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Walz Votes Against Wall Street to Protect Main Street

06/09/2017

Posted by Lori Sellner June 8, 2017

,WASHINGTON, DC – Today, U.S. Representative Tim Walz (MN-01) released the following statement after opposing H.R. 10, the Republicans’ Financial CHOICE Act, on the House Floor:

Cc“The Republican bill I voted against today puts the interests of Wall Street over the well-being of Main Street businesses and families in southern Minnesota. It’s no secret that Dodd-Frank wasn’t perfect, especially for community banks and credit unions, but it helped rein in Wall Street and stabilize our economy. Unlike the big banks, Minnesota’s neighborhood banks didn’t contribute to the 2008 financial crisis. That’s why I’ve supported bills in every Congress that would ease the burden on those small businesses and increase access to capital in rural areas – without letting Wall Street run amok again, the way H.R. 10 would.

“While I am pleased the underlying bill contained my provision to establish an Office of Inspector General within the Consumer Financial Protection Bureau (CFPB), as I believe it can strengthen the CFPB’s mission to fight for consumers, I could not support the greater bill, which actually jeopardizes CFPB’s power to protect working class folks, seniors, service members and veterans.

“Greater accountability on Wall Street means more economic stability for Minnesotans. The Republican bill today will create the same conditions that led to financial crisis in 2008 and we must do everything in our power to prevent that from happening.”