Pascrell Opposes Republican Attempt to Gut Dodd-Frank Banking Protections

WASHINGTON, DC – Today, Representative Bill Pascrell, Jr. (D-NJ-09) voted against S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which would erode protections enacted by the Dodd-Frank Act passed in the wake of the 2008 economic collapse.

“Consideration of this legislation represents the culmination of Republicans’ years-long war on Wall Street standards of any stripe. This morning, the FDIC reported that banks reaped $56 billion in profits in the first three months of this year. Yet with today’s bill, the GOP prioritizes looking out for the most profitable banks and the most privileged. This follows their pushing through a massive tax cut for the wealthy that already benefited the biggest banks to the tune of $3.6 billion in just the first quarter of 2018.

“This misguided legislation will dilute transparency in mortgage lending, shred anti-discrimination standards, and actively invite the abusive lending practices that devastated millions before 2008. Taken together, it will empower the same people who brought us the Great Recession and put America right back on the road to another bank-spurred economic meltdown. I would welcome true efforts to support the work of our community banks and credit unions. But this legislation goes too far, eviscerating important reforms put in place by Dodd-Frank.”

WASHINGTON, DC – Today, Representative Bill Pascrell, Jr. (D-NJ-09) voted against S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which would erode protections enacted by the Dodd-Frank Act passed in the wake of the 2008 economic collapse.

“Consideration of this legislation represents the culmination of Republicans’ years-long war on Wall Street standards of any stripe. This morning, the FDIC reported that banks reaped $56 billion in profits in the first three months of this year. Yet with today’s bill, the GOP prioritizes looking out for the most profitable banks and the most privileged. This follows their pushing through a massive tax cut for the wealthy that already benefited the biggest banks to the tune of $3.6 billion in just the first quarter of 2018.

“This misguided legislation will dilute transparency in mortgage lending, shred anti-discrimination standards, and actively invite the abusive lending practices that devastated millions before 2008. Taken together, it will empower the same people who brought us the Great Recession and put America right back on the road to another bank-spurred economic meltdown. I would welcome true efforts to support the work of our community banks and credit unions. But this legislation goes too far, eviscerating important reforms put in place by Dodd-Frank.”

Posted May 22 2018 at 3:47 PM Permanent Link

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