Chairman Crowley on Republican Passage of Legislation to Dismantle Wall Street Reform
(Washington, DC) - House Democratic Caucus Chairman Joe Crowley (D-NY) issued the following statement after House Republicans voted to pass their CHOICE Act, legislation that would repeal critical consumer protections included in the seminal Dodd-Frank Act and put the U.S. economy at risk in order to give Wall Street an unfair advantage:
“Congressional Republicans and President Trump have once again prioritizedWall Street and the wealthiest few over hardworking Americans and their families. After the financial crisis devastated our economy, Democrats enacted the Dodd-Frank Act, which included tough new laws for the financial services industry, strengthened federal regulations, and prohibited future taxpayer-funded bailouts of Wall Street.
“Today, with one vote, House Republicans have wiped away a decade’s worth of progress and, in their wake, left behind middle-class families.
“There’s no doubt more work is needed to bolster our economy and expand opportunities for hardworking Americans, but Republicans have yet to offer such a vision. Instead, they have embraced a bill that will put America at risk of another recession. The Republican majority needs to stop advancing policies that favor Wall Street and big banks and, instead, join Democrats in working on policies that will lift up all Americans.”