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Banks, making record piles of cash, plead for regulatory relief

Source: David Lazarus, L.A.Times (Paid Registration)

After voting to radically overhaul the U.S. healthcare system, House Republicans will vote in coming weeks on rolling back financial reforms put in place to prevent big banks from once again driving the world to the brink of global catastrophe.  The banking industry couldn’t be more pleased.

“Banks need regulatory relief like a bald man needs a comb,” said Linda Sherry, a spokeswoman for the advocacy group Consumer Action.

Here are the facts:

  • U.S. banks reported record annual profit of $171.3 billion last year, up 5% from a year before, according to the Federal Deposit Insurance Corp. Only 4.2% of the nation’s almost 6,000 banks lost money in 2016 — the lowest percentage since 1995.


Read Full Article: Banks, making record piles of cash, plead for regulatory relief


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