GOP Blocks Warren Amendment to Crack Down on Offshoring and Passes Financial Deregulation Bill

This week, the U.S. Senate passed a bill to roll back protections that were put in place to prevent another financial crisis. The bill is the latest in a string of rewards for the banking industry delivered by this Congress. To make matters worse, Republicans blocked the inclusion of an amendment from Senator Elizabeth Warren (D-MA) that would have cracked down on the growing trend of big banks sending jobs overseas.

Last week, CWA released a report detailing numerous examples of how major banks have been laying off American workers while ramping up operations overseas in low-wage countries. Despite the financial windfall the banking industry is set to gain as a result of the Republican tax bill, there is no movement from the big banks to return jobs from overseas. In fact, analysts believe that the GOP tax bill actually will encourage the additional offshoring of American jobs.