Merkley slams Senate passage of banking deregulation bill

 

WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the Senate passed the banking deregulation bill:

“Ten years ago this week, Bear Stearns collapsed as the financial crisis accelerated. To working Americans, the pain of that crisis is still fresh: millions of lost jobs; trillions in lost savings; and a foreclosure crisis that devastated families and entire neighborhoods. Those Americans haven’t forgotten – but apparently the Senate has.

“The bill passed today lets small community banks make big, casino-style bets on the future price of stocks, securities and currency. This is the exact same type of Wall Street gambling that brought down our economy in 2008 – so why on earth would we want to reopen the Wall Street casino in our community banks?

“This bill opens the door to predatory practices in the manufactured and modular homes industry – enabling corporations to prey on some of the most vulnerable working Americans.

“And it weakens requirements that help root out discrimination in the home mortgage market. This is completely unacceptable.

“We’ve already seen in all-too-recent history what happens when banks write their own rules. We don’t need to go back to those days.

“Put simply, this bill is a huge mistake.”