Date: October 19, 2020

Subject: Repealing Conservative Reforms in the Banking Industry Implemented by the Trump Administration

Description: This resolution, sponsored by Rep. Waters (D-CA), would invoke the Congressional Review Act to repeal conservative reforms to the Community Reinvestment Act implemented by the Trump administration. The Congressional Review Act properly allows Congress to repeal rules and regulations of the executive branch. However, the Community Reinvestment Act is a tool for extortion against bankers by preventing banks from expanding or merging unless they pay off various radical left activists through certain banking decisions mandated by government. The reforms made by the Trump administration provided greater regulatory clarity and certainty, and ultimately helped make it easier for banks to comply with the Community Reinvestment Act. ACU supported the Trump administration's efforts to reduce regulatory barriers, thus lowering lending costs and expanding investment and opposed this resolution. Senator Harris (D-CA), the Democratic vice-presidential nominee, was absent but recorded as opposing the ACU position due to her public statements.

Result: Motion to Proceed Rejected, 43-48

Democrat: 41 Yeas, 0 Nays, 4 Not voting
Republican: 1 Yeas, 48 Nays, 4 Not voting
Independent: 2 Yeas, 0 Nays, 0 Not voting

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