October 31, 2019
Rep. Pressley Introduces Legislation to Hold Big Banks Accountable
WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) introduced H.R. 4966, The Greater Supervision in Banking Act – legislation to strengthen Congressional oversight of the 8 U.S.-based Globally Systemically Important Banks (G-SIBs), which includes JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. Collectively, U.S. G-SIBs hold $11.1 trillion in assets – nearly half of all domestic banking assets – and are responsible for $164 billion of the $243 billion bank fines imposed since the 2008 financial crisis.
“Ten years later and banks’ shareholders are reaping record profits while much of the country has yet to recover from the 2008 financial crisis,’” said Congresswoman Pressley. “As working-class families continue to pay the price, the nation’s biggest banks are continuing to rack up billions in fines for illegal practices while avoiding any meaningful accountability. Congress has a duty to hold these systemically important banks and their executives accountable on behalf of the American people.”
The Greater Supervision in Banking Act would:
- Require annual testimony from the GSIB CEOs before the House Financial Services and Senate Banking committees.
- Require the banks to submit an annual public report including, among other things, information about their size & complexity, market activity, employee wages, diversity, and any enforcement or regulatory actions taken against them over the past year.
Congresswoman Pressley, a member of the House Financial Services Committee, has been a vocal advocate for consumer protections and ensuring that the U.S. banking system works for everyday Americans. In April, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade. This summer, she introduced the Payment Modernization Act of 2019 – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process.
To view the bill text, click here.
To view the summary, click here.
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