06.08.17

Rep. Barbara Lee: Republicans Voted to Rig Economy for the Wealthy

Washington, D.C. – Today, Congresswoman Lee released the following statement after Republicans in Congress passed H.R. 10, the Financial “CHOICE” Act, repealing financial protections for families and consumers:

“Our nation is rooted in the belief that those who work hard should be able to find a good-paying job, purchase a home, and comfortably raise a family. No event in recent history has put this vision in greater jeopardy than the Great Recession. Millions of innocent Americans paid the price for Wall Street greed with their homes and their livelihoods.

“In the wake of this global crisis, Congress took serious steps to prevent big banks from gambling with Americans’ economic security. Over the last seven years, these reforms have put money back in the pockets of consumers, stabilized the markets, and prevented Wall Street from returning to their reckless behaviors.

“The Republicans who voted today to put big banks back in charge of our economy should be ashamed. This is a bold-faced attempt to rig the economy for the wealthy and well-connected. This bill would make it nearly impossible for the Consumer Bureau to do its job – namely, obtaining millions of dollars in relief for cheated consumers. Undermining the Consumer Bureau would restrict the government’s ability to combat predatory financial behavior, which disproportionately affects communities of color. And it would put our entire economy at risk by undoing rules to make banks safer.

“I urge the Senate to reject this dangerous bill and remember their obligations to the American people. We need strong protections that ensure a stable and safe economy for working families.”

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