Banking Industry Wins; Working and Retired Americans Lose

2018-05-23T12:57:16+00:00May 23rd, 2018|Latest News, News Releases|

News Release

“The majority in the House of Representatives just betrayed working Americans by passing reckless banking legislation known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155).  The only accurate part of the title is “regulatory relief,” in that it rolls back crucial regulations on the banking industry enacted after the 2008 financial crisis.  American workers lost trillions of dollars in retirement savings in the wake of the ’08 financial meltdown.  This bill makes another financial crisis more likely. How fair is it to ask workers to be responsible and save when the government strips away protections intended to keep our savings secure?

Of course, there is one thing that Americans count on for basic financial security in retirement:  Social Security. But the same fiscal conservatives in a hurry to deregulate banking are still gunning for Social Security under the guise of “entitlement reform.”  Seniors and their advocates can’t let that happen. Retirees’ Social Security benefits must be preserved because, at least for now, they are the only thing workers can depend on after the next financial crash.” – Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare.

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The National Committee, a nonprofit, nonpartisan organization acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the Board of Directors and professional staff.  The work of the National Committee is directed toward developing better-informed citizens and voters.

Media Inquiries to:

Pamela Causey  202-216-8378

Walter Gottlieb 202-216-8414