Pelosi Statement on GOP Bill to Weaken Volcker Rule


Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement in opposition to H.R. 4790, which would weaken the Volcker Rule that stops banks from gambling with taxpayer money by banning speculative trading and certain risky investments in hedge funds and private equity funds:

“Under the guise of helping community banks, the GOP is chipping away at essential protections that prohibit big banks from gambling with the savings of the American people. The exemption to the Volcker Rule passed by the House today makes it easier for the Trump Administration to pursue a full repeal, and could once again put taxpayers on the hook if Wall Street is left unchecked.

“The GOP has waged all-out war on the watchdogs that protect American consumers and taxpayers from the abuses of Wall Street – from voting for a Wrong Choice bill to repeal Dodd-Frank to gutting the Consumer Financial Protection Bureau. Meanwhile, the GOP tax scam has extended the federal largesse to Wall Street at the expense of seniors and families. At every opportunity, the GOP has worked to enrich the big banks instead of the hard-working men and women on Main Street.

“Make no mistake: Republicans are dragging us back to the days when unchecked recklessness on Wall Street ignited an historic financial meltdown.”

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