The Big Wall Street Giveaway the 115th Congress Hopes the 116th Won’t Notice

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02-03-19 07:23:00,

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Candidates in the Democratic presidential primary are tripping over each other to declare themselves enemies of the billionaire class. Bank CEOs are fretting about both the makeup of the House Financial Services Committee and the landscape of the presidential election. But no matter how they may whine publicly, Wall Street still has plenty to celebrate. And with predictions of a downturn coming, their gifts from the 115th Congress should make the rest of us plenty nervous.

In February alone, the financial services industry delivered a one-two punch to consumers. First of all, its friend at the Consumer Financial Protection Bureau, Kathy Kraninger, decided to radically scale back regulations on payday lenders, betraying the mission that is literally the first three words of the bureau’s name. Then, SunTrust and BB&T announced plans to merge, adding another bank to the ranks of the “too big to fail” for the first time since the financial crisis.

How is this happening? Shouldn’t our democracy prevent payday lenders and bailed out banks — two of the most despised actors in society — from getting the best of the public?

Not when the federal government has been controlled by Wall Street-funded Republicans for two years. The financial services industry got a staggering number of gifts from the 115th Congress, in most cases thanks to Republicans, which are detailed in this report from my employer, Americans for Financial Reform.

For each piece of news that consumers are reeling from right now, you can draw a straight line back to a vote knowingly taken by Republicans in the Senate and House.

Uncompromised,

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