Discover and read the best of Twitter Threads about #BankLobbyistAct

Most recents (6)

The #BankLobbyistAct will roll back rules on 25 of America’s 40 biggest banks. Combined, they got nearly $50 billion in taxpayer bailouts after the 2008 financial crisis – and they’re back to making record profits.
SunTrust Bank got $4.85B in taxpayer bailouts after the financial crisis. It’s recovered pretty well. It controls $206B in assets and has a MLB stadium named after it. But the #BankLobbyistAct could regulate @Suntrust as if it were a small community bank.
BB&T Corporation has over 2,000 branches across the country and controls $221 billion in assets. It received $3.13 billion in taxpayer bailouts during the 2008 crash. But the #BankLobbyistAct could apply the same rules to @BBT as your neighborhood community bank.
Read 10 tweets
Just #10YearsAfter the financial crash and Wall St is pushing amnesia about what they did.

THREAD on why the @NewYorkFed is the most powerful position Trump doesn't control, and with the #BankLobbyistAct, could be a last line of defense against another crash.
The @NewYorkFed supervises and regulates the biggest banks in the world. It failed miserably in catching the meltdown. Why? The @NewYorkFed's own study said it was because they were too deferential to the banks. No one was willing to stand up to Wall St.

psmag.com/news/inside-fe…
Not standing up to Wall St isn't surprising. Every. Single. NY Fed President has been white and male and come from or gone to financial institutions.

Of the 143 bank examiners left the @NewYorkFed from 2011-2016, nearly half went to work in the financial industry.
Read 19 tweets
If Dems supporting the #BankLobbyistAct are looking for an off ramp to change their mind, they have all they need to jump ship between the managers amdt (new text) and the CBO score. Here are a few new provisions added last night. 1/
Big Q: is Sec. 310 anything more than a gift to Equifax? We WANT alt. data considered in credit scores but 1 of the only alternative models is Equifax's Vantage Score. There's NO accountability for breach affecting 148 million ppl in this bill. Equifax doesn't need a new gift. 2/
Also added: section creating new loopholes for risky commercial real estate loans, a key driver of community bank failures ~2008. Supporters say this will make credit more available, but commercial lending is already taking off w/o it. No need for this. ourfinancialsecurity.org/wp-content/upl… 3/
Read 14 tweets
The Senate is expected to pass the #BankLobbyistAct – with Democratic support. But I'm not going down without a fight. ​I've sponsored a series of amendments to fix major flaws in the bill and add important consumer protections. Here are all 17:
1. Amend the #BankLobbyistAct to prevent rolling back rules on banks that received over $1 billion in taxpayer bailouts during the 2008 crisis. They already wrecked our economy once – we can't let them do it again.
2. Amend the #BankLobbyistAct to prevent rolling back rules on banks that are under Justice Department supervision after being busted for breaking the law. They broke the rules already – they shouldn't be rewarded with less oversight.
Read 19 tweets
The Senate has begun considering the #BankLobbyistAct, which will make it more likely that we have a repeat of the 2008 financial crisis. This is a core part of the Republican agenda: siding with big banks, corporations, and the wealthy, at the expense of the rest of us. [Thread]
Mitch McConnell, Republicans, and Donald Trump don’t care about the enormous risk this creates for our country and for American families. That’s not surprising. What is surprising is that Democrats are pushing the #BankLobbyistAct over the finish line.
We’re seeing something that we often see from Democratic leadership — that might only be obvious to you if you’ve worked on the Hill or have covered the Hill. Dem leadership might be ostensibly opposed to this bill, but is LETTING this bill pass. Here’s how.
Read 11 tweets
The Senate should be working to #EndGunViolence. Instead, Mitch McConnell is teeing up legislation on what he thinks is a much more pressing issue: fulfilling the wish lists of big bank lobbyists.
The Senate – with the support of some Democrats – is set to start debate on a bill to roll back regulations on the same big banks we bailed out a few years ago. If we lose the final vote next week, we’ll be paving the way for the next big crash. politico.com/story/2018/02/…
The #BankLobbyistAct takes 25 of the 40 biggest banks in the country off the watch list for more federal oversight. It weakens consumer protections on mortgages – and makes it harder to fight racial discrimination in housing. huffingtonpost.com/entry/democrat…
Read 5 tweets

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