June 24, 2021
Pressley Bill to Hold Big Banks Accountable Passes House Financial Services Committee
WASHINGTON – Today, the House Financial Services Committee passed the Greater Supervision in Banking Act, sweeping legislation championed by Congresswoman Ayanna Pressley (MA-07) that would 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.
Pressley discussed the legislation today during a committee markup. Full video of her remarks is available here.
Last month, 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. Full video of her question line is available here.
“With millions of people nationwide still recovering from the economic hardship of this pandemic, we can’t allow our biggest banks to continue making decisions behind closed doors that have significant impacts on consumers, their employees, and workers across the country,” said Rep. Pressley. “Sunlight is the greatest disinfectant, and we must have more transparency and oversight of these institutions now more than ever. My bill would help us do just that, and I’m glad that it is one step closer to becoming law.”
The Greater Supervision in Banking Act, which Rep. Pressley re-introduced in the 117th Congress last week, 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.
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.
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