I’m disappointed that Sen. Mike Lee voted in favor of S. 2155 — another gift to Wall Street that damages the lives of America’s most vulnerable.
Ninety-nine percent of Americans suffer when Washington rolls back Wall Street rules, especially African-Americans and other communities of color. In 2015, the Atlantic reported that the economic downturn caused by the 2008 financial crash will have decreased the wealth of black households by almost $100,000 by 2031. S. 2155 eliminates some of the safeguards designed to combat racism in the home mortgage industry.
The Roybal Institute on Aging also found that the recession harmed retirement-age households headed by racial or ethnic minorities. S. 2155 could lead to another economic calamity, disproportionately harming communities of color and older households.
S. 2155 removes protections that help low-income Americans afford housing. For instance, allowing agents of mobile home makers to steer customers toward unaffordable predatory loans.
Americans should not allow bankers to further damage the lives of already-vulnerable communities. By supporting S. 2155, Lee sent the message that he does not believe Americans’ financial well-being should come before Wall Street profits.
Virginia Lee, Salt Lake City