Big Bank Profits Shoot Up 8.7% Despite GOP Claims of Overregulation

Washington D.C. (May 29th, 2019) — In response to reports that U.S. bank profits increased by nearly $5 billion last quarter — an 8.7 percent jump compared to the first quarter of 2018 — Allied Progress spokesman Jeremy Funk released the following:

“We’ve been led to believe by the Trump administration and Congressional Republicans that regulators have their boot on the neck of the banking industry and it’s impeding success. The latest earnings report once again shows those claims to be ridiculous. It shows how irresponsible it is for the administration and its enablers in Congress to continue to push literally hundreds of proposals for weakening or scrapping financial regulations that are designed to prevent another meltdown on Wall Street.”

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