Rep. Takano Statement on House GOP’s Vote to Deregulate Wall Street
Washington, D.C. – Rep. Mark Takano (D-Calif.) released the following statement after House Republicans voted to pass the Financial CHOICE Act of 2017, which repeals or weakens the Wall Street regulations put in place in response to the global financial crisis.
“Less than ten years ago, Wall Street’s reckless and unethical behavior triggered the Great Recession and nearly destroyed America’s financial system. American taxpayers were forced to bail out Wall Street banks, even as millions of families lost their homes, their jobs, and their savings. That profound injustice was a lesson on the dangers of unregulated financial institutions that should be remembered for generations. Apparently, House Republicans have forgotten it in less than decade.
“Today’s vote to deregulate Wall Street once again puts taxpayers on the hook if a financial institution collapses, and it once again leaves consumers vulnerable to the predatory practices that have made banking executives wealthy at the expense of working families. It’s been just nine years since taxpayers bailed out Wall Street. If this bill becomes law, it won’t be long until they are forced to do it again.”
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