Rep. Meeks Blasts GOP for Passing Wrong CHOICE Act
"Years later, here we are, and Republicans are trying to leave Americans vulnerable to a financial crisis once again..."
Rep. Meeks Blasts GOP for Passing Wrong CHOICE Act
Washington, D.C.—Senior Member of the Financial Services Committee and former Dodd-Frank conferee, Congressman Meeks, criticized House Republicans for passing the Wrong CHOICE Act without a single Democratic vote:
"Less than a decade ago, our nation suffered from the worst recession since the Great Depression. It was a catastrophic time for America that nearly collapsed the global markets. Americans lost $13 trillion in household wealth, 11 million Americans lost their homes, and the unemployment rate ticked up to 10%.
"House Republicans seem to have forgotten how and why we came together, in a bipartisan manner, to minimize the chances of a similar catastrophe happening again. Years later, here we are, and Republicans are trying to leave Americans vulnerable to a financial crisis once again. The Wrong CHOICE Act that passed through the House today would deregulate Wall Street, gut the Consumer Financial Protection Bureau, and promote risky lending practices.
"That Republicans have not learned any lessons from the financial crisis is saddening. I hope the Senate will prevent this awful bill from passing, for the sake of the American people, their financial wellbeing, and their future."
A video of Congressman Meeks' remarks on the floor in opposition to this bill can be found here
A copy of Mr. Meeks' floor remarks are below:
"Mr. Speaker, the bill before us today is an affront to the American people. This bill is fatally flawed. It would set America up for more severe financial crises in the future. It's plain and simply the WRONG CHOICE!
Under the WRONG Choice Act, many banks would be free from regulatory oversight if they merely maintain a 10 percent leverage ratio.
Let's break that down for the American people. If this bill was law in 2008, one-third of banks that eventually failed would be free from regulatory oversight. To be clear, 125 banks that failed during the crisis would meet this bill's low requirement for regulatory relief, according to a Clearing House analysis.
You don't have to be a financier to realize that this proposal is dangerous and an insult to American families who lost nearly everything. I am talking about those families in rural and urban America who saw their household net worth drop by $10 trillion, the largest loss of wealth ever recorded in America. Mr. Speaker, let's not insult the American public and call it regulatory relief. Let's call it what it is, the WRONG Choice."