Repealing Conservative Reforms in the Banking Industry Implemented by the Trump Administration
2020 - U.S. Senate
Conservatives Oppose
Description
This resolution, sponsored by Rep. Maxine Waters (D-CA, ACUF Lifetime 4%), would invoke the Congressional Review Act to repeal conservative reforms to the Community Reinvestment Act (CRA) implemented by the Trump administration. The Congressional Review Act properly allows Congress to repeal rules and regulations of the executive branch. However, the Community Reinvestment Act is a tool for extortion against bankers by preventing banks from expanding or merging unless they pay off various radical Left activists through certain banking decisions mandated by government. The reforms made by the Trump administration provided greater regulatory clarity and certainty, and ultimately helped make it easier for banks to comply with the Community Reinvestment Act. ACU supported the Trump administration’s efforts to reduce regulatory barriers, thus lowering lending costs and expanding investment and opposed this resolution. The Senate defeated the resolution on October 19, 2020 by a vote of 43-48. (Senator Harris [D-CA, ACUF Lifetime 4%], the Democratic vice-presidential nominee, was absent but recorded as opposing the ACU position due to her public statements.)