Democrats light up financial services hearing ‘to get rid of financial regulation and help out Wall Street’
Democratic leaders lost it during a hearing Tuesday discussing the “Financial Choice Act.” The legislation would remove protections put in place after the economic recession in 2008.
Rep. Maxine Waters (D-CA) began the hearing with a request for an opening statement, Business Insider reported.
“This is one of the worst bills I’ve seen in my time in Congress,” she said. “The Wrong Choice Act is a vehicle for Donald Trump’s agenda to get rid of financial regulation and help out Wall Street. It’s an invitation to another Great Recession or worse.”
Rep. Carolyn Maloney (D-NY) agreed, calling it immoral.
It “can only be described as deeply disturbing,” Maloney said. “It would take us back to the regulatory stone-age and would be a disaster for the entire financial system. It is essentially a 591-page middle finger to consumers, investors, regulators and markets.”
Committee chair Jeb Hensarling (R-TX) disagreed, claiming regulations under Dodd-Frank mean consumers are getting less while paying more.
“Wall Street banks have been some of the biggest beneficiaries of Dodd-Frank regulation,” he said.
Maloney outlined how the GOP’s law would gut the Consumer Financial Protection Bureau, which was started to be a resource to help consumers who feel they’ve been harmed by big banks.
Rep. Blaine Luetkemeyer (R-MO) claimed it was Dodd-Frank that was immoral while Rep. Dave Trott (R-MI) mocked the Democrats for “hyperbole and rhetoric ramped up to Barnum and Bailey-type levels.”
Progressive warrior Sen. Elizabeth Warren (D-MA) has spent her professional career working on such financial issues and consumer protections. She described the legislation as being “about throwing people under the bus so that lobbyists can do the bidding of Wall Street.”
“We built the Consumer Financial Protection Bureau and the rest of Dodd-Frank so families wouldn’t get cheated,” she added while testifying before the house in April.
The House Financial Services Committee is considering whether the legislation will go into markup or be voted on today.