Action #1 – “NO” on S.2155 – Economic Growth, Regulatory Relief, and Consumer Protection Act”
S.2155’s biggest giveaways go not to community lenders but to what a Senate aide dubbed stadium banks. “If you can get naming rights to a stadium, you’re not a community bank.”
“At the peak, Countrywide was originating one out of every five mortgages in the country,” said Warren. “And it’s smaller than some banks deregulated by this bill.” Warren added that the stadium banks deregulated in S.2155 received a total of $47 billion in bailout funds directly, and trillions more in loan guarantees and emergency Federal Reserve lending. “The bill says a $200 billion bank should be regulated the same way as a tiny community bank. That’s nuts, and extremely dangerous.”
Today, the Senate will convene at 4:00 p.m. to resume consideration of the S. 2155, the deceptively named “Economic Growth, Regulary Relief and Consumer Protection Act”. . The Leadership Conference, a civil rights coalition, opposes S2155 because it “would undermine one of our nation’s key civil rights laws and weaken consumer protections enacted after the 2008 financial crisis. “This bill guts key portions of the Dodd-Frank Act and would shield 25 of the world’s 38 biggest banks, such as Deutsche Bank and Santander from regulation and roll back key consumer protections.
The Congressional Budget Office released a report on March 5th, stating that this bill would INCREASE our federal deficits by $671 million between 2018-2027 and it would increase the probability of bank failures. Continue reading “Monday 3/12 – This is what corruption looks like.”