New Banking Deregulation Could Lead to More Lending Discrimination

Today we bring you a conversation with Alexis Goldstein, a senior policy analyst at Americans for Financial Reform, which is a coalition of about 200 organizations that fight for a safer and a fair economy. Goldstein discusses recent bipartisan bank deregulations, what defanging the Volcker Rule would mean, and why the US hasn’t moved on from the 2008 global financial crisis.

Sarah Jaffe: I wanted to start off by having you give us an overall picture of what the Trump administration, with the help of Congress and various other allies, has done in terms of bank deregulation.

Alexis Goldstein: It is basically déjà vu all over again, is the short answer. It is like it is the 1990s and it is full speed ahead on ripping up all of the rules that we put in place after the last financial crisis.

There are a few different things that are going on. One thing that is happening is in the consumer space. One of the best things that came out of the last crisis was the creation of this consumer bureau that was the brainchild of Elizabeth Warren, the Consumer Financial Protection Bureau. It was one of the few places that was actually looking out for the little guy….

The other thing that they did is they sued companies and tried to get back money that financial companies had stolen from people. They got back billions of dollars to millions of Americans. Trump installed this guy, Mick Mulvaney, who is this Tea Party guy who…

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