Dodd-Frank is only 5 years old—why are the big banks trying to kill it?
Wednesday, July 22nd, 2015
What is Dodd-Frank? It is the financial reform law that passed Congress 5 years ago. What are the big banks trying to kill it? Maybe it is because the Consumer Financial Protection Bureau has forced them and other financial institutions to return $10 Billion unfairly and deceptively taken from consumers. Maybe it is because they can no longer gamble with depositors’ money. Maybe it is because Dodd-Frank is trying to put an end to Too Big to Fail (government bailouts when they screw up).
The Big Banks and their Congressional supporters are telling us that Dodd-Frank has failed or that it is hurting business by over-regulating them. They even go so far as to condemn the Consumer Financial Protection Bureau when they put a stop to massive fraud going on with electronic banking.
The Virginia Poverty Law Center is a member of the Americans for Financial Reform coalition: http://ourfinancialsecurity.org/about/our-coalition/. We support the great work of the Consumer Financial Protection Bureau and here are 10 reasons why you should too.
The Big Banks are spending $1.9 million a day to elect or influence each of the 535 members of the Senate and House of Representatives.
They want to water down the Consumer Financial Protection Bureau and stop further financial reforms even though most Americans do not agree. Check out some of the most recent polling data that shows broad support for appropriately regulating and reforming financial services practices.
Get the facts. Financial reform is working and more needs to be done. Take Action! David can beat Goliath!
See our Press Release on the 4th anniversary of Dodd-Frank and the Creation of the Consumer Financial Protection Bureau.