On 10th Anniversary of Wall Street Crash, Democrats Help GOP Set Stage for Next One
Democrats had the power to stop a massive big bank giveaway from passing the Senate Wednesday night, but instead they decided—with a “green light” from Senate Minority Leader Chuck Schumer (D-N.Y)—to hand the GOP more than enough votes to ram the deregulatory bill through instead, commemorating the tenth anniversary of the 2008 financial crisis by significantly increasing the risk of another one.
“The Senate Democrats who joined the GOP to deliver this bank giveaway were as politically short-sighted as they were reckless in putting our economy at risk.”
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In addition to Sen. Angus King (I-Maine), 16 Democrats joined a unified Republican caucus in approving the so-called “Economic Growth, Regulatory Relief, and Consumer Protection Act.”
Rootstrikers, an anti-corruption group that worked for weeks to mobilize against what progressive critics have termed the “Bank Lobbyist Act,” called Wednesday’s vote “a shameful moment for the Senate” and placed much of the blame on Schumer, who voted against the measure but refused to whip against it.
“The Senate Democrats who joined the GOP to deliver this bank giveaway were as politically short-sighted as they were reckless in putting our economy at risk,” Rootstrikers campaign director Kurt Walters said in a statement following the measure’s passage. “Can Schumer’s Democrats claim to fight for the little guy after deregulating 25 of the country’s 40 biggest banks—and making it more likely the little guy’s money will be used to give them bailouts?”
While Democratic supporters of the bill continued insisting to the very end it is aimed at providing relief to over-burdened community banks, numerous independent analyses have shown that the legislation’s most consequential provisions are aimed at relieving massive banks that received upwards of $40 billion in bailout money during the 2008 financial crisis.
Even Equifax—a large credit-reporting company that suffered an enormous data breach last year and waited six weeks to inform the public—will benefit greatly from the legislation if it is passed in its current form.
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