Tag Archives: Dodd-Frank

S 2155: A Gift to Wall Street!

Bipartisan majorities in the House and the Senate chose to commemorate the 10th anniversary of the worst financial crisis since the Great Depression by handing the bank lobby a package of deregulatory gifts, increasing the risks to financial stability and the likelihood of consumer abuse, including racial discrimination in lending. This legislation, signed into law on May 24, won’t serve families or communities, nor is it policy that most people support. But Wall Street and its friends in Congress had a tougher time than they ever expected because Americans who know better refused to let the bill pass without a fight.

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AFR in the News: Congress rides to the rescue of thriving bankers (Politico)

“I don’t see the real-world problem [the bill] is trying to solve, except the problem of bankers’ not making enough money,” said Marcus Stanley, policy director at Americans for Financial Reform… [Stanley] said competition alone shouldn’t be the goal. “If we didn’t require airlines to do anything before opening up a new air route, there might be more airlines, but there might be more plane crashes too.”

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AFR Statement: Statement from AFR on Senate Vote on S. 2155

“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.”

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AFR in the News: More problems at Wells Fargo: Feds probing sales practice concerns in new area (Charlotte Observer)

“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.’”