Wasserman Schultz on Republican Passage of Dodd-Frank Rollbacks

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Washington, DC, June 8, 2017 | comments
Congress has a principal duty to protect consumers and investors, and guard against another financial collapse. The misleadingly-named Financial Choice Act that Republicans passed today flagrantly abandons those basic responsibilities. It guts the Dodd-Frank safeguards that Democrats passed in response to the worst economic meltdown since the Great Depression, financial protections which we know have worked for nearly a decade. Tellingly, America has not faced a similar economic crisis since, and the Consumer Financial Protection Bureau that was created as a result, has returned billions of dollars to tens of millions of Americans.
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 U.S. Rep. Debbie Wasserman Schultz (FL-23) issued the following statement after House Republicans voted today to weaken or repeal key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

“Congress has a principal duty to protect consumers and investors, and guard against another financial collapse.  The misleadingly-named Financial CHOICE Act that Republicans passed today flagrantly abandons those basic responsibilities. It guts the Dodd-Frank safeguards that Democrats passed in response to the worst economic meltdown since the Great Depression, financial protections which we know have worked for nearly a decade. Tellingly, America has not faced a similar economic crisis since, and the Consumer Financial Protection Bureau that was created as a result, has returned billions of dollars to tens of millions of Americans.

Now is not the time to adopt Donald Trump’s dodgy Wall Street de-regulation schemes. Main Street simply cannot afford them. Most families work two jobs just to keep their heads above water, all while struggling to balance family duties. They don’t have time to read all of life’s fine print. For Republicans to weaken America’s financial self-defense systems, and re-open the door to Wall Street abuses, is an unforgivable betrayal. Families and investors deserve a fair marketplace to operate in. The last thing Congress should do is revive the tools of financial abuse that stole trillions in wealth from hardworking Americans, and nearly destroyed our economy.”

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Contact: David.Damron@mail.house.gov or 202-906-0542

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