Rep. Meeks Introduces Bill Requiring Wall Street Disclosures of Bonds Relating to Police Brutality
New York – Today Congressman Gregory W. Meeks introduced legislation that would require Wall Street firms to disclose whether they have profited from underwriting bonds that are used to cover the costs of police brutality or civil rights violations by law enforcement. The Disclose Police Brutality Bonds Act of 2020 would also mandate disclosures as to whether financial institutions have partnered with minority and women owned businesses in underwriting these bonds.
“This crucial legislation will bring transparency to abuses of power by law enforcement and help black and brown owned businesses enter the municipal bond space. By shining a light on the police brutality bond market, we can bring about positive change both in law enforcement and the financial services sector,” said Congressman Gregory W. Meeks, who chairs the House Financial Services Subcommittee on Consumer Protection and Financial Institutions.
The bill has already been cosponsored by Congresswoman Nydia M. Velazquez, Congresswoman Carolyn Maloney, Congressman Al Green, Congressman David Scott, and Congressman Juan Vargas.