Ten years ago, Wall Street recklessness and regulatory neglect plunged our nation into the 2008 financial crisis and the Great Recession. Millions lost their jobs and homes, the economy was ravaged, and trillions of dollars in household wealth was wiped away. Many people and regions of our country are still struggling in the aftermath of the cataclysm.
Now, under intense lobbying from the banking industry, the U.S. Senate is debating and will likely pass S. 2155 by Senator Crapo, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs. This legislation will weaken the financial system safeguards and taxpayer and consumer protections put in place in the wake of the financial crisis, exposing American taxpayers, our financial system, and our economy to significant risk.