FOR IMMEDIATE RELEASE
Tuesday, May 22, 2018
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com
HOUSE REPUBLICANS PASS DUMB, UNNECESSARY, AND POORLY-TIMED BANK DEREGULATION BILL
Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, released this statement following House Republicans passage of the bank deregulation bill (S. 2155):
“There are almost 6,000 banks in the U.S. Deregulating 26 of the largest 40 banks, as S. 2155 does, is dumb, unnecessary and poorly-timed. Coming on top of extensive deregulation at the financial regulatory agencies, including capital, liquidity, stress tests, living wills, proprietary trading, money market funds, consumer protection and more, it’s like pouring a little gasoline on a smoldering fire.
“And just this morning, the FDIC announced that the banking industry smashed records by recording $56 billion in profits in the first quarter of 2018. With bank revenue, profits, bonuses and lending all on the rise, if not breaking records, the claimed basis for deregulation has been objectively proved without merit. This late in the business cycle, with debt levels higher than before the last crash, interest rates going up and wage stagnation, now is the time to increase regulation, including capital and other countercyclical buffers, to prepare for the inevitable economic downturn.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
