For Immediate Release
March 7, 2018
Contact: Kelsea-Marie Pym
kpym@patrioticmillionaires.org
202-446-0489
Patriotic Millionaires Slam Move to Deregulate Banks
“This is not about the community banks or about helping the economy, it is about one thing: profit.”
Washington, DC – On Tuesday of this week, the Senate voted 67-32 to scale back regulations passed in 2010 under Dodd-Frank. In response to that, Chair of the Patriotic Millionaires Morris Pearl has released the following statement:
This role back would change current law and state that banks with assets less than $100 billion will be free of current oversight requirements, and those in between $100 billion and $250 billion are free after 18 months. This change would free up 24 banks in total from regulation, including BB&T, American Express, and KeyBank.
“Proponents of this legislation will say that it will help out those ‘smaller community banks.’ I would be happy if any of these proponents could point to a single ‘community’ bank in Indiana or Montana with assets of $200 billion. If they can point to one of those, I can point to a bridge for sale in New York.
This legislation is not about the community banks or about helping the economy, it is about one thing: profit for large banks.
Owners of those larger banks – the shareholders – are the only people who stand to get any true benefits from the passage of this legislation, all while the taxpayers have been signed up to take the risk because the banks are insured by the FDIC (meaning the American taxpayers). The government has a basic obligation on behalf of these taxpayers to supervise the banks and make sure they are not putting personal profits before legitimate taxpayer risk. It is reprehensible that our Congress has abdicated this responsibility in an clear move to cater to Wall Street.
In this case, we are talking about greater profits for executives at large scale several-hundred-billion banks. That is great for those executives at those 24 banks. Who isn’t this great for? The American taxpayer” said Chair of the Patriotic Millionaires Morris Pearl.
For further comments or questions, please contact Kelsea-Marie Pym kpym@patrioticmillionaires.org
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About the Patriotic Millionaires
Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at https://patrioticmillionaires.org/about/
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