Kaptur sponsors bill that will shut down megabanks that abuse customers
Washington, D.C. – Congresswoman Marcy Kaptur (OH-09), today joined Ranking Member of the Financial Services Committee, Congresswoman Maxine Waters (CA-43), to introduce the Megabanks Accountability and Consequences Act. The bill empowers the federal banking oversight bodies to wind down megabanks that have engaged in repeated violations of the law and harmed consumers.
“The American people have been asking Congress to step up and rein in abusive megabanks, that thwart our laws in order to make a quick profit on the backs of the American people,” said Kaptur. “I am proud to join Ranking Member Waters and stand up for ordinary people who are fed up with the abuses of these big banks who were complicit in the 2008 economic crisis that ravaged our economy. This bill has real teeth and gives federal banking oversight bodies the ability shut down banks that engage illegal abuse.”
Today, Kaptur joined Waters and several of her colleagues at a press conference to introduce the Megabanks Accountability and Consequences Act. You can watch the press conference here (Kaptur begins around 11:28 minute mark).
Kaptur's remarks at the Megabanks Accountability Act press conference
What does the bill do?
- Requires federal prudential banking regulators to fully utilize existing authorities—such as the ability to shut down a megabank and ban culpable executives and directors from working at another bank – to stop megabanks that clearly and repeatedly engage in practices that harm consumers.
- The bill also clarifies and enhances the enforcement tool kit to ensure that megabanks and their executives will be held accountable for repeatedly breaking the law and harming consumers.
You can read a more detailed summary of the bill here: The Megabank Accountability and Consequences Act - One Pager.pdf
Kaptur is a leader in the House on Wall Street reform and has repeatedly spoken out in favor of reining in big banks after the 2008 financial crisis. Her bipartisan bill to restore Glass-Steagall protection and break up the big banks, the Return to Prudent Banking Act of 2017, has 57 cosponsors.