Bank Deregulation Bill Keeps Getting Worse

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

The banking deregulation bill wending its way through Congress just keeps getting worse and worse:

The bipartisan Senate bill includes requirements that Equifax and the other credit reporting companies allow people to freeze and unfreeze their files for free and provide free credit monitoring for active-duty members of the military….But as the bill nears final approval in the Senate this week, its main sponsor, Sen. Mike Crapo (R-Idaho), has proposed an amendment with provisions that would…prohibit active duty military from suing credit-reporting companies regarding any problems with the free credit monitoring.

Credit reporting companies are arrogant and careless beyond belief, and no one is willing to hold them to account. If there were even a smidgen of justice in the world, they’d be required to offer free, simple, universal credit freezes for everyone and free credit monitoring for everyone and they’d be statutorily responsible for any damages due to identity theft. Plus we’d have a law encouraging people to sue their asses off just for the hell of it. They deserve it. Instead we get this.

Meanwhile, our erstwhile Democratic standard bearer is pretending to oppose a provision that limits the number of banks who have to provide information designed to reduce lending discrimination against minorities:

In a final indignity, Sen. Tim Kaine, D-Va., has offered an amendment essentially striking a controversial provision from bipartisan bank deregulation bill S.2155 that would limit tools prosecutors use to detect mortgage lending discrimination, while acknowledging that the amendment probably wouldn’t get a vote — and wouldn’t be necessary for his ultimate support.

He knows this is going nowhere and he isn’t threatening to pull his support over it. So it’s pointless except as a hollow gesture meant to show what a good guy he is. Blecch.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate