June 07, 2017

Brown Statement on House Push to Dismantle Wall Street Reform, Consumer Protections

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 prepares to vote on the so-called CHOICE Act, which would dismantle the Dodd-Frank Wall Street Reform law. The bill 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. Republicans rammed the bill through the House Financial Services Committee on a party-line vote last month.

“This partisan, dangerous legislation would once again leave families, seniors, and servicemembers at the mercy of predatory lenders, and put taxpayers back on the hook to pay for Wall Street’s greed and recklessness. Democrats have shown we’re willing to work with Republicans to tailor the rules where it makes sense, but not if it means killing the reforms that have made the financial system safer and fairer.”