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DelBene: We Cannot Return to a Time of Taxpayer Bailouts for Wall Street

Congresswoman DelBene voted again legislation that would undo vital consumer protections.

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Washington, DC, June 8, 2017 | comments

Congresswoman Suzan DelBene (WA-01) today opposed dangerous legislation that would dismantle consumer protections established to prevent another financial collapse at the hands of Wall Street’s risky practices.

“This irresponsible bill puts Wall Street special interests ahead of the American people,” DelBene said. “I’m deeply disappointed that instead of coming together to develop policies that will support working families and grow the economy, House Republicans have chosen to push a bill that would decimate important protections put in place to shield our constituents from the kinds of reckless activities that led to the financial crisis. These vital reforms were needed so U.S. taxpayers don’t find themselves on the hook for another Wall Street bailout.”

The bill, which passed on a 233-186 vote, would allow any bank to opt-out of Dodd-Frank Wall Street reforms. The bill would also cripple the Consumer Financial Protection Bureau, which formed after the 2008 financial crisis to protect consumers. The legislation now heads to the Senate for further action.

The 2008 financial crisis resulted in over 10 million people losing their homes through foreclosure and an unemployment rate of 10 percent.

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