Protect Dodd-Frank for Delawareans!
Senator Tom Carper
Senate Bill 2155 bill, co-sponsored by Senator Carper, would eliminate “enhanced supervision” for megabanks, including M&T and Wells Fargo. The safeguards erased by Senate Bill 2155 are devastating to consumers and allow banks to gamble with working families’ opportunities to obtain a piece of the American Dream. You should be afforded more safeguards, not fewer.
This bill rolls back consumer protections against discrimination. One provision would allow 85% of banks to avoid reporting on the demographics of their mortgage customers. Demographic reporting provides a key tool to ensure that banks aren’t disfavoring certain groups. Unfortunately, many of our fellow Delawareans have suffered from biased lending when these safeguards aren’t in place. For example, in 2010 the federal government sued Wilmington Finance Inc. for charging higher fees on loans to African American borrowers. The case required the firm to pay $6.1 million to the victims.
Yet another section in the bill allows smaller banks to gamble with a portion of depositor funds, instead of using this money to make loans to homebuyers and businesses.
This bill isn’t an academic exercise. It has already cleared the Senate Banking, Housing, and Urban Affairs Committee and heads to the Senate floor as early as the end of the month. If President Trump signs the “Economic Growth, Regulatory Relief, and Consumer Protection Act”, it would be the first major roll back of Wall Street safeguards since the 2008 financial market crash.
Your signature could be the difference in preventing future financial crisis, not just in the First State, but the entirety of the United States. Sign the petition to ask Senator Carper to protect Dodd-Frank.
Senator Tom Carper
From: [Your Name]
Dear Senator Carper,
The Economic Growth, Regulatory Relief, and Consumer Protection Act is not a good deal for Delawareans. If enacted into law, this bill will roll back critical safeguards designed to prevent another financial crisis.
Dodd-Frank was passed in response to the 2008 financial crisis, which cost thousands of Delaware residents their homes, their jobs and their savings. Unemployment in Delaware doubled from 2008 to 2009. President Obama went on to sign Dodd-Frank into law and stands among the most important legislative accomplishments in decades.
We encourage you to join your fellow Democrats, including senators Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), and Kamala Harris (D-Calif.), and oppose this bill.