Rep. Maloney Condemns Financial Services Committee Republicans’ Passage of Financial CHOICE Act
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (NY-12), Ranking Member on the House Financial Services Subcommittee on Capital Markets, Securities, and Investment, condemned Republican’s passage of the Financial CHOICE Act out of Committee today. The bill, should it become law, will repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act and roll back the important protections put in place after the financial crisis.
“I am deeply disappointed that against the recommendations of consumer rights’ groups and those in the financial services industry, my Republican colleagues, without the support of a single Democrat, passed a bill that will roll back important protections put in place after the financial crisis and take us back to the regulatory Stone Age.
“I do not understand the desire to go back 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. Congress passed the Dodd-Frank Act in 2010 to stabilize our financial markets and protect our consumers against abusive practices. The Financial CHOICE Act will reverse this progress and take our country back to a time of shady consumer lending practices and large government bailouts for financial institutions.
“I am hopeful this ‘new’ CHOICE Act has the same fate as old one and ends up nowhere near the President’s desk.”