Washington, D.C. — Neera Tanden, president and CEO of the Center for American Progress, released the following statement today:
The Financial CHOICE Act is what happens when the voices of lobbyists and Wall Street bankers speak louder than the voices of everyday Americans. This legislation is the wrong choice for U.S. economic security—and it poses a direct threat to financial stability, investors, and consumers in the financial marketplace.
This bill repeals most of the Dodd-Frank Act, which was the pillar of financial reform efforts enacted as a direct response to the destructive 2007–2008 financial crisis. Thanks to financial reform, consumers are now protected from toxic financial products, the banking system is safer, a new systemic risk regulator is looking at emerging threats to financial stability, and regulators have the tools needed to avoid bailouts when a firm fails. Trump administration and Congressional GOP claims that financial reform has hamstrung the economy are patently false: Bank lending has increased significantly since the crisis, unemployment is at its lowest point in a decade, consumer credit costs are down, and banks are as profitable as ever.
The CHOICE Act leaves the American economy vulnerable to yet another economic calamity. It’s a slap in the face to hardworking American families that still carry economic scars from the financial crisis and the Great Recession. The House’s approval of this legislation is a clear signal that Wall Street’s wish list takes priority over the economic well-being of the United States.
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