Banks and financial institutions dramatically increased their political spending as Congress debated, and then passed, legislation last year that rolled back several key industry regulations.
The Capitol is seen April 19 in Washington. By Jeff Stein Jeff Stein Economic policy reporter Email Bio Follow April 30 at 8:00 AM Wall Street banks and other parts of the financial sector spent close to $2 billion on lobbying and campaign contributions in the 2018 election cycle, a 36 percent jump from the last non-presidential campaign year, according to a new report released Tuesday.
“The impact of all this money — again and again and again — is that it shapes the playing field. Wall Street and the financial industry get to shape the rules in ways that harm everyday people,” said Lisa Donner, the head of Americans for Financial Reform. “It has a fundamental impact on the way our economy works.”
In March 2018, President Trump signed into law a bill offering a wide range of regulatory relief throughout the banking sector. The legislation, which passed the Senate with the support of 17 members of the Democratic caucus and the overwhelming majority of Republicans, eased regulations for banks with $50 billion to $250 billion in annual assets.
“Tester answered the calls of Montanans to cut red tape on local community banks and credit unions in order to allow them to lend to families and small businesses in rural America," said Sarah Feldman, a spokeswoman for Tester."This bill strengthened consumer protections and did virtually nothing for the largest Wall Street institutions.”
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Sensing a threat they can't ignore, Wall Street banks instead partner with tech giants like AppleAs technology companies move into consumer finance, Wall Street banks face the dilemma of beating them or joining them.
और पढो »
Wall Street banks boycott Brunei-owned hotels after kingdom makes homosexuality punishable by deathJ.P. Morgan and a growing list of banks are banning employees from staying at hotels owned by the Sultan of Brunei while traveling for business.
और पढो »
It’s time to buy tech stocks again, and these 17 are your best betIt's time to buy tech stocks again, and these 17 are your best bet, says Michael Brush
और पढो »
Facebook shares surge as Wall Street analysts rave over earnings: 'What a start to 2019'Wall Street was enamored Thursday morning with Facebook's first-quarter earnings report, with a handful of brokerages lauding its results.
और पढो »
UPS shares slide after earnings and sales missUnited Parcel Service Inc. stock fell 2.8% in Thursday premarket trading after the shipping company reported first-quarter earnings and sales that missed...
और पढो »
Comcast first quarter profit beats Wall Street, misses on revenueComcast Corp reported first-quarter profit on Thursday that beat Wall Street est...
और पढो »
Markets Right Now: Stocks open mostly lower on Wall StreetStocks are opening mostly lower on Wall Street as industrial and health care companies post losses. 3M sank in early trading Thursday after reporting disappointing first quarter results.
और पढो »
AbbVie beats estimates as Humira sales fall less than fearedDrugmaker AbbVie Inc's quarterly revenue beat Wall Street estimates on Thur...
और पढो »
D.R. Horton shares slip as revenue forecast falls short of estimatesD.R. Horton Inc, the biggest U.S. homebuilder, forecast 2019 revenue below Wall ...
और पढो »
Chipotle stock falls after topping Wall Street earnings expectationsChipotle Meixcan Grill Inc. shares fell less than 1% in the extended session Wednesday after the company topped Wall Street estimates. The company reported...
और पढो »