US Politics
Financial Issues

Dismantling Bank Regulations ... one of the results of the Trump win

Burgess COMMENTARY

Peter Burgess

Gmail Peter Burgess
Trump's Holiday Gift to Wall Street
Alexis Goldstein
Mon, Nov 28, 2016 at 2:22 PM
Reply-To: info@ourfinancialsecurity.org
To: peterbnyc@gmail.com

Dear Peter

2017 will be full of challenges to the crucial protections passed in the wake of the financial crisis. But the House Majority isn’t waiting for the next Congress to start its assault on our economy. They’re gearing up NOW to hand Wall Street a giant holiday gift.

This week, the House of Representatives will vote on a bill that GUTS crucial rules for many banks with assets over $50 billion -- rules like stress tests, limits on the kinds of risks they can take and the level of debt they can have. H.R. 6329 will undo these must-follow rules and create major new barriers to regulators’ ability to ever restore them. Instead, it will give the new Trump Administration's Treasury Secretary new powers to pick and choose which banks have to follow the rules.

Before the election, far too many members from both parties supported this bill. But the stakes are much higher now. This is the first test of resistance to Trump, and to the Congressional majority’s pro-Wall Street agenda. If members vote for Wall Street and against the rest of us on the floor, it will signal to Trump and his allies that there will be no fight against gutting Wall Street reform. If they stand up, we have a chance!

Tell your Representative: H.R. 6392 will endanger the economy, and let the Trump Administration pick and choose which banks have to play by the rules. Reject this holiday gift for Wall Street.

That’s not all that’s dangerous about this bill. Because it rolls back crucial protections meant to lower risks on Wall Street, the bill makes future bank failures more likely -- failures that could cost taxpayers millions.1

Send an email to your Representative demanding they vote NO on H.R. 6392, a giant gift to big banks that will take us back to the kind of lax oversight that led to the financial crisis. They need to stand up for us, not cave in to the Wall Street banks.

Want to do even more? Call the Capitol Switchboard, (202) 224-3121, and ask for Representative Tom Marino, and tell them to vote NO on H.R. 6392. This bull puts higher profits for Wall Street executives ahead of our economic security. Now is not the time to let Wall Street run wild,.

We have a big fight ahead of us. But together, we can make our voice heard. Thanks for everything you do.

Sincerely,

Alexis Goldstein

Source: The Congressional Budget Office has estimated that the bill could cause an estimated $25 million due to new bank failures. https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/costestimate/hr1309.pdf

Here at Americans for Financial Reform, we work day in and day out to make sure the big banks don't always get the last word – with the press, with regulators, and with legislators. We try to shine a spotlight on key decisions facing the bank oversight agencies and lawmakers, so more people can see what they’re doing and hold them accountable. And we work to build a chorus for reform, to push policymakers in the legislative and executive branches to stand up to Wall Street and adopt and enforce tough new rules. Anything you can do to help -- by signing petitions, donating money to our efforts, or speaking out in any other way -- puts more wind in our sails and makes a real difference.

Find us on Facebook and Twitter.

Sent by Americans for Financial Reform
1620 L St., NW, Suite 1100, Washington, DC 20036 - (202) 466-1885

Sent via ActionNetwork.org. To update your email address or to stop receiving emails from Americans for Financial Reform - Advocacy Fund, please click here.