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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.
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?
Thank you for taking action,
Robert and the team at Demand Progress
Sources:
1. Washington Post, "Big banks want regulation eased because of coronavirus. Experts call it opportunistic," March 3, 2020.
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