Pelosi Statement on Republicans’ Latest Wall Street Giveaway
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement on the eleven-bill Republican package to undermine essential Dodd-Frank Wall Street reforms, introduced late last night, and brought forward less than 24 hours later under suspension of the rules:
“Later today, Republicans will attempt to pass an 11-bill Wall Street wish list introduced in the dead of night and rushed before the House without transparency, scrutiny or debate. The Republican package to be offered under suspension of the rules represents a brazen attempt to dismantle essential Wall Street reforms and sneak through a New Year’s present to big banks.
“The last thing large banks need is more help. Despite Republican claims to the contrary, the Government Accountability Office, Congress’ auditing arm – based on a rigorous quantitative analysis – recently found that the Dodd-Frank Act has not raised the cost of credit large banks provide and has, in fact, improved their safety and soundness.
“Republicans are seeking to tie the hands of Wall Street’s watchdogs and further delay the Volcker rule that protects the American economy by prohibiting large banks from risky gambling with taxpayer-backed funds. While many of the provisions in these bills only became public last night, their destructive impact is clear, and their intent is unmistakable. In the opening days of the 114th Congress, Republicans are dismissing the interests of middle class families and racing to do the bidding of their special interest friends.
“We must have an economy that works for everyone, not just the privileged few. Yesterday, House Democrats offered legislation to address the challenges of the working people and middle class families who are the bedrock of our economy and the backbone of our democracy. Republicans refused to join us in supporting better infrastructure and bigger paychecks for the American people. With their latest Wall Street giveaway, it is clear where Republicans’ true priorities lie.”