By Carma Henry

Rep. Maxine Waters (D-Calif.) speak from the podium about The Megabank Accountability and Consequences Act. Waters is flanked by (from left-right) Reps. Keith Ellison (D-Minn.); Marcy Kaptur (D-Ohio), Pramila Jayapal (D-Wash.); Al Green (D-Texas), and John Sarbanes (D-Md.).                     (Freddie Allen/AMG/NNPA)

Rep. Maxine Waters (D-Calif.) speak from the podium about The Megabank Accountability and Consequences Act. Waters is flanked by (from left-right) Reps. Keith Ellison (D-Minn.); Marcy Kaptur (D-Ohio), Pramila Jayapal (D-Wash.); Al Green (D-Texas), and John Sarbanes (D-Md.). (Freddie Allen/AMG/NNPA)

Rep. Maxine Waters seeks to protect consumers with “Megabank” Bill

By Freddie Allen (Editor-In-Chief, NNPA Newswire)

In an effort to rein in financial institutions that have track records for harming consumers, Rep. Maxine Waters (D-Calif.) recently unveiled The Megabank Accountability and Consequences Act (H.R. 3937).

The new bill would require, “prudential banking regulators, such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board, to fully utilize their authorities to shut down mega-banks that repeatedly harm consumers.”

The original co-sponsors of the Megabank Accountability and Consequences Act are: Representatives Michael Capuano (D-Mass.), Al Green (D-Texas), Keith Ellison (D-Minn.), Marcy Kaptur (D-Ohio), John Sarbanes (D-Md.), Pramila Jayapal (D-Wash.), and Jamie Raskin (D-Md).

During a press conference to announce the bill, Waters called a report that detailed Wells Far-go’s egregious consumer abuses, “truly eye-opening.”

The report not only described how Wells Fargo defrauded mil-lions of consumers by opening fake credit card and deposit accounts …read more

Source:: The Westside Gazette