Scott Votes No on Legislation to Repeal Wall Street Reforms
WASHINGTON, D.C. – Congressman Bobby Scott (VA-03) issued the following statement on his No vote on H.R. 10, the so-called Financial CHOICE Act of 2017, which dismantles key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that were enacted to protect consumers after the 2008 financial crisis:
“I voted against the Financial CHOICE Act because it single-handedly rolls back key consumer protections and financial regulations established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Without these protections, the risky and often predatory behavior of certain banks and other financial institutions a decade ago, that led to the worst financial crisis since the Great Depression, will again go largely unchecked by the federal government.
“I strongly supported Wall Street Reform in 2010 because it created strong new consumer protections, ensured sensible regulation of our financial system, and helped safeguard our nation from another financial calamity. Despite today’s egregious vote to undermine these reforms, I will continue to fight for strong consumer protections and regulations that ensure a stable financial system and ultimately allow our financial institutions to thrive for the benefit of all Americans.”
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