From the letter:

We strongly believe many of the reforms being considered today will harm consumers and the financial markets. These misguided approaches will place every American taxpayer at risk by increasing the likelihood that our nation’s economy may suffer yet another financial crisis.

There are two proposals that are especially concerning. The first increases the asset thresholds at which financial institutions become subject to regulatory oversight. There are more than 4,000 banks in the United States, and this legislative draft would exempt all but 50 from having to comply with regulations and oversight from the Consumer Financial Protection Bureau (CFPB). This logic is akin to exempting all airlines other than American and Delta from the supervision and regulations that ensure planes are safe to fly.


Along those same lines, we are concerned with another legislative proposal that seeks to make the Federal Reserve subject to appropriations. This is yet another effort to inject partisanship into the basic governance and enforcement of our banking laws.