Washington, D.C.– Congressional Progressive Caucus Co-Chairs Rep. Raúl M. Grijalva (D-AZ) and Rep. Mark Pocan (D-WI) released the following statement on S. 2155, the so-called “Bank Lobbyist Act,” which is being considered on the Senate Floor this week. S. 2155 would significantly weaken the landmark Dodd-Frank reforms created in the wake of the 2008 financial crisis and, according to the non-partisan Congressional Budget Office, make it more likely that the biggest banks in America could collapse and require another taxpayer-funded bailout.
“On the tenth anniversary of one of the worst financial crises in history, the U.S. Senate is poised to pass legislation this week that would gut consumer protections and significantly deregulate 25 of the largest 40 banks in the country.
“The 2008 financial crisis shattered our economy. Millions of Americans lost their jobs, homes, and wealth, seemingly overnight. While the biggest financial institutions that caused the crash have returned to record levels of profitability, the American people—nearly a decade later—are just now starting to regain a measure of economic security and stability. After the massive GOP Tax Scam, we cannot afford to give Wall Street and big corporations another gift.
“The American people want more accountability and oversight of Wall Street, not less. We need leaders who will stand up to the big banks that continue to use big money to rig our politics and our economy against the interests of working families. We encourage our colleagues to oppose this potentially dangerous and misguided bill.”
The Congressional Progressive Caucus (CPC) is the largest caucus within the House Democratic Caucus, with over 70 members standing up for progressive ideals in Washington and throughout the country. Since 1991, the CPC has advocated for progressive policies that prioritize working Americans over corporate interests, fight economic and social inequality, and promote civil liberties. The CPC champions progressive policy solutions like comprehensive immigration reform, a $15 national minimum wage, fair trade, gun violence reform, debt-free college, and making the federal government a Model Employer.