Merkley Statement on House Passage of the Wrong Choice Act

WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the House of Representatives passed the “Choice Act” today:

“I know that the summer is the time for sequels, but the American people have already been through the Great Recession; they don’t need a Great Recession 2. If the Wrong Choice Act becomes law, that’s exactly what’s in store for Oregon’s working families, and working families all across America. 

“The Dodd-Frank Act was an historic undertaking. It restored commonsense rules to an out-of-control financial system that caused the Great Recession. Now, Republicans want to re-open that very same Wall Street casino that brought our economy to its knees. No thank you.

“This bill would decimate the Consumer Financial Protection Bureau – an agency whose sole purpose is to defend consumers, and which has returned over $11 billion in relief to more than 27 million consumers. And it would eliminate the Volcker Rule that stops the banks from gambling with taxpayer-insured savings. This threatens the lending that families and small businesses rely on.

“The Dodd-Frank Act ensured that our financial system works for, rather than preys on, American families and Main Street businesses. Congress should be fighting to give working people a chance to get ahead, not putting their homes, jobs, and retirement savings at risk once again. We already saw that movie in 2008 and it stunk. We don’t need a sequel. The Senate should bury this misguided bill.”