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Pope Is Right About Need for Regulation

May 18, 2018

Pope Is Right About Need for Regulation

Statement of Matthew Kent, Regulatory Policy Associate, Public Citizen’s Congress Watch Division

Note: Late Thursday, the Vatican issued a papal bulletin calling for greater financial regulation.

The recent papal bulletin reflects the growing consensus that strong regulatory measures are the only way to ensure our financial system is guided by ethical principles aimed at advancing the common good. Pope Francis is aware that rampant, unregulated greed in the markets lies at the heart of global economic inequity. His message is incredibly important and should resonate with all Americans, especially considering the abysmally low ethical standards in the current administration and the climate of hostility to strong public protections.

Regrettably, Congress isn’t listening. On Tuesday, the U.S. House of Representatives is expected to vote on legislation already passed in the U.S. Senate that would roll back Wall Street reforms and set the stage for another financial crisis. Lawmakers should heed the pope’s warnings and reject this sweeping deregulatory package.