Rep. Gregory W. Meeks Votes No on Devastating Financial Services Reconciliation Bill

Washington, D.C. – Today, Congressman Gregory W. Meeks (NY-05) issued the following statement after the Financial Services Committee passed a Budget Reconciliation bill that defunds the Consumer Financial Protection Bureau and slashes vital federal services. 

“Today, I voted no on the Budget Reconciliation bill in the Financial Services Committee. This measure makes dramatic funding cuts to the Consumer Financial Protection Bureau (CFPB), eliminates oversight of the auditors that review the books of Trump’s billionaire friends, and ends funding for energy efficient and climate resilient upgrades to America’s housing supply.

“The CFPB is responsible for protecting consumers in both red and blue districts on everything from surprise overdraft fees to banning excessive credit card late fees.

“Congress created the CFPB after the financial crisis to make sure that greed and corruption never again devastate families the way it did in 2008. Protecting the American people from bad actors like Trump and his billionaire buddies who want to scam hardworking families to make a profit. 

“Since the agency’s inception, it has returned more than $21 billion back to servicemembers, veterans, students, and working families who’ve been ripped off. Sadly, by voting for today’s bill, my Republicans colleagues are telling their constituents loud and clear that they care more about protecting their friends on Wall Street than the people who voted to send them here.” 

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