Velázquez Statement on GOP Effort to Repeal Dodd-Frank
(Washington, DC) - Rep. Nydia M. Velázquez (D-NY) made the following statement during the Financial Services Committee markup of H.R. 5983, legislation to repeal Dodd-Frank:
I move to strike the last word. Another day, another attempt to eliminate the Dodd-Frank Act. Today is not a remedy for Dodd-Frank’s problems – it is a political talking point that does nothing to help Main Street. It is just another attempt to help special interests while saying it’s for the little guy.
How can we even take this seriously when companies like Wells Fargo are habitually breaking the law to boost profits? We have all heard the industry complaints that Dodd-Frank “went too far.” But try telling the hard-working families that were preyed upon with deceptive mortgages or hit with cascading overdraft fees that Dodd-Frank is too hard on the financial industry.
CFPB has returned nearly $12 billion to 27 million consumers who have been the victims of unfair and deceptive practices. Before Dodd-Frank, this was just the “cost of doing business” with the financial sector. Today, consumers have peace of mind that they have a place to turn if they are deceived and unscrupulous practices can be weeded out.
The legislation before us would seriously hinder and undermine this vital work in the name of “choice”. I don’t think Americans would willingly “choose” to be ripped off which is exactly what will happen again if this bill becomes law. It is especially ill-timed to undermine the CFPB when just last week Wells Fargo was fined $100million for illegally opening phony bank accounts!
Situations like this are why my constituents have praised Dodd-Frank and the CFPB, and expect for us to do more to protect them in the future. These are the everyday Americans I answer to.
The closer you look at this bill, it’s clear to see who’s really pulling the strings – it’s not Main Street, its Wall Street. Today’s bill would roll back all of our progress and is the wrong choice for consumers, small businesses, and the economy.
For these reasons I cannot support this bill and I urge my colleagues to join me.
I yield back.