Dangerous Banking Bill Could Lead to Working People Paying for More Bailouts
Statement by AFL-CIO President Richard Trumka in response to the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act:
It’s no wonder that working people are fed up with Washington when the only legislation that can win support from both Republicans and Democrats is a huge gift to Wall Street billionaires. Ten years after the Great Recession rocked our country, this dangerous bill threatens our financial security by undoing some of the protections put in place to prevent another meltdown. Have legislators forgotten that these banks robbed millions of Americans of our jobs, homes and life savings? This bill also takes us back to exposing homebuyers and students to predatory lending while weakening protections against racial discrimination in credit. The only regulatory relief provided is to 25 of the 38 biggest banks in the country—banks that received more than $45 billion in bailouts. It’s a travesty that some in Washington continue to give Wall Street even more at the expense of working people.
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