Rep. Maloney on House Passage of the CHOICE Act
“Today, House Republicans, against the recommendations of consumer rights’ groups and those in the financial services industry, and without the support of a single Democrat, passed the Financial CHOICE Act. This shortsighted and misguided bill will roll back key protections Congress put in place after the financial crisis to prevent a repeat of events and will take us back to the regulatory Stone Age.
“I cannot understand wanting to rewind the clock to a time that allowed the last financial crisis, during which 6 million people lost their homes and $5 trillion dollars of middle class wealth was destroyed as millions of Americans saw their pensions and savings evaporate. We passed the Dodd-Frank Act in 2010 to stabilize our financial markets and protect our consumers against abusive practices. The Financial CHOICE Act reverses this progress and allows for shady consumer lending practices and large government bailouts for financial institutions.
“I am hopeful this ‘new’ CHOICE Act has the same fate as the old one and ends up nowhere near the President’s desk.”