DelBene Opposes Efforts to Weaken Dodd-Frank
Congresswoman Suzan DelBene (WA-01) today opposed efforts to weaken protections passed in the Dodd-Frank Wall Street Reform and Consumer Protection Act by voting against H.R. 3340.
“Under Dodd-Frank, the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) were created to monitor financial systems and identify emerging risks that could threaten economic stability,” DelBene said. “Today’s bill would needlessly subject these critical tools to the micromanagement of Congress, politicizing protections we need so U.S. taxpayers aren’t on the hook for another Wall Street bailout. We cannot and must not weaken Dodd-Frank.”
The Financial Stability Oversight Council Reform Act would make the funding of FSOC and OFR subject to the annual appropriations process, meaning lawmakers could retaliate by slashing funds if they disagree with the council members or researchers. It passed on a 239-179 vote and heads to the Senate for further action.
DelBene also voted against H.R. 3791, which would raise the asset cap to five times above the current level, exempting larger financial institutions from Dodd-Frank capital requirements.