Delaney Votes against Legislation to Repeal Dodd-Frank
WASHINGTON – Today, Congressman John K. Delaney (MD-6) voted against the Financial Choice Act (H.R. 10), legislation to repeal and weaken significant provisions of the Dodd-Frank investor protections and financial reforms that were implemented after the financial crisis.
Congressman Delaney is a member of the House Committee on Financial Services and is the only former CEO of a publicly traded company in the House.
Delaney releases the following statement:
“During the financial crisis nearly all of the largest financial institutions in the United States either required a bailout or significant support from taxpayers. Millions of Americans suffered deeply, people lost their homes, people lost huge chunks of their savings and people lost their jobs when the economy crashed. Clearly, reform was needed and Dodd-Frank was that reform. Since Dodd-Frank was put in place, consumer protections have improved materially, the banking system is safer and more sound, and our financial institutions and our markets have far outpaced their international competitors. Dodd-Frank is working. Is it a perfect piece of legislation? Of course not. Anytime Congress does major legislation we should sign up as a body for ten years of fixes, but that’s not what the Financial Choice Act is. This is a misguided and time-consuming repeal effort, an effort driven by a narrow partisan agenda. This is a bad bill and a tremendous missed opportunity – instead of working together on areas where there is bipartisan consensus, like helping community banks and credit unions provide access to capital for families and small businesses, House leadership is again focusing on ideology, not real solutions.”