WASHINGTON, D.C. – Today, the U.S. Senate voted to advance S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in the wake of the biggest financial crisis since the Great Depression. Read a short summary of S. 2155.
Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement:
The financial crisis led to a Great Recession that cost millions of Americans their jobs, homes, and savings. This bill would allow for the return of many of the same reckless financial practices that caused the crash.
This bill lifts commonsense safeguards, designed to stop banks from again tanking the economy, while also making it easier for financial companies to sell risky mortgages, discriminate against communities of color, and steer manufactured-home owners into more expensive mortgages.
The American public does not want this dangerous bank deregulation. Congress is playing with fire.
For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Matthew Kravitz at firstname.lastname@example.org or 202-349-1859.