Velazquez on the Financial Choice Act

Washington, DC –Rep. Nydia M. Velázquez (D-NY) spoke today on the House floor in opposition to H.R. 10, the Financial "Wrong Choice Act" which would gut consumer protections created under the Dodd-Frank Act.

"Mr. Chairman, my colleagues seem to suffer from a case of policymaking amnesia. I was here in 2008 as our nation stood on the edge of financial ruin. I will never forget those dark days.

"Thanks to Wall Street making reckless bets and inadequate government oversight, millions of Americans lost their homes and jobs. Main Street small businesses shed employees and many shut their doors for good. Our economy nearly slid into another depression. Now, my Republican colleagues may have forgotten that sequence of events—but let me tell you something -- the American people have not forgotten!

"Dodd-Frank has improved accountability in the financial system. It has protected consumers and investors from predatory practices. It stabilized our markets. And, yet, here we are talking about gutting this landmark law!

"The American people are watching. Let's be clear –if you vote yes, you are voting to restore the same conditions that fueled the crisis and collapse of 2008! It is a vote you will regret and be remembered for! Vote NO."

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