The Senate is expected to vote the rollback of Dodd-Frank the week of March 5.
House Republicans, including Rep. John Faso, voted to gut the Dodd-Frank Wall Street reform law this past summer with legislation called the “Financial Choice Act.” Now, on the heels of a huge giveaway to the rich and corporations with the GOP Tax Scam, the Senate is back with its own version of Wall Street de-regulation in the form of the deceivingly-titled “Economic Growth, Regulatory Relief, and Consumer Protection Act” (S. 2155).
The Wall Street reform law requires that the country’s largest banks be subject to responsible oversight, to safeguard against another crisis that the collapse of a large bank could cause. This new bill would lift those standards for all banks smaller than $250 billion, which means two dozen of the country’s largest banks—that together received $47 billion in TARP “bailout” funds—would escape the oversight intended to prevent another financial crisis. These are banks as big as the toxic subprime lender Countrywide. It also means that banks that are currently failing government “stress tests”—periodic checks to ensure that they won’t blow up the economy—would no longer have to undergo the current tests.
SCRIPT FOR CALLING SEN. SCHUMER & GILLIBRAND:
Hello. My name is [name] and I live in [town, zip]. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) goes too far. It repeals important safeguards that were put in place after 2008 to protect our country from another financial crisis. It also repeals important consumer protections, especially for rural communities. It even allows racial discrimination in mortgage lending to go unchecked! I understand the need for helping community banks — but this bill goes way too far beyond helping community banks for you to support it. Will Senator [ ] commit to oppose this de-regulation of Wall Street?
Read more here: https://www.indivisible.org/resource/republicans-planning-unravel-wall-street-reform/
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