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tv   House Debate on Dodd- Frank Replacement Legislation  CSPAN  June 9, 2017 9:53pm-12:02am EDT

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ability of states to identify effective teachers.sure to ecstasy spans washington journal. live at 7:00 a.m. eastern saturday morning. join the discussion. >> this weekend, leaving civil war historians convergent gettysburg pennsylvania to explore the civil war from all angles. american history t.v. on c-span3 takes you to a conversation at the gettysburg college civil war institute. our live on the coverage starts saturday at 8:30 a.m. eastern and sunday at 9:00 a.m. eastern on c-span3's american history tv. >> on thursday, the house passed a financial choice act. a bill that would repeal parts of the dodd frank act. exempt community banks from some financial regulations and curtail regulatory powers of the consumer financial protection bureau. this is debate on the bill
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beginning with house speaker paul ryan. this is two hours. >> the gentleman from wisconsin speaker of the house has recognized for one minute. >> i think first of all i just want to start off by thanking chairman -- and the entire financial services committee for their leadership on this vital and important legislation. job well done! the financial choice act answers a deep need at the very heart of our economy. we have heard about this need time and again from our constituents back home. i sure have.small businesses are struggling. they have been unable to hire investor get the loans that they need to get off the ground. families looking to keep their money safe are hit with fees they cannot afford.why is this? i would community banks are in trouble. they are being crushed by the costly rules imposed on them by the dodd frank act.this law may have had good intentions but the consequences have been dire for main street. let me put it this way, it is
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more than a thousand pages long and has more rules and regulations than any other obama era law. the burdens created are real and deep. these costs are unsustainable for small community banks simply cannot afford to meet all the requirements and can't hire a team of lawyers to decipher the seemingly endless rules. so what do they do? they hunkered down, unable to loan out money or worse ãthey are shutting down. the choice act rains in dodd-frank and it delivers that regulatory relief that the small banks so desperately need. this will change communities because the banks are the lifeblood of our main streets. where i come from, representing towns of small and medium, they are not big companies in big cities getting money from big banks. they are small and medium-size businesses and small and medium-sized towns hoping the community banker will be able
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to give them the loan that they need to hire some people. to take a risk. to start a small business. to expand their small business. they know the needs of their communities. they are able to identify the people who can fill the needs successfully.there is a reason why we have the best majority of small business loans in this country. because they are the ones where the closest to the small businesses. here's the difference. the people big banks may overlook, thinking and some guy with a pipe dream, the community banker is able to recognize that as a father of four with a drive to make his dream of a bicycle shop into a reality. or a woman seeking a rental space to open her dream restaurant using our family recipes.maybe it is a young farmer with a new idea to integrate the latest technology into the family farm. the big banks don't pay attention to that. only community banks do. a couple years later with the help of these kinds of loans from these local banks, these
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so-called pipedreams in these small towns and rural counties become successful businesses. they become job creators. these are the ultimate success stories that our communities in america are built upon. this is why the financial choice act is so important. it helps community banks and the small businesses that absolutely depend on them, it helps them thrive. it protects consumers by increasing accountability and transparency over the wider financial sector. it also repeals too big to fail. the rule of codified by dodd frank that have left taxpayers on the hook for too long. ultimately, the financial choice act is a jobs bill. when it will bring hope back to main street. it is easy to talk about the economy and regulations as a series of numbers. it is easy to talk in vague terms of job creators and small business owners. but what is far more important is identifying the problems
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that they actually face and actually doing something about those problems to help make a difference to improve their lives. that is what this choice act is all about. it is why we were sent here. to look out for people that work hard and do the right thing. let's get this done for them. let's get this done for the people who take the risks. live and breathe their work. for the people who strive and struggle every day for their families. let's pass the choice act today. thank you and i yield. >> california. >> i yield myself such time as i may consume. >> recognize. >> is being called the wrong choice act by the american public because the bill is truly the wrong choice for all of us. indeed, this is one of the worst bills i have seen in my time in congress. this bill is a vehicle for
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donald trump's addenda. in place in the dodd-frank wall street reform and consumer protection act, to prevent another financial crisis and protect consumers. this bill would create vast harm and lead us right back to the bad old days. we all remember the suffering that resulted from the great recession. $13 trillion in household wealth was lost. 11 million people lost their homes. the unemployment rate hit 10%. the impact was enormous and felt by all. is bill would pave the way back to economic damage at the same scale or worse. choice act guts the
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highly successful consumer wh >> this. >> since its creation in the consumer bureau has returned trope billion dollars to more than 25 million consumers who have been ripped off by financial institutions. and this would put a stop and to the bureau's good work and leave consumers vulnerable. that is not all. across-the-board the loan choice act removes the dodd frank protections against our economy despite what republicans would tell you bakes' what attitude smaller during just fine since the passage of dodd frank they have posted record profitswant t at the altar of the republicans want to open the
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door to another catastrophe like the recession and to return us to a financialal system where predatory practices the i urge all of my colleagues to go and though i reserve the balance of my time. >> i yield myself as much time as i may consume. >> a monumental triumphal. all of these promises of dodd frank were broken.ut we ar but instead we're stymied in the weakest recovery in the post war era.
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they promised us it would end to big to fail but instead to codify and backed that up with the taxpayer bailout fund. l they promised us it bleedsle to remorse stable economy. are but instead the big banks are bigger than small banks are fewer we are losing the community bank or credit union today the corporate bond market is a key component of financing jobs with historical levels that it would help the consumercking instead we see free checking cut in half the rates have increased. for many creditworthy borrowers paying $500 more foreign auto loan. have you tried to get a mortgage reason they are harder to come by every
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promise and i heard from chileans with despite the decline of loans to women in to settle the divorce in to be declined at a high ratenk due to the dodd frank qualified mortgage rules. dodd frank is hurting your friends this talking about the need for new car but he could not find a loan from a bank even on the local dealers' efforts i would not be driving when new-car.
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after my old vehicle broke down aideed to you have reliable transportation to get to work and continue to provide for families. please insure that financing car and truck dealerships are not stymied by dodd frank siepi be. in -- acfp we. then maxine in salt lake city talks are company said we were awarded a major catering contract for the performing arts center the requires to make a major investment in equipment we could hire 50 additional staff. unfortunately red tape got in the way. it turned opportunity into a headache.
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three banks informed us thatbank our reading according to new bank post by dodd frank excluded us from consideration. letter after letter and e-mail after e-mail. harming working families and small businesses to crush community banks. there is a better and smarter way it is called the ??? in the stands for economic growth for all of the bank bailouts contrary to dodd frank my friends on the other side of the aisler you'll end those bank bailouts once and for all we will repay laos -- replace witha
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economic stagnation with aa growing and healthy economy to make sure that they're finally will be pay increases in wage increases for working americans who have not seen one since dodd/frank became a lot. we will replace washington w with the dutch market discipline. replacing taxpayer money with private money because0% sir with a simple leverage ratio the now has a private insurance policy with the bailout will now have the off ramp that is so important. to hold wall street accountable and no more bailouts maybe that is one reason they oppose the financial choice act and we
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will make sure there is needed regulatory for small banks and credit unions because small banks lend to small businesses to create the jobs in june of america to make sure the american dream is not a pipe dream but instead a dream and vision only limited by our imagination i reserve the balance of my time. >> mr. speaker he would have to think it is all about community banks but they have paid more thanes $160 billion in penalties to cases brought against them by the justice department and federal regulatory agencies for collusion, rs, brib fraud, bribery and other abuses. of 100 million or more. they give america city group
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15 billion. wells fargo you know, about wells fargo and what they did, 11 million. s cul-de-sacs 9 million. morgan stanley 5 billion. this is about ripoffs. this bill to assess these types of penalties that are ripping off the americanwi public. with that i will yield one minute. >> the gentleman from missouri. >> i rise to oppose h.r. 10 a dangerous assault on the dodd/frank wall street reform act. the reckless financial speculators and are given a
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free pass for future financial abuses to rob the average american's of their security again. the finanical choice act would take us back to their pre-2008 era of unchecked reckless financial abuses recession since the great depression. whitney remind zero with u 10 percent unemployment and with foreclosures with that no proponent of this billbetter
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and if this is better for consumers it is not. >> time is expired. >> mr. chairman this time i am pleased to yield one minute to the gentleman of the judiciary committee. >> would first like to thank chairman penciling for this legislation every place isid the orderly liquidation authority with the new bankruptcy proceed procedure from the financial institution dave garcia act. in 2008 the economy suffered but of the most significant financial crisis in history and to examine how best tofr present a crisis from occurring into bailout with the aid of crafting a solution with cater --
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better private party diligence the financial institution vagrancy act of a multi-year bipartisan process that gives all the provisions to provide a balanced approach with predictability of the resolution of a financial firm. to bear the ross -- losses. >>. >> i yield one minute to the finance subcommittee. >> i rise in opposition to a b charge bin -- hr ted finanical choice act that brings back the financial while less to the consumerd
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markets. this was when we were losing 800,000 jobs per month jobs colorado take this back to when we had 10 percent unemployment not 2.5%. or a time when the stock market was 5500, not 21,000 it brings back no disciplineine. the markets were in chaos and people got hurt this kind of return to do bad n legislation and regulation is not good for america and we should all vote no. i yield back. >>. >> cry me it please to yield two minutes to the gentleman from missouri. >> i am proud to offer my
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support to you finanical choice act h.r. 10 this is a responsible approach to legislation to protect economy consumers and the american economy will be allowed to flourish. to restore rule of law as well as gain access to the credit they need we is one community decor credit union every day.ing must in this must me done to reverse the trend of consolidation. the legislation considered today provides an opportunity for every member of congress with regulatory relief by using rules said
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regulations to smaller financial institutions in the first place. and also makes important i reforms and the unaccountable agency and the bodies of that mentality.nteress instead of special-interest. it is a new model for financial opportunity and former ford chairman alan greenspan thinks that the finanical choice act is the right choice to help citizens realize their dreams for pope thinks to the chairman for his leadership and we support h.r. 10. i yield back. >> i yield one minute to the
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ranking member. t >> thanks for yielding. and even the president even knows anything about american history but that is no excuse for this body toe ignore the recent history of this country. to return us to the commission of a regulatory environment too far as the worst financial crisis that i have experienced in my lifetime, the recession. millions of people lost their jobs and everything they worked for. because they were completely unprotected against brele institutions and creditorsin against them.
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so institutions and organizations to use deceptive practices so the of cfpb under this legislation would be barred would be going to bat for those who take advantage of. it makes no sense for a we ought to reject it. >> i am happy the to yield one minute to the gentleman from ohio. stron >> as we rise in strong support of h.r. 10 also thinks to the chairman for his support for:last seven years dodd/frank has blocked small businesses from getting the capital they need to grow to create more jobs. and
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as small businesses across the country whether to pay employees or buy new equipment we need to make it easier to gain access to capital. h.r. 10 is full of real reform the 25 million small businesses was the letter on l government continue to stand in our way. >> the gentlelady from california. >> from the small business committee.gain,
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here they come again.amnesia. with the policy making a bernie shaw. our as our nation's standing in financial ruin. millions of americans lost their homes and jobs. main street and small businesses shut their doors for good. the economy never merely slipped into a depression now my colleagues may have forgotten the sequence of events. but i will tell you something. the american people have not forgotten. dodd/frank to restore accountability in the financial system to protect consumers so talk about
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getting this landmark lot. you were voting to restore those same conditions from the collapse of 2008.wo >> i am happy to yield two minutes to the gentleman from vitiate -- michigan. >> in economic downturn told those folks around the country that families to lose their savings are homes.to those on the other side of the aisle to convince the american people that the dodd/frank act was the answer despite the loss failing to address the root cause of the downturn and in reality dodd/frank has made
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it more difficult for the hard-working taxpayers and hard-working americans rely of the capital markets to save from college to retirement. r we will eliminate that burden some created under dodd/frank to insure the u.s. capital markets remain most effective so that all investors can receive the greatest return on investments. the capital markets will have them less stable, lessma efficient that makes it more difficult for small businesses around the country to access the necessary financial resources to expand and create jobs. as they have severed accessnt of the mainstream businesses who are the heartbeat of the american economy.lood for
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they need capital and credit for life blood. but yet they are struck with these arbitrary walls that cut the offer financing we must enact common-sense regulatory reform this is a carefully crafted choice act. for the that has strangled the institutions by enacting finanical choice act that. >> can i have an initial 32nd. >> granted. >> community banks and credit unions can use those
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resources if they want to continue to be the agenda of economic growth that is preventing community lenders to support the small businesses and job creators. note should be waiting forro the american taxpayer. i understand a crisis but today's small businesses and hard-working americans continue to pay a price director time is expired this restores accountability ever writes opportunity forand n pope. >> i yield one minute to mr. green.
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>> this bill as a setback because it allows the american public to be subject to be ripped offallow when you get your all along without knowing that to pay a higher amount then you should be paying or a lawless you to without your consent have the money that you place in the bank to be taken away from your account to moved over to another place. they gamble if they win and they keep their profits without your consent. without your knowledge of person you are working with but his interest ahead of your interest. it is a rip-off bill we should not support that. h.r. this is a time to stand.
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it is indeed the of wrong choice. >> mr. chairman i am pleased to yield two minutes to att lady from misery.an. -- missouri. >> i stand before you today to speak:h.r. 10 finanical choice act fake to the chairman for their hard work on legislation after holding 45 hearings on dodd/frank. nearly 10 years the country witnessed one of the weakest recoveries of our lifetime. to hold families hostage it is harder for families to qualify for a mortgage that
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they depend on every single day.freedoms with this is all the expense of your personal freedominstead, dodd/frank has failed the american people.e finanical choice act and stevens were creating hope and opportunity for investors and entrepreneurs to provide americans with the financial opportunity that they deserve.ies, four main street and of most wall street to hold upholstery and washington accountable. with those toughest e
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penalties to engage in fraud and deception of self dealings. as well as innocent taxpayers are shareholders. optt with a lack of financial all options that dodd/frank has created for americans deserve the right choice act. i urge my colleagues to support h.r. 10. i yield back the balance of my time. >> the gentlelady from california. >> one minute the ranking member of the monetary policy subcommittee. >>. >> this is a bad bill to
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push it past the beleaguered public and the of the freedom and community banks with every greedy wall street to feast on the misery like it did before dodd/frank and in contrast you will hear the g.o.p. c talk about the bar we were saying they cause a crisis like blaming hungry children . if this bill passes with the mir 10% capital requirements the financial system will become brittle and cause a systemic crisis with taxpayer pullouts room negative bailouts did not wet he learn our lessons in 2008?
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vitter urge my colleagues to reject this bill i yield back. the gentleman from kentucky is recognized two minutes. >> to reduce economic outlook by $1 trillion over the next decade and has more regulatory restrictions than b all of the other regulations enacted by the previous administration combined including obamacare. finanical choice act provides the offering of with much needed relief to the growth crushing regulation. those like community banks and credit unions to have under that regime or opt to
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obtain if they meet that ratio. and their primary culprit instiu with those one of five institutions will be because to closed from the cfpb by giving congress the power of the purse for the first time and enhancing the consumer protection and that with financial institutions this requires require bigger federal regulators to be based on financial institutions instead of using though one size fits all washington model. additionally finanical choice act stifles those regulations by including the
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access to manufacturedce housing act and reduces the chance of a mortgage crisis by giving those firms' incentive for with greater flexibility to lend and finally this places the deepest penalty in history for those that break though laws. it ends too big to fail with the toughest penalties and history for financial fraud choc and preserves consumeran protections and access to the credit that they need.nce om and i yield back the balance g of my time. >> we just have to stop the misrepresentation. except for cfpb enforcement wall street reform recognize
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his community banks. and that they are content -- carved out because of cfpb supervision and enforcement focus is on the zero largest banks but not those that compete with the small banksthe and credit unions. i yield one minute and a member to the financial services committee. >> mr. speaker how soon do we forget the bill of the day is an affront the american people. it is plain and simple the choie wrong choice. under the of wrong choice
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act they would be free from regulatory oversight and for t one-third of those would be bailed to be clear whether wou the 25 banks have failed during the crisis to an independent clearing house analysis. this proposal is dangerous in an insult to american families who lost nearly everything and i am talkingor about those who saw the household net worth drop ted million dollars the largest blocks of well in the history of the united states >> the gentleman from texas. >> by a yield one minute to
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one recall our own from california the majority leader mr. mcclure won negative mccarthy. >> mr. speaker want to thank the chairman in the entire financial services committee for the work they have done on this bill. they listened to members and constituents throughout this country. and they found the very best policy. we although that we've need economic growth also of wages will rise.e we need to make sure the
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choice all act helps people to get back in toit participate in america'sil economy. so to bring back the community link that dodd/frank destroyed means more people, not just the wealthy has access too credit. so with everyone to be a part of the american economy we don't want them to take the same risk as they did before. in 2008 people lost everything. so it's only natural peoplee look around to have a system
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when things go wrong to get bailout's the american people get nothing. it is not a fair system and dodd/frank made it worse. it codified the bailouts in to lot to make taxpayers a slush fund. and on top of all that there regulation was created reno was ridiculous. will everyone else faces a mountain of paperwork and regulation that no human being has a chance of understanding. we all know that is not fair. this all ends up to box out small businesses than normal americans to sift through with all this makes both
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wall street in washington accountable so that bad decision does not cost the taxpayer to make things simple that to a understand the rules that govern our lives.everyo america is a nation for the people everybody should be treated the same and everyone has a chance to succeed. the choice fact brings us a little closer to that america of one more time. >> i will yield one minute to a senior member. mr. scott. >> the gentleman from
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georgette is recognized for one minute. >> ladies and in gentleman of this country with the heart and soul is our financial system and thisro bill is a dangerous bill. to our economy and i will tell you why. first of all, it takes away all of our consumer protections secondly i will give you an example.frank, a before dodd/frank to be insured by the taxpayers to you as the customer's money to invest in risky bets and then win the bet goes south it is the taxpayers that have to pick up the freight.
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second, let us use this example because of the impact and complexity of the financial system so much of the cause and effect of the downturn were the big banks. so what dodd/frank did was provide to be able to go win to prevent the banks from going overboard. wake up america. i have talked with our senators director time is expired. >> this bill is dead on arrival. >> please yield two minutes to the gentleman from new mexico. >> you are recognized for two minutes. credit is one of the most
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powerful devices of thenc financial system designedin over time by society and in some countries it is simply not available to those who need it the most, those at the bottom of the latter but to have a system where it is available no matter how bad your reading maybe that was until dodd/frank created cfpb 50% of homes in binousing. mexico is manufactured housing they show that they had no clue how rural societies work to put in place regulations that chat -- choked off the access of most home owners to be fractured housing. that was not enough for the cfpb then the qualified mortgages choked off traditional mortgages to many people in the second district of new mexico. many people will buy there
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first mobile home and live give back.ey will then they may buy eight or ted more than they sell them one at a time to those that cannot get credit any other way. cfpb shut that down so now seniors spend their final years with less income and they need belongs the most and have that credit dried up to them. so who does that affect? their role mortgages mortgages, businesses are so punitive that the economy in mexico has yet not come back. it is unjust that the choice act is the right choice in the rural areas it is the only choice. i support h.r. 10 and ask my colleagues to vote on the bill i yield back my balance of the time. >> i yield one and a half
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minutes to the ranking member of the education and work force committee.el >> i think the gentlelady for yielding with us to act significant problems in fact, the jurisdiction of the work force committee rise served as the ranking member. eliminates the cfpb that has played a crucial role to make sure student loans are treated fairly to reseed the protection they deserve and have shut down fraudulent student loan scams with consumer complaints and to secure credits of millions of dollars of those that
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make the biggest financial decision in their life be cleared many of the saugh mon only have a few hundred dollars undecorated thisimpact bill undermines keep policies for retirement savings we should stand up to the students and retirees and reject the bill. >> i am happy to yield two minutes to the senator from wisconsin. >> this oftentimes can
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become confusing because s banking lot is confusing butthea the way you cut through the fact with the dodd/frank and does the choice act actually make this lot better you have to look at a couple of o simple factors. the big banks' profits to the crisis in 2008 into people watching this debate have big banks gotten smaller or bigger because of dodd/frank? they have gotten bigger. if you go to wisconsin small community banks that held to grow businesses and provide
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opportunities are closing. who'd supports finanical choice act? independent community bankers. national association of credit unions. nfib. they support this bill. who does not? if you look at "the washington post" the chairman faces opposition from big bank ceos they hate finanical choice act. big banks don't trash dodd/frank. big banks hate this bill and little banks and credit unions love it.people s if you want to know where people stand go to youran small community bank or credit union and ask thembout dd and they will give you any your full then ask them do you like the choice act?
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they will give you a small slow clap do what is right 10 ad and joined to gather the passage for the little guy has his. >> he asked who does not support this bill? i will tell him. civil-rights group, of federal rights group, pension plans and company shareholders we have also received a petitionom urging no vote from more than 220,000 concerned americans and a a r.p.. that is who opposes the bill. i yield one minute to a senior member on the committee.ai >> the gentleman from california.
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>> this bill contains 12 measures that has wide democratic support unfortunately they have been held hostage and added to a bill that contains the pharmacy the gentleman from new mexico points out dealing with manufactured housing and support that bill liberate data input into a bill that will die in the senate the gentleman from wisconsin talks about too big to fail please co-sponsor the of the bill to break up too big to fail rather than this bill to end regulation of book for wordd to working in a bipartisan way to support the financial accounting foundation efforts to have standards for government to issue debt in this bill takes that away and look forward to working in a bipartisan way to have
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different and lesser standards for community financial institutions like credit unions and local banks.inois, >> i will yield one minuteis to the gentleman from illinois. >> thanks to the chairman and the community -- committee for this hard work to get us to this point. importt the very important bill to reform significant parts ofli dodd/frank. this is an important recognition of policy makerse fc leading up and responding to the financial crisis no doubt demanding changes from
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washington with the huge drops of home values but instead of reforms it decreases systemic risk to pile on new regulation on community banks to enshrineo dead too big to fail in to lot. forty-two community banksd in and 106 community you in - - credit unions have closed their doors and it isli unacceptable.ned is inc i am grateful for thena legislation and that is included in finanical choice act like the community bank reporting relief act and other provisions to provide relief to local institutions that is what finanical choice act is all about giving opportunity back tore local communities to make good decisions for the future and i yield back. >> continuing to remind them
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who oppose this bill the vfwites oppose the bill, . >> high-rise in opposition to this legislation. i have been here for some time i was here in the '90s '90s, in the 2000's and frankly we took the referee off of the field. and we did not put the referee back on the field in the '90s as we should have. we were warned about that and we kept our eyes shut. keeping our eyes shut cost
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millions and millions of people their jobs and homes and a security. lets us not return to the time of taking the referee off of the field. this bill does that. piece o it is a dangerous piece of legislation that my republican colleagues put the american people at risk once again to a half to bailout institutions if they lose money i will say to my republican friends i share their views community bank should not be treated as to big to fail.hat however, having said that that, of this bill takes the referee off of the field of summertime to eliminate the
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cfpb that is now the american people's watchdog we have spent a lot of time the last five months passing bills for consumer protection and civil rightsta protections and environmental protections your just spending our time taking away protections from the american people and they're futures. have we learned nothing? it is often those to do not learn history will repeat it. lead is not fail to learn the lessons of 2008 to repeat the mistakes of the past the american people and average investors those as a for college or purchase a home deserve and now have common sense projections. nobody seeks to punish of
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financial firms do well to create and raise capital but we must ensure there are reveries on the field and citizens. this bill does the opposite and i urge my colleagues to reject and i yield back. >> of e.d. from california. >> i yield myself 10 seconds just to say perhaps the lady from california does not realize vfw has commitment to protect veterans we're soso happy finanical choice act has been endorsed by over 100 including those concerned veterans foror america to protect their freedoms at this point i am happy to yield one minute to the gentleman from florida
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to. >> things to the chairman to bring this much-needed bill to the floor. i rise in support of finanical choice act for the much needed relief from excessive regulatory environment created by the dodd/frank act. it has suffered from themi anemic economic growth to limiting financial choices that the unprecedented level of job killing regulations.act,c they have suffered a committee banks are closing at the rate of one per day those in the tampa bay area air rely heavily on the banks for financial services. due to excessive regulation my constituents lose access to essential services and opportunities.
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simply put it dodd/frank has failed this has an approach to regulation to protect hold taxpayers and empower investors to hold bureaucracy's accountable this makes it easier for hard-working americans to save and invest and reduce the cost of credit for families that want to purchase a home or start a business by urge my colleagues to support passage in have washing tanks get off the backs of the hard-working taxpayers. >>. >> i yield one minute. >> was going to talk about leveraged buyouts and the cbo's and the volcker rule to but the truth this citizens
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about the details but the concept and mainstream vs. wall street. if you make me make a choice i with main street to. i know the radicals are against the bill i will read the vfw after interest rates will put those who have taken the oath to defend this country tend our way of life is in financial harm sway. in behalf of the 1.7 million berbers thiokol on you to oppose h.r. 10. the other radical group is the of aarp representing 30 million americans and communications workers of america and the brotherhood of teamsters representing 900,000 in the teachers'
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association also with those who invested $202 billion into our country. i am shocked thinking that this is some kind of a failure to be on to a nice steady plainfield we should not throw out. >> mr. chairman apparentlyso ope he also forgot about the big w wall street banks oppose this and now i am happy to yield the gentleman from north carolina. >> thank you for your leadership by support finanical choice act for reasons under dodd/frank north carolina has lost 50 percent of our banks since 2010 while three banks
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have consolidated justin the last month these increased - - 11% so creating via proteco cfpb even the liberal d.c. court of appeals calls and affecting individual liberty in unconstitutional that makes the bigger banks more powerful and contributing to the slowest and weakest economic recovery in 70 years. in th with capital credit in the market for small business maintaining status quo is not acceptable, the financial choice act for fraud on wall street and allow the community banks and credit unions to focus on serving you to help create jobs and grow the economy.reserves
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i yield back. >>. >> continuing to answer to opposes this bill the association that includes the navy and marine corps and coast guard. i yield one minute to aa senior member to the financial services committee >> i have to say mr. speaker this is the single worst piece of legislation i have seen in my time in congress and i have been here a while. so congratulations to put this amalgamation of terrible ideas together for girl this bill basically destroys the work that we did to secure the banks after the financial crisis of 2008 and to hamstring
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financial regulators leading to the next financial crisis this bill will destroy the only consumer protection agency in the united states government to hand over the ability to defund the operation to those who were committed to opposing its very creation. a also repeals the department of labor fiduciary rule the requires financial advisers put clients first and finally is important to emphasize to roll back the accountability of reporting standards for those credit reporting agencies as discussed in the fair game column on may 7th. this bill is a stinker and i hope my colleagues voted against it. >> i will yield one minute to the gentleman from pennsylvania. >> i think the gentleman for
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yielding but today is a good day another day to turn the page on the anti-growth policy with the slowest economic recovery in 70 years. i urge my colleagues to vote for the finanical choice act to help creation of new taxpayers to increase revenues to the treasury to pay for critical programs like national defence to have a moral obligation the opponents of this bill are seemingly okay with slow-growth take a stand for stronger growth and young people who want more job
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opportunities for those you want a new home those who have a growing and help the a economy take a stand for a better way and vote h.r. 10 finanical choice act i yield back. >> one minute to the member of the financial services committee. >> during the financial crisis the largest institutions required a bailout or a significant investment by the taxpayers clearly before was needed and that was dodd/frank this will replace consumer protections materially to be safer and more sound and they have far out paced the international competitors dodd/frank is working.le is a perfect? of course,
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not any time congress does something large to transform an entire industry we should sign up 10 as a body for 10 years of fix is which we have notwn done and let the american people down. we're not fixing it today we have a misguided and time consuming repeal effort. i urge my colleagues to reject finanical choice act and work with democrats on bipartisan reforms to build on strengths and salt and improve weakness is in the legislation. i yield back. >> i and happy to yield one minute to the gentleman from new jersey. >> i rise today in support of finanical choice act. in response to the great recession congress passed whilew
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the dodd/frank law while well-intentioned those provisions and regulations encourage that behavior that led to the financial crisis.d it permits wall street to have bailout's with restricting credit lenders for small businesses and has drastically hurt community banks throughout this country than they had nothing to do with the financial crisis. community banks have closed nationwide with a total of 2,000 with 42 in new jersey. to institutionalize to a bigin to fail while telling community banks they are too small to succeed. in the financial choice act will bring reform to the nation's financial andti institutions i yield back. >> i yield one minute and a
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member to a the financial services committee. >> i stand here and join my colleagues in opposition to the finanical choice act it is wrong. i certainly it does not provide choice nor does it create hope for opportunity for investors or consumers or entrepreneurs. air from the great state of ohio. i have letters from progress ohio or policy matters also from the national consumer law center and advancing fairness in the marketplace for all and i will tell you what they're saying. the assaults on hard-working americans on businesses that want to level the playing
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field, mr. speaker this is ridiculous that we stated here there was such a good choice we would have had more meetings on it. a than the hard-working americans we would be working to make it a fair and right choice but i stand here today to tell you is the wrong choice. it is the wrong choice because it eviscerates the financial -- cfpb it isit against the people and not for hard-working americans. >> i am happy to yield to the gentleman from indiana. >> mr. speaker and mr. chairman despite the of rhetoric since dodd/frank isis
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passage big bank profits are shattering records inow homeownership is down to lois levels seen in over 20 years. small business loans are much harder to get to dodd/frank has been great for federal regulators and even big banks are very bad for hoosier consumers finanical choice act end to a big to fail and then they could escape the one-size-fits-all fromor dodd/frank that will help them to be more affordable. of this also includes the rights of the. >> host: t activity pursued by this agency will have their rights protected to get their day in court. irish support of finanical b choice act. i yield back.
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>> will be have been told by the opposition for the oversight of. >> host: -- cfpb supervision but we will take a moment to tell you about community banks that show strength presidential commercial industrial loans and small business in fact, overall loan growth has grown faster than the bigger banks of the fourth quarterup lending up eight-point 3% from community banks with that i yield to the gentleman from illinois a member of the financial-services committee >> as much time as i may consume. [laughter] >> nine years ago i was
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there when the financial system collapsed as a new member of congress owe as we survey the wreckage had we get into a place like that with toxic assets based on trillions of dollars of mortgages with no realistic chance to be repaid. giant banks and firms are leveraged and so complexad they have thousands of business units even that the ceos were not aware of and risk management software that was a sort -- ignored. i see how we got there when i looked at finanical choice act to strip financial protection for the same
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refusal to learn the lessons to replace them with alternative ideology. i urge my colleagues to stand up for working families to protect our economies to oppose this bill today. g i.e. impact -- i yield back. >> i yield one minute to the gentleman from colorado. >> thanks to the chairman for offering legislation in consideration today to take the necessary steps to reform supervision of the financial system that the dodd/frank failed to do toes to require financial thee regulatory agency to tailor action to fit the hour risk profile and business model not only does this is tailored to their various
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risk profiles the for the bank examiners the pacing never -- ever increasing burdens they cannot shoulder with an impact on small banks forcing consolidation of new banks that need access to credit. december 2015 highlighted day problem noted the environment can be one-size-fits-all with the regulatory oversight to match the risk level to the economy at large.ecreas so to decrease as financial-services i think the gentleman from texas in their urge my colleagues i yield back. >> how much time do i have remaining?. >> 21 minutes the gentleman
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has 50 minutes -- 15. >> i want to make sure that we include those who oppose the bill the religious organizations the seventh generation interfaith coalition the dominican sisters of houston thety, center for corporate responsibility, a christian brothers investment services national association of evangelicals, the american baptist and the murphy investment sciences and with that i give one minute to our senior member who is been here for a while. >> i voted no on the wrong
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choice act just like health care this legislation takes the approach the best way to proceed is with the mostl extreme bill possible and even makes moderate republicans deeply uncomfortable and one reason is the dodd/frank bill was set up to protect service members that was initially led by petraeus has done great work to fight for service member families. i worked for years too support and enhance that. this bill makes that optional and specificallydi strips of funding for the counseling project. that hurts the constituents makl it is of scores of provisions this is not
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designed to help americans hur it is ideological and herdsmen and with this day in uniform and millions of others. it is a terrible approach please vote no on the wrong choice act. >> i am happy to yield one minute to the gentleman from texas. >> think you for your leadership cfpb has cost american small businesses and taxpayers millions ofof dollars since its inception and i actually own a business i of the small-business owner and i can tell you that although this is the unaccountable agency under a false pretense protecting consumers there could be nothing further from the truth. the ability to protect t
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institutions from any rule that they impose dodd/frankk has been specifically implicit because they link up -- lack of oversight and the director cannot be removed so they do nothing. by colleagues are looking for a reason to vote they should look no further than those that bring in the cfpb i introduced last congress a provision to all financial agencies including cfpb to have $55 billion of regulatory cost to be levied this must end now. finanical choice act is a win for the american taxpayers for those who are sick and tired of the heavy hand of washington i yield back. is in god we trust.
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>> to members on the opposite side of the aisle talking about what they do for small banks let me tell you about a letter sent yesterday from the american bankers association. we're pleased this legislation contains provisions that our member h banks have long supportedwho are for their more but -- like wells fargo j.p. morgan and bank of america. wall street loves this bad bill. i give one minute to racier progressive champion. >> since the dodd/frank passage over 85 months of consecutive job growth. business lending has increased 75% bank's large and small are posting record
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profits community banks are outperforming larger banks and credit unions are expanding membership and the work of a the cfpb has 29 million people have seen $12 billion get back into their pocket and not be improper and illegal practices. why do we have the wrong choice act? because they want the money. not the 12 billion to the students and the people that need that kind of help those to the financial interest in it is a money fight and the
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wrong choice act stands firmly for those to line their pockets i yield my time. >> i am happy to yield to the gentleman from maine. >> mr. speaker i represent the most honest hard-working families in this country in the great state of maine also tens of thousands of small business owners andof our state to createe thousands of jobs in the state of maine me know the difference between right and wrong and it is wrong to force taxpayers to bail out huge wall street banks that take too much risk when it goes wrong. now the small community banks and credit unions thatat got our landscape did not cause the most recent
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recession. with these reforms passed in finanical choice act reduce unnecessary paperwork and cost to help our small community banks and credit unions so they can live better lives and have a better job opportunities for t also i am proud to say finanical choice act keeps the play is very strong protections for consumers of financial services while at the same time imposing the toughest penalties ever for fraud and insider dealings thisn to those that participate in this industry. it is no wonder those banks and wall street are not for the of choice act i encouraged everybody to vote for their choice factive is a great bill for ruralim america. >> i yield one minute toan
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mr. gonzalez. >> mr. speaker to a rise in opposition to h.r. 10 it could contain some language that is it helpful to community banks and is harmful to seniors and the elderly. additionally as written would be dead on arrival of the senate with a waste of time for this chamber and to restate -- serve those citizens that consistently told us that for say a new path and a better way of life and of those best measures is our cares for the elderly we made a promise to protect them to ensure they have reliable access and the support they need to live day dignified life. a promise made it should be a promise kept today in support of the wrong choice
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act will be billed to the americans full verbal to exploitation schemes one out of every five americans have been victims of financial abuse accounting for over $36 billion annually so when those resources and independents are threatened we must enable that consumer bureau to protect the elderly. thank you. >> mr. chairman i am happy to yield one minute to an incredibly talented member of the community. >> i rise in support of the financial choice act farmers and business owners and households to have that flexibility and access to credit and as the former
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mayor i know those that need access to credit whether to build a library or a community park or to need a new tractor we need a financial system that is strong and innovative and accessible right now under dodd/frank that is not the case one of my constituents in utah is successful but the growth of her company is stunted because she went into delays after applying for small business loan community banks close at themi rate of one per day with less consumer service than ever before everyone deserves a chance to realize the american dream and the choice act is a bold step to achieve that dream.
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>> value our one minute -- you're recognized for one minute. >> thanks for your strong leadership before us is broken i was in florida when the foreclosure rolled through by state like a hurricane with the unrestrained greed causing a preventable disaster becauses at no point did anyone say this is wrong. i remember 2008 and 2009 but the bailout and foreclosures fin and the painful road to recovery and the financial crisis exposing a broken system allowing wall street to gamble with main street's future. members are asked to trust the very people who brought us to this financial crisis.
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do not let them do that again. please go to know -- a vote no. >> i will yield one minute to the gentleman from arkansas. >> search to guide finanical choice act to the committee in the house mr. chairman i would like to submit for the record the unanimous consent from the arkansas state bank >> mr. chairman this is what.r the commissioner of banking says from arkansas as a state bank regulator in a sea in the huge burden dodd/frank is placed on community banks they have curtailed or discontinuedges, lending activities which has been detrimental to those consumers that they serve it
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is a compelling endorsementnot for those regulators not fork a member of congress withan those working family is recently i was told aboutin the army national guard member of my district who was informed he would not receive full loan to purchase a manufactured home twice as large and less expensive than the 60 year-old house he was renting for his family. or i hairstylist where her and her husband for not denied - - were denied the loan after having verifiable in tom. >> i yield one minute. >> thanks to yield me the time on behalf of working families of american the.re tha finanical choice act is nothing more than a
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misguided attempt where the bad actors can put the entire financial system the risk those that support. regulatory relief to pretty is just last week those of my district talked about the need but that awful a form is not before us today instead we have the of billng that is a fundamental attack on working families in america. in th making a harder to go after those bad actors to complete the gatt the consumer financial protection bureau.u. to ensure that they are not on the hook for future billet's -- bailouts. the district that i represent was one of the hardest hit my constituents repa sent me here to make sure we don't repeat those in the past.
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mr. chairman this was named finanical choice act in each of us here today have a simple choice to make to reside with the workingig families or the big corporation and special-interest?. >> i am happy to yield to the gentleman from minnesota >> nearly seven years ago the american people were promised dodd/frank and cfpb went end of washington bailouts to lead to a moreon prosperous economy instead the big banks continued to get bigger while smaller local community banks and credit unions will the sharp as we continue to struggle with the anemic levels of economic growth this is whythisl a the financial choice act is so important we can
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return the power to though little guy to create a better life for themselves and take steps to end to the failure of bureaucracy to give our of entreprenuers the opportunity to access the startup capital that they need to thrive i am pleased has provisions from the hole mortgage disclosure act these three bills are important component -- components to improve accountability and i appreciate the continueded efforts to make this goal a o reality thanks to theoo chairman for his work i would forward to supporting the financial choice act. >> i yield one minute to the o gentlelady from florida. >> do we have a role to
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protect american family is? in my home state of florida is hard to go anywhere without meeting of family affected by the foreclosure crisis natalie boozing their home but their life savings timw having them go after those bad actors to give the seat -- cfpb to go after those deceptive practices threatening those behind ann payments priding to put them into debt collections. demin dodd/frank also allowed the attorney general those lawsuits against bad actors. finanical choice act would repeal these consumer protections returning to read time when there were unfairly forced into foreclosure. we cannot go back this is
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america where we take care of our own if congress does not protect american families, who will? i urge my colleagues to reject a the bill. >> i yield one minute said gentleman from michigan. >> mr. speaker one of the consequence is the government had to step in with taxpayer dollars to bail out the financial industry wants an active we were told don't worry there will never be another bailout. . .
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>> more importantly, it puts col bankruptcy puts the risk of failing in the bank shareholders and creditors, not the taxpayers.s. energy to support the choice act and put an end to the the g possibility of another taxx funded bailouts. i yelled back. c >> i yield one minute to the gentleman from pennsylvania. >> i think the gentle lady. mr. chairman, my colleagues have already done a good job of talking in great detail of why this bill is really a festival of bad choices, wrong choices for america. i want to focus on one issue in particular, executive pay.
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this wrong choice act takes away provisions that rain and irresponsible pay to executives, the very people who decide decisions that get us into this mess in the first place. number one, this bill illuminates a role barring incentive -based executive pay and encourages inappropriate risks. the puts the average american ib danger of having to pay for another bank bailout. giving out bonuses for national suitability at risk is flat wrong. number two, it eliminates a requirement for corporations to disclose heather ceo pay eli compared to their employee salary. it eliminates transparency. it abolishes a rule requiring companies to disclose whether executives and board directors are allowed to bet against their own stock. this bill takes us back to the days of enron.ation.
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i urge my colleagues to vote no on this irresponsiblesarlin legislation.ia, new >> i yield one minute to the gentleman from georgia. >> thank you mr. chairman and mr. speaker. today we know a major factor leading up to the worst economic crisis in our lifetime was thera heavy-handed and meddlesomee politics of the federalesponded government. unfortunately, the previous administration responded to the crisis not by limiting the federal bureaucracy, but by increasing it.ng they implemented.frank under the guise of protecting the consumer. in reality, this bill and powere government, created new bureaucracy made big banks banks bigger and ended the creation of new community banks. in the wake of the finance crisis, georgia lost more banks than any other state in the nation, on employment skyrocketed and hundreds of
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businesses 100. instead of creating opportunities for georgians to pick themselves up and start again, dodd frank continue to suppress our economicc recoveryb today, decade after the end of the recession there are still 47 counties in georgia without a local community bank. three counties without a bank branch at all. the financial choice act will be reverse these regulations. and once again so the seeds of prosperity on main street not wall street. it ends the bailout by biggslea taxpayers and will open the economy to everyone. i urge you to support the financial choice act. >> i now yield minute. >> this bill is about abstracting effective law enforcement that challengessurea predatory payday lending, that protects military families from
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unjustified for foreclosures and adjust his the burden of student debt. republicans give new power to fire the chief cop on the beat who protects consumers against wrongful financial practices. we see how well that worked with trump and the fbi. have you learned nothing aboutth giving trump more power? without the consumer financialuw protection bureau, wells fargo would never have been penalized for its multimillion dollar fraud. republicans want to shield wall street given it free reign to run over people across america and later awarded with more tax breaks. they tolerate any wrongdoing and crazy tweets along as they can get more tax relief unless consumer protection. enough is enough. it's time to say no to this bill and offer protection to the people of america for financial
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wrongdoing.m i yelled back.e gentle >> you have eight minutes remaining, the gentleman from calvinist 12 minutes. >> i yield one minute to the gentility from illinois. >> senior citizens beware the financial choice act. this bill repeals the best interest rule which ensures that americans that are saving forcen retirement give financial advice and their advent best interest. stephen, 69-year-old vietnam veteran and eleanor lost $147,000 in retirement savings so handsomely profited his investment advisor but devastated him.
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in d borough which -- in december, the cfpb took an action against three cricke cricket financial . it's dangerous, it's dangerous for older americans, it's dangerous for all americans and it is dangerous for our entire economy. the puts us at risk. it's the wrong choice for america and i urge my colleagues to vote no. >> i now yield one minute for. the gentleman from oregon.
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>> thank you. i think the ranking member for fielding. i ricin strong opposition to the financial choice act because it will cut the consumer financeor spirit. and we'll rollback protections for seniors, students and hard-working families across the country. it protects americans from unscrupulous financial practices and debt collectors. since its creation it assisted 29 million consumers. and many with mortgages credit cards and debt collections. seniors are vulnerable for financial fraud it's this bill would rollback their ability to identify and stop telemarketing practices and its harmful billlc would hel prevent the see mpd cracking down are predatory lenders who take event with as struggling families i worked as a attorney and i worked with too many families who lost their
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home and were harassed by debtbn collectors. too many who got into the quicksand did not able to getork out. we cannot allow the shortsighted builds is stop the good work. it's called the choice act but it is the wrong choice and i urge you to oppose it. >> i yield one minute from the gentle lady from california. >> your recognize for one minute. >> thank you mr. speaker. i ricin opposition to the wrong choice act. this bill has a hidden provision that strips away oversight for payday lenders. they are like loan sharks charging upwards of 400% interest on loans. it's outrageous. borrowers were struggling to get by.
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that's how they got trapped in a cycle of debt. her mother was diagnosed with breast cancer lost her job. she had to take out a loan to buy food. a payday lender garnished her wages and charge sky high interest-rate piece. she paid back thousands more than she burn all because she needed food for her and her mother. let's protect our workers and families. to oppo let's take away oversight of this industry. i urge them to oppose hr ten. it's the wrong choice.me i'm >> i am pleased sealed one minute to a new member of our committee.ge the gentleman from new york. >> mr. speaker, i ricin strong support of the choice act and i think the chairman for his strong leadership.
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opposing regulation meant for large transnational firms that buy to bureaucrats in washington. the hard-working families itu means you cannot buy that firste home or get that small business loan. today we have the opportunity to remove the barriers to job creation and prosperity. they've given us the weakest economic recovery in history.po : taxpayer bailouts, restore accountability and jumpstartgi innovation and job creation.k i strongly support the legislation. >> wheeled one minute to thene gentleman from arizona. >> mr. speaker, 2008 are financial system cratered to bring in the economy to itsjobs knees. millions lesser homes and jobs
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by no fault of their own. thirteen chilly dollars of wealth and savings. among other things, we enacted several mortgage standards, we brought the derivatives market out of the shadow.s we stop the casino like debt that our banks and created a consumer focus protection bureau. greed is but we couldn't do is eradicate greed. sadly, today greed is where it rearing its ugly head today. the republican controlledons congress is about to pass an act that would throw away the lessons of the 2008 financial crash and unleash the demons that took down the world economy. i urge the house to reject the build.r. i yelled back.
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>> i read in support of this act. this rolls back owners obama regulations it in the industry that a string leads all businesses in hurting hard-working american taxpayers. as i held roundtables across west virginia heard from small business owners and job creators that obama era regulations make it harder for community banks to make loans to small businesses and first-time homebuyers.the the financial choice act will remove the federal regulations for monetize washington bureaucrats and return financial decision-making to you, thehe individual consumers into the small community banks. the president trump is committed to supporting the treat choice
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act thank you for the leadership of this important a administration. >> i think you. i want to say to my republican colleagues. i have heard a lot of advocacy for the small banks. i am with you. those folks did not cause the depression. and we have to give them relief. what this bill does is essentially use the good insti reputation of the small lending institutions that are communities to create an opening for the bad actors that causes enormous recession.banks it invites him to get back to
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the bad old days. the business model is to play ta we have they shorted for one investor and then sold as aaa rated investments for firefighters and teachers. that is absolutely outrageous. were allowing that to occurshoul again. t we can help the small things so we should. but we should not a free pass.oo there is one good thing of the bill. a very glad to see the durban rule continues to exist. those a crackdown and we finally got really fat retailers at the transaction fees. >> this or chairman, i'm not to very happy to yield two minutes to the gentleman, mr. budd.
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>> your recognize for two minutes. r >> i drive distinction between political costs and real costs.t no city in the country are the political costs treated more real than washington. the truth is, for the other 99% of the country the real cost is what counts.t real cost of the durban amendment than amply documented. banks have seen revenue fall 20%. the low income consumer has seen checking fees double. the small ticket merchant has seen interchange cost increase. for those of us who campaigned on a platform of free markets and limited government, which is most of our party, i suggest the principle that is followed when it costs nothing is not much of a principal at all. the principle that government should not be setting prices ended up having a political price of its own.
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for some that was the only reality of this debate. i only wish i could say the same for the 1 million people that it has been driven out of the banking system. i yield to the gentleman. >> i think the gentleman for north carolina and associateth myself with his remarks. it is not helped consumers and it has hurt them. the only thing that has benefited at the retailers who, despite congress has not cost. congress should not be in the business of price-fixing, price controls will never work and will always have a negative consequence. principles and with that i yield back to the gentleman.mr. >> i like to think both gentlemen for the basic economics tells us that would
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government fixes market prices, consumer welfare suffers. it's not a surprise researchers have found the for haskell a family colors i remain hopeful that congress will correct the mistake mr. speaker, one of the elements of the wrong choice act that is particularly troublesoms to me has to do with the wrong choice act repealing section 953b the dodd frank consumer protection act. they may find that to be just
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but it is really important. section 953b was a hard foughtrd victory. the law requires them to disclose a ratio between what they pay their ceo and what they pay their median worker. this is important information. a ceo of an s&p 500 company makes an average $331 for every $1 a typical rank-and-file worker makes. if the ceo provides the hundreds of times to their employees before investing in firm.or actually exorbitant ceo pay could impact dividend and all kinds of decisions.
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so while executives were making critical decisions, quality employees ensure those decisions are being properly implemented. this ratio benefits investors by ascertaining whether company employees are being treated fairly and able to retain peo employees, the company that values its people. the ratio helps them decide how to cast it on compensation. research shows that the highersr the ceo the more likely the ceo is to pursue the kind of risk investment that brought the fight global financial crisis to bear. the institute of policy studies from the newly 42% of the ceos on their top 25 highest pay list
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wound up being fired, sought the baylor.to moreover, lower ratio co2 worker worker pay implies more investment in human capital and the longer-term outlook on the corporation. according to a survey 46% of investors say they consider ceo compensation in theirr decision-making. the current culture pay ceosos hundreds of times and even thousands it hurts families, is detrimental to morale against gives the research shows us what is best practice.an so, i feel freezer. >> mr. chairman, i yield one minute to the new member of our community.
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>> your recognize for onepport f minute. >> i rise today in support of h ted for seven years now dodd frank has stalled her economic growth. while community banks and credit unions to not cause a recession, they have carried most of the burden following the crisis. these small financial institutions are the lifeline of local businesses, farmers, entrepreneurs and anyone striving for true financial independence.lity to the financial choice act will bring relief for owners, rules, and regulations to borrow money. once they can access more capital they will be able to grow, hire employees, contribute more to their communities. i want to thank sherman for working tirelessly for breaking
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relief to the american people.ch irish michael to support this legislation. mr. speaker, yield one minute from the generally be of 40,. > your recognize for one minute. >> i want to thank the gentleman for yielding in the most diligent work of the american people. also to our ranking member maxine waters. i want to thank her for educating the house in the public of the consumers of this horrible bill. street it really is the wrong choice for american families. shamefully it gives wall street a handout while stealing fromth the pockets of everyday americans. the drag us back to the days were wall street and billionaires get richer while struggling families left in the cold. it significantly undermines the consumer bureau of the rules and
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put in place to prevent predatory lending particularly in communities of colors. they lost a generation of wealta prior to dodd frank and have yet been able to recover. but this bill also pits wall street recklessness back in charge and it will take us back to where we were before we can go back. that's why were asking for no votes and it jeopardizes their financial security. >> i'm happy to yield to another member of the community,. >> thank you mr. speaker. and thank you for your leadership on this bill. i rise in support of hr ten, the financial choice act as a single
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parent to small business owner i know from my own experience the only way for hard-working americans to achieve financial independence is building an economy from main street up, not wall street down. and not only imposes the toughest penalties in history for financial fraud, savesoice t taxpayers $30 billion. the choice act eliminatess taxpayer-funded bailouts while providing choices for consumers and an opportunity for economic growth.fe as an upstate new yorkert economic challenges caused by excessive regulations such as the dodd frank act crushed small businesses yet they have him 70% of the new jobs. it increases access to capital and startups.ositivel it will increase jobstrict. opportunities a benefit thecr
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district. i urge my colleagues to supportd job creators and votes for theth financial choice act. >> you have three minutes remaining. >> mr. speaker, does it makeears sense that after eight years of a piece of regulation dodd frank, that has brought us increases in gdp, increases in s jobs and stability in financial markets that we are now repeal that legislation to go back to a time when we saw that deregulation strategy bring us the great recession. it doesn't make any sense to take the position that what we k need is more wide open wild west, on your own financial
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rules and laws in our country. before dodd frank was passed we had a dismal consumer protection system. we really had seven or eight but different agencies there were sort of responsible but not really.gages that consumer protection was not a priority of the federal government. as a result we saw proliferation of a mortgages that got people who can handle the mortgage or the product was fraudulent. a situation then they went into foreclosure. we saw the secondary market package up some of these. we saw them saying things were good equity products and when they started to fail while we size those big banks got bailed out and we saw citizens lose their homes.
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going back to those days is a bad idea. to bring us back to a time when we didn't have consumer protection and responsibility placed on the shoulders ofofrati management. these when we didn't say were going to look after these rating agencies and that these systemically important institutions we get more scrutiny. before the time we did the images remind the american people we had many states with unemployment above 10% because of deregulation and laissez-faire attitude. those bad all day nearly ruined so many families. they're just now starting to recover.ha under dodd frank we've seen job month after month of job growth. we've seen economic activity increase, fast enough for me,
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no. i think we need more. over $170 billion in record profits from 2016.not the claim on the other side that the banks is being crushed is not a true statement. business lending is up 75% since dodd frank. data from the federal reserve show aggregate lending is increased from 1.2 trillion and i yelled back.we know th >> mr. chairman, we have now had seven years of history with dodd frank. what we know? we know the big banks are bigger. we know small bankser are fewer they cite statistics about
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lending but he left out that we are loosing a community bank or credit union per day.all the not dying of natural causes, the time of the dodd frank disease. job small businesses continue to suffer. it takes small banks to lead to small businesses. the small bank business lending has not recovered. it cannot recover as long as dad frank is on the roles of the federal register. it is time for a better way. it is time to help struggling families, that's what this is about. we've had seven years of dodd. frank and yet working americans haven't received a pay increase. small businesses cannot gett loans. struggling families have not seen their savings recover, which, oh by the way was brought about by government in the first
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place with dumb regulations to put people in homes they cannot afford to keep. let's also remember that dodd frank is hurting the consumers it claims to help. free checking cut in half, credit cards, they cost two to 300 basis points more. they are harder to come by. they cost hundreds of more dollars to close. instead what we have is w washington elites now making the decision whether we get to put a mortgage on her home. b no mr. chairman, there is a better way, it is why we must enact the financial choice act. there will be economic growth for all.e we will once again have an america that is only limited by the size of its streams..
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i encourage all to support the financial choice act and i yelled back my time. >> the house went on to pass 283 to make -- new sanctions are in iran. for details we talked to capitol hill reporter. >> rachel all swelled his national security reported of the sanctions on iran new and wide to senators in both parties feel like they're necessary now? >> the senators are coming after a debate last year to impose sanctions. the president obama was an office at the time and he strongly pushed against democrats both him out of the office the weight is now lifting. these are new

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