Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Corporate gatekeepers and big tech monopolists are making it more difficult than ever for independent media to survive. Please chip in today.

Rep. Keith Ellison (D-Minn.) says the legislation the House is voting on Tuesday would "roll back some of the protections against Wall Street greed that we put in place after the financial crash." (Photo: Jens Schott Knudsen/flickr/cc)

Progressives Sound Alarm Ahead of Tuesday House Vote on 'Bank Lobbyist Act'

The bill would 'allow banks to engage in the kind of risky behavior that caused the 2008 financial crash,' says Public Citizen

Andrea Germanos

Progressive lawmakers and advocacy groups are sounding alarm on Monday ahead of the U.S. House's vote on a financial deregulatory bill dubbed the "Bank Lobbyist Act."

Declaring her opposition, Rep. Jan Schakowsky (D-Ill.) tweeted, "We need to #ProtectConsumers, not big banks."

The legislation is S. 2155, officially titled the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” It already passed the Senate in March with the help of 16 Democrats and Sen. Angus King (I-Maine), and praise from big banks. The House is expected to vote on it Tuesday.

Summing up the dangers of the legislation, Public Citizen tweeted:

The advocacy group also joined dozens of organizations including the National Consumer Law Center and the NAACP on Friday in sending a letter (pdf) to representatives urging them to "not roll back consumer protections under the Dodd-Frank Act that have helped and continue to help millions of people across the country." That letter came less than a month after scores of other groups called on representatives to oppose the bill, noting that it also would enable racially discriminatory lending practices by weakening reporting requirements under the Home Mortgage Disclosure Act (HMDA).

Recognizing such threats, members of the Congressional Progressive Caucus have been taking to social media to announce their opposition to the bill they say sets the stage for another financial crisis.

Rep. Keith Ellison (D-Minn.), for example, tweeted that the bill would "roll back some of the protections against Wall Street greed that we put in place after the financial crash. I will do everything I can to see this #BankLobbyistAct defeated."

Rep. Pramila Jayapal (D-Wash.) also assured constituents of her opposition, stating: "Our last financial crisis was triggered by Wall Street fraud, and Congress must not put taxpayers at risk of bailing out megabanks yet again, nor allow banks to hide evidence of racial discrimination."

With the House voting on an unchanged version of the Senate bill, passage in the lower chamber means there will be no extra step before it heads to President Donald Trump, who's indicated (pdf) his support. With the hourglass then running out before the bill could become law, Indivisible's Chad Bold urged constituents to take to the phones to pressure representatives to vote no.

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Scientists to BlackRock Vice Chairman: New Fossil Fuel Development 'Incompatible' With 1.5°C

"The only responsible course of action is to do everything in our power to stop fossil fuel expansion and further emissions."

Jessica Corbett ·

Goldman Prize Awarded to Activists Who Showed Nature's 'Amazing Capability to Regenerate'

"While the many challenges before us can feel daunting, and at times make us lose faith, these seven leaders give us a reason for hope and remind us what can be accomplished in the face of adversity."

Julia Conley ·

Faith Leaders Call for Federal Election Monitors in Georgia to Protect Black Voters

"It is imperative that our election this November is monitored to preserve ballot integrity and ensure ballot security."

Brett Wilkins ·

'Inaction Is Bought': Here Are the Receipts on NRA's Purchase of GOP

"The issue is money in politics," said Nina Turner after the nation's latest mass killing of students and teachers. Right-wing lawmakers are "allowing children to die because of the gun lobby."

Kenny Stancil ·

'This Is on You!' Beto Interrupts Abbott Press Conference on Texas Massacre

Democratic gubernatorial candidate Beto O'Rourke accused Texas' GOP leaders of "doing nothing and offering us nothing" in the wake of the massacre at Robb Elementary School.

Jake Johnson ·

Common Dreams Logo