June 17, 2021
Rep. Pressley Re-Introduces Sweeping Legislation to Hold Big Banks Accountable
WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), a member of the House Financial Services Committee, re-introduced H.R. 3948, The Greater Supervision in Banking Act, her sweeping 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, the banks hold nearly half of all domestic banking assets.
Rep. Pressley discussed the legislation earlier this month at a House Financial Services Committee hearing, where she questioned Bank of America CEO Brian Moynihan about the need for banks to publicly disclose information that is critical to consumers and Congressional oversight.
“For too long, the federal government has allowed the nation’s biggest banks, which pose systemic risks to our economy, to rack up billions in fines for illegal practices while avoiding any meaningful accountability – that must change,” said Rep. Pressley. “Our bill would strengthen oversight and help consumers make informed financial decisions by requiring these banks to disclose their approach to protecting consumer data, cases of misconduct, environmental harm, and other risk factors. It’s time to pass this bill.”
The Greater Supervision in Banking Act strengthens Congressional oversight of the country’s largest banks in order to protect consumers and prevent deceptive behavior from financial institutions. Specifically, the bill requires the banks to submit an annual a public report including, among other things, information about their size and complexity, market activity, employee wages, diversity, climate risk and environmental harms, misconduct, use of forced arbitration, cybersecurity measures, and any enforcement or regulatory actions taken against them over the past year.
The legislation is endorsed by Americans for Financial Reform, Public Citizen, National Community Reinvestment Coalition, American Economic Liberties Project, Fight Corporate Monopolies, California Reinvestment Coalition, Action Center on Race and the Economy, Sierra Club, Center for American Progress, and Fair Finance Watch.
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 2019, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade. She has also introduced the Payment Modernization Act – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process.
# # #