We still have a chance to fight the Dodd-Frank Rollback.
The House will have to pass its own version of the “Bank Lobbyist Act” bill, and the top Republican on the House Financial Services Committee, Jeb Hensarling, doesn’t think this bill is conservative enough. That means it will be even worse when it comes back to the Senate for a vote—and our Democratic Senators need to know that’s not acceptable.
The Economic Growth, Regulatory Relief and Consumer Protection Act S. 2155 was initially described as a pro-consumer, pro-small bank bill designed to ease regulatory burdens. The bill includes a few pro-consumer provisions like free credit freezing and safeguards for foreclosure victims.
However, these small concessions are far outweighed by:
- A ban on suing credit agencies like Equifax for exposing customers’ data to hacks.
- Instead of a tightening of regulations requiring banks valued at $50 billion plus undergo annual “stress tests” and be monitored, S. 2155 would increase to banks valued $250 billion.
- Exempting foreign institutions like Deutsche Bank altogether from stress tests and monitoring.
- Allowing banks valued $10 billion or less to sell high-risk mortgages and participate in certain financially risky investment activities.
- Eliminating protections for minority consumers, such as reporting requirements designed to help regulators and Congress track racially discriminatory patterns in lending.
Congressional Budget Office has concluded the bill makes it significantly more likely that major financial institutions will once again require government bailouts due to irresponsible lending practices.
All while the supposedly beleaguered small banking sector has seen significant growth under current regulations, indicating that further deregulation is unneeded.
[Edited from the Indivisible Guide and 5calls]
CALL SCRIPTCaller: Hi, my name is [NAME] and I’m a constituent from [CITY, ZIP].
I’m calling to express my opposition to S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. It’s irresponsible to roll back regulations that protect consumers and banks from risky investments that nearly brought down the economy a decade ago. In fact, prominent banks that this bill helps include Deutsche Bank, Barclays, and Santander. And even worse, the Congressional Budget Office has concluded the bill makes it significantly more likely that major financial institutions will once again require government bailouts due to irresponsible lending practices.
[For Senator Gillibrand] I urge the Senator vote once again against this legislation. It goes way beyond helping community banks.
[For Senator Schumer only] As Senate Minority Leader, it will not be enough to just vote against this bill. I urge the Senator to commit to block this bill with the Democrats in the Senate. Do I have Senator Schumer’s commitment that he will be working aggressively with the Democrats in the senate to ensure this terrible bill fails?
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