Hi,

We're appalled: The big banks are trying to use the coronavirus as an
excuse to evade the regulations established after the 2008 crash to
protect us from their reckless behavior.^1

Wall Street banks like Wells Fargo, JP Morgan Chase, and Citigroup are
trying to get out of "stress tests" designed to ensure the banks won't
fail in the event of a financial crisis.

The stunning decline in the stock market and the impact of the coronavirus
could create another financial crisis. Stress tests are crucial in moments
like this -- and the big banks want to get out of them. We have to stop
them.

[ [link removed] ]Sign the petition and tell the Federal Reserve: Don't give into Wall
Street and don't weaken regulations designed to stop another crash!

The big banks also want to weaken capital requirements, which ensure that
they have enough funding on hand in order to absorb the kind of losses we
have seen in the financial markets today.

When banks don't have enough capital, they can fail in a crisis and take
the entire economy down with them. Capital requirements help prevent that.
Stress tests help prove the banks are sound -- and require them to take
corrective action if they're not.

Wall Street never wanted these rules. They fought hard to oppose their
passage and have worked hard to undermine them at every opportunity.

Now they are trying to use the coronavirus as a justification for
weakening these critical protections - at a time when we need them the
most. Can you send a message and put a stop to this?

[ [link removed] ]Add your name and tell the Federal Reserve to resist Wall Street's
pressure on crucial banking regulations.

Thank you for taking action,

Robert and the team at Demand Progress

 

[ [link removed] ]DONATE

 

Sources:
1. Washington Post, "Big banks want regulation eased because of
coronavirus. Experts call it opportunistic," [ [link removed] ]March 3, 2020.
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