House Republicans Vote to Remove Consumer Protections & Risk Another Financial Crisis

NOTE:  Minnesota CD3 Representative Erik Paulsen vote to enact this bill.


 

MESSAGE FROM THE DEMOCRATIC WHIP

This week, House Republicans passed the Wrong Choice Act, which would dismantle consumer protections and allow Wall Street to engage in the same kind of risky practices that led to the financial crisis in 2008. The bill would gut the Consumer Financial Protection Bureau, which has returned $12 billion to 29 million Americans who were wronged by financial institutions, as well as eliminate rules of the road to prevent another financial crisis and taxpayer bailouts.

Unfortunately, the Wrong Choice Act is another example of Republicans rolling back protections for workers, consumers, investors, teachers and students, public health, and others – instead of addressing the priorities of the American people. Republicans have had control of both chambers of Congress and the White House for nearly six months, and they have failed to deliver for the American people. Among other failures, they haven’t yet put forward a single jobs bill or an infrastructure bill; they haven’t proposed a budget or started the process to fund the government; and they haven’t introduced comprehensive tax reform.

In the Senate, FBI Director Comey testified before the Intelligence Committee yesterday, and he reiterated that Russia interfered in the election and that they will do it again if we do not get to the bottom of what happened. He was right – this isn’t a partisan issue. We must work together to protect the integrity of our democracy. That is why I continue to call for an independent, bipartisan commission to investigate Russia’s efforts to interfere in the 2016 election and ties between Russia and President Trump’s campaign.  The American people deserve a public investigation and the full truth, and Democrats will continue to urge Republicans to work with us to establish such a commission.

Sincerely yours,