At the urging of Wall Street lobbyists, Congress passed a bill, S.2155, that loosens many financial reform rules established for banks after their recklessness tanked our economy a decade ago.
Among its many provisions, the bill removes enhanced supervision of companies with between $50 billion and $250 billion in assets. The nonpartisan Congressional Budget Office said this will increase the chance of a taxpayer-funded bank bailout.
The bill makes it easier for mortgage companies to sell dangerous adjustable-rate mortgages without properly verifying a borrower’s ability to repay. It also makes appraisal fraud and discrimination against black and Latino borrowers more likely.
The president has already signed the bill into law.
However, constituents of Rep. Paul Tonko can be proud of him for doing the right thing by voting against this bill and for being part of a bulwark against additional attacks on Americans’ personal financial security.