May 02, 2017

Brown Statement on House Bill to Dismantle Wall Street Reform

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – today issued the following statement as the House Financial Services Committee marked up Chairman Jeb Hensarling’s (R-TX) sprawling bill that would dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation would gut the Consumer Financial Protection Bureau, which has returned almost $12 billion to 29 million Americans who have been cheated by shadowy debt collectors, for-profit schools, and payday lenders.

"It’s ironic that one day after the President said he’s considering breaking up big banks, House Republicans are fighting to give megabanks and payday lenders everything they want and more. Democrats have shown we’re willing to work with Republicans to tailor the rules where it makes sense, but this bill guts important Wall Street reforms that protect American families from being on the hook for another bailout."