{"id":6466,"date":"2017-10-14T11:07:59","date_gmt":"2017-10-14T18:07:59","guid":{"rendered":"http:\/\/occupysf.net\/?p=6466"},"modified":"2017-10-14T11:07:59","modified_gmt":"2017-10-14T18:07:59","slug":"proposed-accountability-act-gives-power-fed-shut-megabanks","status":"publish","type":"post","link":"http:\/\/occupysf.net\/index.php\/2017\/10\/14\/proposed-accountability-act-gives-power-fed-shut-megabanks\/","title":{"rendered":"PROPOSED “ACCOUNTABILITY ACT” GIVES POWER TO FED TO SHUT DOWN MEGABANKS"},"content":{"rendered":"

10\/9\/2017 – BY\u00a0<\/span>KELSEY RAM\u00cdREZ<\/a>\u00a0(Occupy.com)<\/p>\n

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THIS ARTICLE ORIGINALLY APPEARED ON\u00a0HOUSINGWIRE<\/span><\/div>\n<\/div>\n
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After a year full of discovering multiple scandals at Wells Fargo, starting with\u00a0the fake account scandal<\/a>, several Representatives came together to introduce a bill that would give the federal government more control over megabanks.<\/p>\n

Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.<\/p>\n

Waters,\u00a0an outspoken critic<\/a>\u00a0against Wells Fargo in recent months, explained the bill would give the Fed the ability to shut down any megabank that repeatedly harms consumers. The Consumer Financial Protection Bureau and other federal banking regulators would examine banks and report on their practices.<\/p>\n

\u201cThere are people who have literally concluded that these megabanks are above the law,\u201d Ranking Member of the Subcommittee on Oversight and Investigations Al Green, D-Texas, said.<\/p>\n

Under the new bill, these bureaus would also have the authority to shut a bank down, break them up, take out a part of the bank or other solutions, Waters explained.<\/p>\n

She answered that, under her bill, Wells Fargo would \u201cabsolutely qualify\u201d to be shut down.<\/p>\n

\u201cAs long as we believe that shutting down a bank is dangers to our economy because of the services they provide, we will never move,\u201d she said. \u201cWe cannot be held hostage.\u201d<\/p>\n

She said that banks would have the opportunity to contest claims they feel are unfair, but that ultimately, the regulators would be responsible before Congress.<\/p>\n

\u201cRegulators would be accountable to Congress and the American people that the megabanks are doing what they are supposed to do \u2013 serving their customers, and not ripping them off,\u201d Waters said. \u201cIt is time we hold megabanks that have a pattern of harming consumers accountable.\u201d<\/p>\n

A 38-page\u00a0Democratic Staff Report<\/a>, released by Waters last week and prepared by the Democratic staff of the House Committee on Financial Services, claimed regulators, such as the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, failed to use their most severe tools to shut down repeat offender megabanks or otherwise hold their executives accountable.<\/p>\n

Originally published by Housingwire<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

10\/9\/2017 – BY\u00a0KELSEY RAM\u00cdREZ\u00a0(Occupy.com) THIS ARTICLE ORIGINALLY APPEARED ON\u00a0HOUSINGWIRE After a year full of discovering multiple scandals at Wells Fargo, starting with\u00a0the fake account scandal, several Representatives came together to introduce a bill that would give the federal government more control over megabanks. Ranking Member of the House Committee on… Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/6466"}],"collection":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=6466"}],"version-history":[{"count":1,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/6466\/revisions"}],"predecessor-version":[{"id":6467,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/6466\/revisions\/6467"}],"wp:attachment":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=6466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=6466"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=6466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}