Sen. Joe Manchin (D-West Virginia) suddenly isn’t so sure whether it’s such a great idea to repeal bank regulations. On Tuesday, Manchin reportedly said that in the wake of the failure of Silicon Valley Bank, he wouldn’t vote again on the sweeping bill that got rid of Dodd-Frank regulations implemented after the Great Recession to prevent major bank failures and corruption — marking a reversal… Source Source / Read More: Manchin Now Says Bank Deregulation Isn’t Great Despite “Yes” Vote on 2018 Repeal
Banks
Wall Street Lobbyists Admit Big Banks Don’t Plan to Honor Their Climate Pledges
A trade association that lobbies on behalf of the largest banks in the United States told regulators that their members’ pledges to reduce investments in carbon-emitting industries are “aspirational,” implying that they shouldn’t be taken seriously by authorities. The Bank Policy Institute made the remarks in public comments on guidelines proposed earlier this year by federal bank regulators, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), on climate-related risk management. Specifically, the lobbying group rejected the notion floated by the agencies that regulations should ensure banks’ greenhouse gas commitments to the public…