Washington, D.C. — Marc Jarsulic, vice president of economic policy at CAP, released the following statement on a U.S. Department of the Treasury report that outlines recommendations for regulatory reform. The report—which recommends a slew of rollbacks to the post-crisis financial regulatory framework, including bank capital and liquidity requirements, stress testing, housing regulations, and consumer protection safeguards—arrives just days after the U.S. House of Representatives passed the Financial CHOICE Act, legislation that would repeal most of the Dodd-Frank Act.
These proposals—which would make it easier for financial predators to fleece consumers and weaken safeguards against crisis-inducing bank behavior—both channel the wishes of Wall Street lobbyists and are hostile to the interests of most Americans. Most of us would rather not have our pockets picked by crafty financial operators; would like to avoid the hardships created by financial crashes and prolonged recessions; and are certainly not inclined to bail out Wall Street again. While these proposals are not as comprehensive as the House GOP’s Financial CHOICE Act, they are nonetheless destructive and should be rejected.
Related resources:
For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.