WASHINGTON, D.C. – Just now, the U.S. House of Representatives voted in favor of S. 2155, a partial rollback of the Dodd-Frank financial reform law, which, since it has already passed the Senate, sends the bill to the President for his signature. The White House has issued a Statement of Administrative Policy in support of the bill.
Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles issued the following statement:
“This bill puts out a welcome mat for many of the same reckless financial practices that caused the Great Recession. The bill increases the risk of another bank bailout, facilitates lending discrimination against communities of color, and weakens key consumer protections in the mortgage market – which was the epicenter of the 2008 economic collapse.
“If the President signs the legislation into law, he will be breaking his campaign promise to hold Wall Street accountable.
“Instead of a short-sighted deregulation of banks that are experiencing record profits, our nation’s leaders should serve the public need for a stable, sustainable financial market that serves all credit-worthy borrowers.”
A two-page summary of the bill, which has been nicknamed The Bank Lobbyist Act, is available here.