargo, and ensuring companies like Equifax pay a meaningful price for massive data breeches — not deregulating the financial services industry,” said Lisa Donner, executive director, Americans for Financial Reform. “Too many Senators seem willing to ignore the lessons of the financial crisis, and what happens when we let big banks write the rules of the economy. Millions of Americans know the costs all too well and will take notice of how members vote on passage of this harmful legislation.”
AFR sent a letter to the Senate opposing S 2155, a bill that would undermine financial protections established in the wake of the 2008 crisis. AFR Floor Opposition Letter to S 2155
“[The consumer provisions in the bill] are ‘tokens,’ said Americans for Financial Reform, a Washington, D.C.-based advocacy group pushing for greater financial reform, tacked on to provide cover to a bill that is mainly about financial sector ‘giveaways.'”
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.”