Sarbanes Slams GOP Effort to Undo Consumer Protections and Wall Street Regulations
FOR IMMEDIATE RELEASE
WASHINGTON, D.C. – Congressman John Sarbanes (D-Md.) today excoriated a House Republican plan – the “Wrong Choice Act” (H.R. 10) – that would gut consumer protections and roll back safeguards put in place to prevent another financial crisis.
See below for a video and a transcript of the Congressman’s full remarks.
“Mr. Speaker, in 2008 our financial system cratered, bringing the broader world economy to its knees.
“Millions of Americans lost their homes. Millions more lost their jobs, by no fault of their own. And thirteen trillion dollars in wealth and savings were lost.
“So we went to work, fixing the glaring holes in our nation’s financial regulatory system. Among other things, we enacted tougher mortgage standards, we brought the derivatives market out of the shadows, we stopped the casino-like bets at our investment banks, and we created a consumer-focused protection bureau.
“Unfortunately, what we couldn’t do was eradicate greed. And sadly today, greed is rearing its ugly head once again. The Republican-controlled Congress is about to pass H.R. 10, the Wrong Choice Act, a bill that would throw away the lessons of the 2008 financial crash and unleash the demons that nearly took down the world economy.
“I urge the House to reject this bill. I yield back.”