Rep. Gabbard: Vote Against Bill Rolling Back Financial Regulations
Congresswoman Tulsi Gabbard (HI-02) spoke on the House floor today, urging Congress to vote against the Financial CHOICE Act of 2017 (H.R.10), a bill that would roll back financial regulations put in place after the 2008 financial crisis.
The legislation would erode regulations for financial institutions by eliminating oversight of the Consumer Financial Protection Bureau, permit big banks to hold less capital to absorb financial losses, and ease protections against credit lenders issuing risky and predatory loans to hardworking Americans.
Rep. Gabbard has long-supported real financial reform, including a reinstatement of the Glass-Steagall Act, breaking up the big banks and increasing capital requirements for the nation’s largest banks. She has co-sponsored legislation like the Return to Prudent Banking Act, which would reinstate provisions of the Glass-Steagall Act to keep investment banking separate from commercial banking, as well as prevent the largest banks from engaging in speculative trading.
“Rolling back financial regulations that are in place to protect the American people will put our citizens and country’s economic security at risk, yet the Financial CHOICE Act being considered today by Congress does just that,” Rep. Tulsi Gabbard said. “This bill erodes protections against dishonest, big banking practices that rob people of their hard-earned salaries and repeals the Volcker Rule, dismantles the Consumer Financial Protection Bureau, strips regulations to protect the American people’s savings, and lets big banks maintain less capital to help absorb catastrophic losses in the future. These deregulations make the American taxpayer responsible for bailing out the big banks once again.
“We don’t need to remind American families about the pain and suffering caused by the Great Recession,” Rep. Tulsi Gabbard continued. “In Hawai‘i, from 2008 to 2010, the unemployment rate more than doubled and 11 million people lost their homes across America. Despite regulations introduced to reign in the financial industry, the big banks are even bigger and more powerful than before the Great Recession. I urge my colleagues to reject this dangerous bill and pass the Return to Prudent Banking Act (H.R.790) which would reinstate a 21st century Glass-Steagall Act.”