“As a nation, we need to remain steadfast in our pursuit of equality of opportunity for Black Americans and other people of color.” - U.S. Chamber Senior Vice President Rick Wade

After George Floyd’s murder in 2020, the Chamber of Commerce -- the largest and most powerful business lobby in the United States, representing Wall Street, among many other industries -- issued a bold commitment to ending racial injustice in America.

Under public pressure to act, they promised to “bring together the business community to advance sustainable solutions that address America’s disparities and close the economic divide.”^[1]

But action speaks louder than words.

Now the Chamber, the American Bankers Association and the Consumer Bankers Association, are suing the Consumer Financial Protection Bureau. They want to block the CFPB from using the current law to stop discrimination on the basis of race, religion, and other categories. That’s right, the big banks want to create a right for themselves to discriminate against people of color, or people of different religions.

Wall Street is also pursuing a long-held goal of destroying-by-defunding the CFPB using this case to argue its financing mechanism is unconstitutional.

In truth, ever since Congress created CFPB in 2010 thanks to the leadership of Sen. Elizabeth Warren, bank lobbyists have sought to destroy it. And the current director, Rohit Chopra, has reinvigorated CFPB after the moribund years under Trump appointees.

The bank lobby has a decent chance of success, so we need to fight hard. The Supreme Court, under Chief Justice John Roberts, has become a bastion of pro-Chamber sentiment -- one study found it rules for Chamber-backed cases 70 percent of the time!

And they are using a court case, West Virginia vs. EPA, that the Roberts court decided, as the basis for their case. That case went after protections against climate change. Now, the case goes after consumers and people of color. Next time it will be anti-monopoly efforts or workplace safety rules. There’s no end to how the Chamber would like to bend our world to its need for corporate profits.

It's unbelievable hypocrisy, except it's Wall Street, so it's business as usual. Look at what five big banks -- JPMorgan Chase, Bank of America, Wells Fargo, Truist, and U.S. Bank have said:

Jamie Dimon, CEO of JPMorgan Chase, said:^[2] “Let us be clear -- we are watching, listening and want every single one of you to know we are committed to fighting against racism and discrimination wherever and however it exists.”

Bank of America CEO Brian Moynihan said:^[3] “The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased.”

Wells Fargo CEO Charles Scharf:^[4] “The inequality and discrimination that has been so clearly exposed is terribly real, though it is not new, and must not continue.” “I personally, and we as a senior team, are working to develop actions that will meaningfully contribute to the change that is necessary. This time must be different.”

Truist:^[5] “We stand for social justice and speak out against discrimination.”

Andy Cecere, CEO of U.S. Bank said:^[6] “Our commitment to racial equity and inclusion, and that of U.S. Bank, is unwavering.”

Wall Street banks, including JP Morgan, Bank of America, Wells Fargo, US Bank, and Truist, have the power to keep their pledge to stand against racial injustice by demanding the Chamber drop the lawsuit against the CFPB.

By suing CFPB, big banks are trying to avoid facing up to their own role in the historic wrong of structural racism. They thought by using the Chamber of Commerce as a front, they could do it without the public noticing.

Don’t let JP Morgan, Bank of America, Wells Fargo, U.S. Bank, Truist and the rest of the big banks hide behind the Chamber.

Tell Wall Street to keep their pledge to stand against racial injustice and demand the Consumer Bankers Association, the American Bankers Association and the Chamber of Commerce drop the lawsuit challenging the Consumer Financial Protection Bureau‘s anti-discrimination effort now.

^{[1] U.S. Chamber of Commerce on the Work Ahead for Equality of Opportunity Following Derek Chauvin Trial Verdict, Chamber of Commerce Press Release
[2] Jamie Dimon drops into Mt. Kisco Chase branch, takes a knee with staff, NY Post
[3] Bank of America Increases Commitment to Advance Racial Equality and Economic Opportunity to $1.25 Billion, Bank of America Press Release
[4] Wells Fargo CEO: ‘A watershed moment’, Wells Fargo Press Release
[5] Truist's 2021 ESG and CSR Report highlights progress, community care across financial inclusion, DEI, and climate priorities, Truist
[6] 'We fell short': U.S. Bank CEO apologizes over treatment of Black customer at Columbia Heights branch, Minnesota News}