McEachin on Passage of The Financial CHOICE Act

WASHINGTON – Congressman A. Donald McEachin (VA-04) issued the following statement on the passage of H.R. 10 The Financial CHOICE Act, which would repeal portions of the Dodd–Frank Wall Street Reform and Consumer Protection Act:

“The Financial CHOICE Act, or more accurately the Wrong Choice Act, will repeal provisions put in place to protect Main Street Americans from the Wall Street greed that caused the Great Recession – the worst economic crash in many decades. Today’s vote is a step backwards, towards a vastly more volatile and dangerous financial system that would threaten Virginians’ and all Americans’ economic security.

“We have lived with the consequences of the financial meltdown for 10 years now: 11 million people lost their jobs; $13 trillion in wealth evaporated; and our long economic recovery has left behind working families across the nation. Now, my Republican colleagues want to re-create the kind of anything-goes financial system that caused those harms in the first place. This bill would undermine consumer protections for seniors, service members, and millions of Americans saving for their retirement. It would undercut financial regulators’ ability to police threats to the financial system — solely to help the select few. These changes are unacceptable and wrong.

“Instead of repealing vital protections, we need to take further steps to ensure that Wall Street greed does not endanger families’ livelihood, savings, or quality of life. Instead of rolling back Dodd-Frank, we need to build on the progress we’ve made; we can start by taking a hard look at proposals like reinstating Glass-Steagall.”

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Contact: Jamitress Bowden
(202) 225-6365