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Bloomberg: Enough With The Banking Regulations, Already!
By
John Del Signore
Published May 15, 2012
Modified May 15, 2012
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By
John Del Signore
Published May 15, 2012
Modified May 15, 2012
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The City Council is expected to pass a sunshine bill today that would create an advisory committee to oversee banks that do business with the city. The Responsible Banking Act would require such banks to submit detailed records to the NYC Department of Finance Commissioner, showing how they operate citywide, with a special focus on poor neighborhoods. This information would be made public on the Department of Finance website, and city officials could use it to pressure banks to improve services. Naturally, our billionaire mayor hates it.
"You would think, between the federal government and the state government, we’d have enough bank regulations," Bloomberg told the NY Times yesterday. "I don’t know why the City Council thinks that they have the expertise, or can really add anything other than just adding costs to banks to try to comply." Bloomberg has vowed to veto it, and the New York Bankers Association also deems the bill "unacceptable." A spokesman tells the Times, "This would represent a whole new layer of regulation." Aw, sounds like a lot of work!
“This bill will require banks to submit an extraordinary amount of information at a significant cost, not just for the banks but to the city as well,” city Finance Commissioner David Frankel tells the Post. The city deposits money with 31 banks; according to the Times these include JPMorgan Chase, Citibank, Bank of America, Capital One, Deutsche Bank, HSBC and Wells Fargo. Many of those banks have received taxpayer bailouts, and supporters of the bill argue that banks should be required to be better neighbors in exchange for the city's business.
And one banker actually agrees! Keith Pilkington, a spokesman for the mostly union-run Amalgamated Bank tells the Times, "Amalgamated Bank believes that banks, and all other businesses that voluntarily choose to do business with New York City should be businesses that pay their employees living wages with benefits and that are committed to the long-term viability, diversity and vibrancy of New York City." Turn in your three-piece suit and your briefcase, Pilkington.
Tagged
bank regulations
banking
mayor bloomberg
responsible banking act
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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