YOU'LL NEVER GUESS HOW BIG BANKS WANT THE FED TO HANDLE THE CORONAVIRUS: MORE WALL STREET DEREGULATION!! "SURELY, THE BIG BANKS AREN'T CRAVEN ENOUGH TO USE COVID-19 AS AN EXCUSE TO LOBBY FOR LONG-SOUGHT REGULATORY ROLLBACKS, RIGHT? WRONG!" | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

  YOU'LL NEVER GUESS HOW BIG BANKS WANT THE FED TO HANDLE THE CORONAVIRUS: MORE WALL STREET DEREGULATION!! "SURELY, THE BIG BANKS AREN'T CRAVEN ENOUGH TO USE COVID-19 AS AN EXCUSE TO LOBBY FOR LONG-SOUGHT REGULATORY ROLLBACKS, RIGHT? WRONG!"

The Bank Policy Institute, a lobbying group for big banks, drew criticism for a policy memo suggesting financial deregulation as a response to the coronavirus outbreak. (Photo: Phillipp/Flickr/cc)

A lobbying group for big banks in the United States came under fire Tuesday from financial industry experts for pressuring federal officials to push through long-sought regulatory rollbacks in response to the worldwide economic concerns sparked by the global coronavirus outbreak.

On Sunday, Bank Policy Institute (BPI) chief executive Greg Baer, head of research Francisco Covas, and chief economist Bill Nelson published a post on the group's website entitled "Actions the Fed Could Take in Response to COVID-19." The BPI is a lobbying group whose members include Bank of America, Citigroup JPMorgan Chase, and Wells Fargo.

While the trio of BPI leaders presented the suggestions as steps that the Federal Reserve could take "to allow banks to continue providing credit to businesses and households and liquidity to financial markets," financial industry experts "lambasted" the big bank group's requests as "opportunistic and unnecessary," according to the Washington Post.

As the Post reported Tuesday:

The recommendations are "transparently opportunistic," said Jeremy Kress, an assistant law professor at the University of Michigan School of Business. For years, the banking industry resisted calls for higher capital requirements that could have been used as a buffer, or a rainy-day fund, during economic turmoil, he said. Those buffers could have been turned off now to give the industry more flexibility to make loans during the current economic uncertainty, Kress said.

Webmaster's Commentary: 

Those people, pushing for this, in terms of attempting to blame Covid-19 for the economic downturn, and want government regulators to "fix" it, by loosening restrictions on banking practices, are being disingenuous in the extreme.

And we have a companion piece, also from blacklistednews.com, with the following headline and commentary: FED: CORONAVIRUS EMERGENCY RATE CUT, 50 BASIS POINTS

The article goes on to state: "The Federal Reserve cut interest rates by 50 basis points in an impromptu meeting on Tuesday as a response to the coronavirus.

The Fed said the “fundamentals of the U.S. economy remain strong” but that the coronavirus “poses evolving risks to economic activity.” The cut, which amounts to a half percentage point, lowered the current target range to between 1% and 1.25%."

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