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To: Federal Reserve
Stop Wall Street from using the coronavirus to weaken regulations
Don't let the big banks use the coronavirus to weaken strong rules designed to prevent a financial crisis. We have just seen a major stock market decline and a recession may be on the horizon. This is precisely the time to keep strong capital requirements and stress tests -- and the worst time to relax them. Tell the big banks "no" and reject their effort to weaken these critical protections against another financial crisis.
Why is this important?
The big banks are trying to use the coronavirus as an excuse to evade the regulations established after the 2008 crash to protect us from their reckless behavior.
Wall Street banks like Wells Fargo, JP Morgan Chase, and Citigroup wrote to the Federal Reserve asking to get out of "stress tests" and capital requirements designed to ensure the banks won't fail in the event of a financial crisis.
The stunning decline in the stock market and the impact of the coronavirus could create another financial crisis. Wall Street never wanted these rules. They fought hard to oppose their passage in 2009 and have worked hard to undermine them at every opportunity. Can you send a message and put a stop to this?
Wall Street banks like Wells Fargo, JP Morgan Chase, and Citigroup wrote to the Federal Reserve asking to get out of "stress tests" and capital requirements designed to ensure the banks won't fail in the event of a financial crisis.
The stunning decline in the stock market and the impact of the coronavirus could create another financial crisis. Wall Street never wanted these rules. They fought hard to oppose their passage in 2009 and have worked hard to undermine them at every opportunity. Can you send a message and put a stop to this?