Discussion · House of Representatives
Maxine Waters Democrat
“I oppose this bill. Supporters say it helps small community banks, but it actually helps giant banks avoid government oversight.”
“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, proponents say this bill is just for community banks, but here we have another example of the Big Banks sneaking in their rollbacks. I have four postings from the Bank Policy Institute, which represents all of the largest banks, like Wells Fargo. These postings advocate for indexing regulatory thresholds to nominal GDP instead of inflation. Why? It allows more and more banks to escape regulatory scrutiny. This bill will give Trump’s regulators--and only Trump’s regulators-- the opportunity to index 40 different thresholds to let large banks off the hook. Wall Street is making record profits while they are helping them. Mr. Speaker, for those of us who really care about community banks, we want to keep them because they service their communities in a more profound way. Again, I will repeat: They know and understand when you have a problem, you can call a big bank and you will find nobody. You will go through different menus that they have, but you will not be able to walk into the bank and talk to somebody sitting at a desk who will help you with your problem. Do I have to say more? Mr. Speaker, I reserve the balance of my time.”
Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, proponents say this bill is just for community banks, but here we have another example of the Big Banks sneaking in their rollbacks. I have four postings from the Bank Policy Institute, which represents all of the largest banks, like Wells Fargo. These postings advocate for indexing regulatory thresholds to nominal GDP instead of inflation. Why? It allows more and more banks to escape regulatory scrutiny. This bill will give Trump’s regulators--and only Trump’s regulators-- the opportunity to index 40 different thresholds to let large banks off the hook. Wall Street is making record profits while they are helping them. Mr. Speaker, for those of us who really care about community banks, we want to keep them because they service their communities in a more profound way. Again, I will repeat: They know and understand when you have a problem, you can call a big bank and you will find nobody. You will go through different menus that they have, but you will not be able to walk into the bank and talk to somebody sitting at a desk who will help you with your problem. Do I have to say more? Mr. Speaker, I reserve the balance of my time.