Action #1 – “NO” on S.2155 – Economic Growth, Regulatory Relief, and Consumer Protection Act”
From Indivisible: “The week of March 5, the Senate is expected to vote on S. 2155, the deceptively named “Economic Growth, Regulary Relief and Consumer Protection Act”. This bill guts key portions of the Dodd-Frank Act and would shield25 of the world’s 38 biggest banks, such as Deutsche Bank and Santander from regulation and roll back key consumer protections. Indivisible has put out an explainer page here. Here are the basic points.
- The bill puts us at risk of another crisis. It raises the oversight threshold from $50 billion to $250 billion, exempting 25 of the 38 biggest banks, many of whom received TARP bailout money, from regulation.
- It allow racial discrimination in mortgage lending to go unchecked
- It erodes critical consumer protections
- It started with good intentions to help community banks and consumers, but then lost its way as it was altered to help giants continue their unethical practices..
Check out if your Senator (12 Democrats signed on) got caught up in this here. Continue reading “Friday – 3/2 – They’re coming for everything…”