“Surely, the big banks aren’t craven enough to use COVID-19 as an excuse to lobby for long-sought regulatory rollbacks, right? Wrong!”
By for Common Dreams. Published 3-3-2020
The Bank Policy Institute, a lobbying group for big banks, drew criticism for a policy memo suggesting financial deregulation as a response to the coronavirus outbreak. (Photo: Phillipp/Flickr/cc)
A lobbying group for big banks in the United States came under fire Tuesday from financial industry experts for pressuring federal officials to push through long-sought regulatory rollbacks in response to the worldwide economic concerns sparked by the global coronavirus outbreak.
On Sunday, Bank Policy Institute (BPI) chief executive Greg Baer, head of research Francisco Covas, and chief economist Bill Nelson published a post on the group’s website entitled “Actions the Fed Could Take in Response to COVID-19.” The BPI is a lobbying group whose members include Bank of America, Citigroup JPMorgan Chase, and Wells Fargo. Continue reading
