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Public Citizen Decries Senate Committee Retreat From Safe Banking Consumer Protection Rules

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen

WASHINGTON - Note: On Tuesday, Dec. 5, the U.S. Senate Banking Committee will begin voting on legislation (S. 2155) that would reduce consumer protections and bank safety rules. Public Citizen analyzed the bill’s problems in this letter to the committee.

At a time when the likes of Wells Fargo and Equifax demonstrate that Wall Street needs stronger reforms, Senate banking leaders are proposing to grind holes in key existing safeguards. The legislation would remove protections related to appraisals, escrow and financing for manufactured housing. It would eliminate careful supervision for 25 large banks that collectively control $3.5 trillion in assets and received $48 billion in taxpayer bailouts. Bill sponsors claim this will promote economic growth, but ignore both current record profits at banks as well as the millions of Americans who lost their homes, jobs and savings when inadequate rules and supervision led to the 2008 crash.

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Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.

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