Cooperation between Republicans and Democrats has become something of a rarity in today’s polarized political environment—except when it comes to a select handful of objectives, like enriching Wall Street banks.
In a Twitter thread Sen. Elizabeth Warren (D-Mass.) is calling attention to a massive bank deregulation bill (S.2155) that could reach the Senate floor for a final vote this week, and highlighted the fact that a dozen Democrats are providing crucial support for the measure.
If passed, the legislation—derisively labeled “The Bank Lobbyist Act” by Warren and other critics—would make it more difficult to combat racial discrimination by big banks, provide regulatory relief for more than two dozen of the nation’s large financial institutions, and eliminate many consumer protections put into place after the 2008 financial crisis.
In addition to Sen. Angus King (I-Maine), the 12 Democratic senators currently co-sponsoring the deregulation measure are: Doug Jones (Ala.), Joe Donnelly (Ind.), Heidi Heitkamp (N.D.), Jon Tester (Mont.), Mark Warner (Va.), Claire McCaskill (Mo.), Joe Manchin (W.Va.), Tim Kaine (Va.), Gary Peters (Mich.), Michael Bennet (Colo.), Chris Coons (Del.), and Tom Carper of Delaware.
As Talmon Joseph Smith observed in an article for The New Republic on Thursday, “Nine of the 12 Democrats supporting the deregulatory measure count the financial industry as either their biggest or second-biggest donor.”
Earlier this week, a coalition of advocacy groups—including Rootstrikers, Public Citizen, and CREDO—delivered 450,000 petition signatures to members of Congress demanding that they reject Crapo’s measure.
“Do not collaborate with Donald Trump and Trump Republicans to deregulate big banks,” CREDO’s petition reads. “We need to finish the job of Wall Street reform and end a dangerous and rigged system that puts our economy at risk, not roll back the reforms already in place.”
The Senate should be working to #EndGunViolence. Instead, Mitch McConnell is teeing up legislation on what he thinks is a much more pressing issue: fulfilling the wish lists of big bank lobbyists. pic.twitter.com/Lwu0SOnFSc
— Elizabeth Warren (@SenWarren) March 2, 2018
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