Dodd-Frank 2018 March

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Douglas, in 2008, a runaway banking industry crashed the economy. Millions of hardworking Americans lost their jobs, their homes, and their life savings, while big banks were gifted a no-strings-attached bailout from the American taxpayers.

After the crash, Congress passed banking regulations known as Dodd-Frank, designed to prevent another economic crisis.

But now, Senate Republicans—joined by at least 17 Senate Democrats—are poised to gut Dodd-Frank and once again put everyday Americans at risk of losing everything.

Sign and send a petition to your U.S. senator(s): Tell them that you oppose any weakening of Wall Street regulations.

ADD YOUR NAME The "Economic Growth, Regulatory Relief, and Consumer Protection Act" would allow two dozen of the country’s largest banks—including mortgage lender Countrywide Financial, one of the key players in the 2008 financial crisis—to escape the oversight intended to prevent another economic collapse. It would also allow 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.

Further, the bill would eliminate provisions in Dodd-Frank that give regulators the information they need to find and stop banks that use discriminatory practices, a crucial provision for ending predatory lending in communities of color.

Finally, the legislation is a massive rollback of consumer protections—including ending surprise insurance fees and safeguarding rural and low-income home buyers—that protect us from predatory banks.

Sign and send a petition to your U.S. senator(s): Tell them that you oppose any weakening of Wall Street regulations.

ADD YOUR NAME Sen. Elizabeth Warren (D-MA) has voiced strong criticism for the legislation:

   “This bill weakens consumer protections, helps out the country’s biggest banks and encourages them to swallow up even more community banks. This bill shows once again how Washington values short-term profits for big banks ahead of the interests of consumers or the safety of the financial system.” 

Proponents of the bill say that it is providing technical fixes to Dodd-Frank and relief for small and rural community banks. But by rolling back oversight of big banks and eliminating consumer protections, this legislation would ultimately leave our economy vulnerable to another collapse.

Sign and send a petition to your U.S. senator(s): Tell them that you oppose any weakening of Wall Street regulations.

ADD YOUR NAME Keep fighting, Monique Teal, Daily Kos


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