Read

User menu

Search form

Proposed "Accountability Act" Gives Power to Fed to Shut Down Megabanks

Proposed "Accountability Act" Gives Power to Fed to Shut Down Megabanks
Mon, 10/9/2017 - by Kelsey Ramírez
This article originally appeared on Housingwire

After a year full of discovering multiple scandals at Wells Fargo, starting with the fake account scandal, several Representatives came together to introduce a bill that would give the federal government more control over megabanks.

Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.

Waters, an outspoken critic against Wells Fargo in recent months, explained the bill would give the Fed the ability to shut down any megabank that repeatedly harms consumers. The Consumer Financial Protection Bureau and other federal banking regulators would examine banks and report on their practices.

“There are people who have literally concluded that these megabanks are above the law,” Ranking Member of the Subcommittee on Oversight and Investigations Al Green, D-Texas, said.

Under the new bill, these bureaus would also have the authority to shut a bank down, break them up, take out a part of the bank or other solutions, Waters explained.

She answered that, under her bill, Wells Fargo would “absolutely qualify” to be shut down.

“As long as we believe that shutting down a bank is dangers to our economy because of the services they provide, we will never move,” she said. “We cannot be held hostage.”

She said that banks would have the opportunity to contest claims they feel are unfair, but that ultimately, the regulators would be responsible before Congress.

“Regulators would be accountable to Congress and the American people that the megabanks are doing what they are supposed to do – serving their customers, and not ripping them off,” Waters said. “It is time we hold megabanks that have a pattern of harming consumers accountable.”

A 38-page Democratic Staff Report, released by Waters last week and prepared by the Democratic staff of the House Committee on Financial Services, claimed regulators, such as the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, failed to use their most severe tools to shut down repeat offender megabanks or otherwise hold their executives accountable.

Originally published by Housingwire

3 WAYS TO SHOW YOUR SUPPORT

ONE-TIME DONATION

Just use the simple form below to make a single direct donation.

DONATE NOW

MONTHLY DONATION

Be a sustaining sponsor. Give a reacurring monthly donation at any level.

GET SOME MERCH!

Now you can wear your support too! From T-Shirts to tote bags.

SHOP TODAY

Sign Up

Article Tabs

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

The Florida governor’s humiliating loss has a dark undertone: Most Republicans, and many independents, apparently have a craving for the unchecked lawless vengeance that Trump has promised if he wins a second term.

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

The Florida governor’s humiliating loss has a dark undertone: Most Republicans, and many independents, apparently have a craving for the unchecked lawless vengeance that Trump has promised if he wins a second term.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Posted 3 weeks 2 days ago

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

Posted 1 month 2 weeks ago
Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Posted 1 month 1 week ago

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Posted 1 week 1 day ago

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.