Washington, DC – Today, in reaction to Senator Richard Shelby’s release of a discussion draft of “The Financial Regulatory Improvement Act of 2015,” NCRC President and CEO John Taylor made the following statement:
“This bill is far from regulatory improvement – it in fact represents regulatory regression. It would strip away key consumer safeguards and sensible protections put in place to prevent another financial crisis.”
“Recently the nation faced one of the greatest economic crises in its history, with costly consequences for communities across the country. The impact of that crisis is still felt in many neighborhoods today. Dodd-Frank was put in place to ensure that Wall Street could not throw the country into the economic abyss again. This proposed rollback of several elements of the Dodd-Frank reforms is simply unconscionable, and would come at the expense of the safety and soundness of the U.S. financial system.”
“There is a long list of issues that the Senate Banking Committee could address to ensure a financial system that best serves working families. They should go back to square one with this bill.”
“The desire for homeownership by working Americans is still very much a part of the American dream. The Senate should pass legislation that helps to realize that dream, not legislation that serves to inhibit it.”
About the National Community Reinvestment Coalition (NCRC): The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.