Published: March 2018

10 years after Great Recession, Senate considers Dodd-Frank rollbacks

Crapo (R-ID) introduced a bill that takes aim at Dodd-Frank Act protections for consumers and the ability to monitor big banks to prevent another financial meltdown. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155) would put consumers at greater risk of predatory lending and weaken other important safeguards passed since the last crisis. Consumer Action joined advocates in a March 8 letter asked that the legislation be given full floor consideration as a separate bill and an open amendment process.

Consumer Action joined coalition advocates in urging Senators to oppose S. 2155. The bill would cut risk management requirements for 25 of the biggest banks in the country--banks that took tens of billions in bailout funds during the 2008 financial meltdown, including banks like SunTrust and BB&T. It also rolls back safe lending practices and oversight of big regional banks.

The banking industry is showing record levels of revenues and profits. Congress should be focused on addressing real problems that ordinary Americans have with medical debt, student debt, and data security, not boosting bank profits further.

Lead Organization

American's for Financial Reform (AFR)

Other Organizations

Americans for Financial Reform | Action Center on Race and the Economy | American Family Voices | AFL-CIO | American Federation of State, County and Municipal Employees (AFSCME) | American Federation of Teachers | Association for Neighborhood and Housing Development | Center for American Progress Action Fund | Center for Popular Democracy | Center for Responsible Lending | Communications Workers of America (CWA) | Consumer Action | Consumer Federation of America | Courage Campaign | Demos | Delaware Community Reinvestment Action Council, Inc. | Florida Consumer Action Network | Hedge Clippers campaign | Herd on the Hill | Indivisible | Interfaith Center on Corporate Responsibility | The Leadership Conference on Civil and Human Rights | Maine People's Alliance | Massachusetts Communities Action Network | Montana Organizing Project | Civic Action | NAACP | National Association of Consumer Advocates | National Coalition for Asian Pacific American Community Development (CAPACD) | National Community Reinvestment Coalition (NCRC) | National Consumer Law Center (on behalf of its low-income clients) | National Fair Housing Alliance | New Jersey Citizen Action | New York Communities for Change | North Dakota Economic Security and Prosperity Alliance | PC (USA) Office of Public Witness | Rootstrikers | Service Employees International Union (SEIU) | Strong Economy For All Coalition | Tennessee Citizen Action | UFDN | UnidosUS (formerly NCLR) | U.S. PIRG | Virginia Housing Alliance | Virginia Organizing | Voices for Progress | Woodstock Institute

More Information

Update: The bill has passed the Senate and is now headed to the House of Representatives for consideration.

Click here to read the letter in full.

For more information, visit AFR's website.

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