What: All Issues : Government Checks on Corporate Power : Banks/Credit Card Companies : H.R. 1375. Financial Services Regulation/Vote on a Non-Binding Resolution Which Would Express the Sense of the Congress that Bank Merger Applications Should Assess the Impact of the Merger on the Communities Involved. (2004 house Roll Call 67)
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H.R. 1375. Financial Services Regulation/Vote on a Non-Binding Resolution Which Would Express the Sense of the Congress that Bank Merger Applications Should Assess the Impact of the Merger on the Communities Involved.
house Roll Call 67     Mar 18, 2004
Progressive Position:
Yea
Progressive Result:
Loss

Recent years have witnessed an acceleration of mergers and acquisitions in the banking industry. As a result, small town community banks are increasingly becoming a thing of the past. During debate on a non-controversial piece of legislation to loosen some regulations on banks and credit unions, Congresswoman Jackson-Lee (D-TX) proposed a non-binding amendment which would have expressed the "sense of the Congress" that merger applications between and among banks take into consideration the potential impact of the merger on their customers' ability to secure financing for homes, cars, businesses, and other financial pursuits. Progressives voted in favor of Jackson-Lee's amendment as a way to register their concern that bank mergers-while often beneficial to banks and their shareholders-can adversely impact the ability of customers to secure a loan. Conservatives opposed Jackson-Lee's proposal and argued that current law already required financial regulators to examine the impact of bank mergers on the communities involved. Jackson-Lee's non-binding amendment was rejected on a vote of 194-225.

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