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Engel Blasts GOP Move to Weaken Dodd-Frank Financial Regulations

Engel Blasts GOP Move to Weaken Dodd-Frank Financial Regulations

Congressman Eliot L. Engel issued the following statement:

“Yesterday, Congressional Republicans continued their march backwards by passing the most significant weakening of Dodd-Frank since the law was first written in response to the 2008 economic catastrophe, where 9 million people lost their jobs, 11 million lost their homes, and at least $113 trillion was lost in household wealth.Their move, which now awaits the signature of the president, opens the financial system back up to the abuse and risky behavior that almost collapsed the economy a decade ago, and does so at a time when financial firms are posting record profits, more than 163 billion in each of the past 3 years.  

“The American people literally cannot afford this GOP majority in Congress. The banking industry needs more scrutiny, not less. I opposed and voted against this bill because the legislation was touted as community bank relief, when in reality it was a megabank giveaway.  Bank lending is up 80% since the passage of Dodd-Frank in 2010.  Community banks are outperforming the larger banks and credit unions have expanded and are steadily increasing their lending.

“This bill, while masquerading as a community bank relief bill, is really one to undermine our efforts to curtail predatory and discriminatory lending practices. That is why I voted against it.”