Senate Bank Legislation Is Another Big Gift to Wall Street That Weakens Post-Recession Reforms

March 6, 2018

NOTE TO REPORTERS

Senate Bank Legislation Is Another Big Gift to Wall Street That Weakens Post-Recession Reforms

Financial Policy Advocate Available to Discuss How Deregulating Banks Will Harm The U.S. Economy

This week, the U.S. Senate is debating S. 2155, the first major attack on popular Wall Street reforms Congress passed under 2010’s Dodd Frank bank accountability legislation. A vote is expected by the end of this week. Public Citizen sent a letter to the Senate voicing strong opposition to this bank giveaway bill.

Bart Naylor, financial policy advocate in Public Citizen’s Congress Watch division and the former chief of investigations for the U.S Senate Banking Committee, is available for radio interviews to discuss why the Senate should reject this corrupt payback to Wall Street. Naylor also will call out Republicans and 12 Democrats and U.S. Sen. Angus King (I-Maine) who are likely to support a bill that enriches Wall Street bankers far more than it ever will help communities and consumers.

Naylor believes that Democratic senators in Delaware, Indiana, Michigan, Missouri, Montana, North Dakota and Virginia could provide the toxic support needed for Republicans to pass this anti-consumer legislation.

“Ten years after a financial crash that cost millions of Americans their homes, jobs and savings, the U.S. Senate is moving forward with a measure to roll back safeguards against Wall Street recklessness,” Naylor said. “Disguised as a community banking bill, this misguided legislation eliminates safeguards for 25 of the 38 largest banks, a sector that received some $50 billion in bailout funds. The bill also slashes consumer protections meant to fight racially discriminatory lending practices and protect purchasers of manufactured housing.”

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