Bank Lobbyist Act Treats Banks to Hodge Podge of Giveaways
FOR IMMEDIATE RELEASE: March 16, 2018
Woodstock Institute Contact: Brent Adams (firstname.lastname@example.org) (312) 368-0310
CHICAGO, IL – The U.S. Senate passed S. 2155 on Wednesday, March 14, on a vote of 67-13. The bill, derided as the “Bank Lobbyist Act,” rolls back economic safeguards designed to help prevent the financial collapse that led to the Great Recession of 2008. Both of Illinois’ U.S. Senators voted no on this dangerous and reckless bill.
“This bill is meant to satisfy the financial industry’s craving for deregulation. But this deal puts our economy and ordinary consumers at risk. Thankfully, Sen. Dick Durbin and Sen. Tammy Duckworth stood firm in resisting this hodge podge of industry giveaways,” said Brent Adams, Senior VP of Policy and Communication at Woodstock Institute.
Woodstock Institute cites some of their concerns with S. 2155 as follows:
- A major provision of S. 2155 would eliminate enhanced supervision for banks with assets between $50 and $250 billion. This would benefit a group of large banks that includes SunTrust, American Express, and Fifth Third.
- The bill loosens the reigns on provisions meant to encourage racial equity. It lets 85 percent of U.S. banks out of the full reporting requirements under the Home Mortgage Disclosure Act, a vital tool in fighting racial discrimination in lending.
- S. 2155 also curbs oversight of the U.S. subsidiaries of major foreign banks like Santander and Deutsche Bank, who was fined $10 billion earlier this year for money laundering.
- Other parts of the bill would reduce consumer protections for mortgages, especially for buyers of manufactured housing.
Woodstock Institute is a nonprofit research and policy organization in the areas of equitable lending and investments; wealth creation and preservation; and safe and affordable financial products, services, and systems. Through applied research, policy development, coalition building, and technical assistance, Woodstock Institute works locally and nationally to create a financial system in which lower-wealth persons and communities of color can safely borrow, save, and build wealth so that they can achieve economic security and community prosperity. Woodstock Institute was founded in 1973 near Woodstock, Illinois.