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There were 144 major cases of $100 million or more against 26 large U.S. and foreign banks. Just look at this: Bank of America, $56 billion; J.P.Morgan, $28 billion; Citigroup, $15 billion; Wells Fargo—and you know about Wells Fargo and what they did— $11 billion; Goldman Sachs, $9 billion; Morgan Stanley, $5 billion. This is about rip-offs, so this bill will prevent us from being able to assess these kinds of penalties on those who are ripping off the American public. Mr. Chair, I yield 1 minute to the gentleman from Missouri (Mr. CLAY), ranking member of the Financial Institutions and Consumer Credit Subcommittee. Mr. CLAY. Mr. Chair, I thank the ranking member. I rise today to oppose H.R. 10, a dangerous assault on American consumers that would gut the landmark Dodd-Frank Wall Street Reform Act. If the ‘‘Wrong’’ CHOICE Act is allowed to be inflicted on working families, the reckless financial speculators who sold out the American people on Wall Street would be given a free pass to perpetrate future financial abuses that will reap billions for them and rob average Americans of their financial security again. The ‘‘Wrong’’ CHOICE Act would take us back to the pre-2008 era of unchecked reckless financial abuses that resulted in the worst recession since the Great Depression. Let me remind Members of the crushing cost of that national economic emergency: over 8 million jobs lost, 10 percent unemployment, 7 million home foreclosures, and trillions of dollars of personal institutional wealth wiped out. No proponent of this bill can look the American people in the face and tell them that this is better for consumers, because it is not. Mr. HENSARLING. Mr. Chairman, I yield 1 minute to the gentleman from Virginia (Mr. GOODLATTE), chairman of the Judiciary Committee. Mr. GOODLATTE. Mr. Chair, I would first like to thank Chairman HENSARLING for introducing this important piece of legislation. The CHOICE Act replaces the orderly liquidation authority under title II of Dodd-Frank with a new bankruptcy procedure developed by the Committee on the Judiciary in the Financial Institution Bankruptcy Act. In 2008, our economy suffered one of the most significant financial crises in history. In the ensuing years, experts from the financial, regulatory, legal, and academic communities have examined how best to prevent another similar crisis from occurring and to eliminate the possibility of using taxpayer moneys to bail out failing firms. The Judiciary Committee has advanced the review of this issue, with the aim of crafting a solution that will better equip our bankruptcy laws to resolve failing firms, while also encouraging greater private counterparty
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diligence in order to reduce the likelihood of another financial crisis. The Financial Institution Bankruptcy Act is the culmination of a multiyear, bipartisan process that solicited and incorporated the views of a wide range of leading experts and relevant regulators. The CHOICE Act incorporates all of the provisions of the Financial Institution Bankruptcy Act, providing a balanced approach that increases transparency and predictability in the resolution of a financial firm. Furthermore, it ensures that shareholders and creditors—not taxpayers— bear the losses related to the failure of a financial company. Mr. Chair, I urge my colleagues to support this legislation. Ms. MAXINE WATERS of California. Mr. Chairman, I yield 1 minute to the gentleman from Colorado (Mr. PERLMUTTER), ranking member of the Terrorism, Nonproliferation, and Trade Subcommittee. Mr. PERLMUTTER. Mr. Chair, I thank the gentlewoman from California (Ms. MAXINE WATERS) for yielding me time. I rise in opposition to H.R. 10, the ‘‘Bad’’ CHOICE Act, which brings back the Wild West to our financial markets and hurts consumers. It is a bad choice because this takes us back to a time when we were losing 800,000 jobs a month—not gaining 200,000 jobs a month. Colorado takes us back to when we had 10 percent unemployment—not 2.5 percent unemployment. It takes us back to a time when the stock market was 6,500—not 21,000. It brings back no discipline. The markets were in chaos. People got hurt. This kind of return to bad legislation and bad regulation is not good for America, and we should all vote ‘‘no.’’ Mr. HENSARLING. Mr. Chairman, I yield 2 minutes to the gentleman from Missouri (Mr. LUETKEMEYER), a real leader on our committee and chairman of the Financial Institution and Consumer Credit Subcommittee. Mr. LUETKEMEYER. Mr. Chairman, I am very proud to stand with Chairman HENSARLING today and offer my support for H.R. 10, the Financial CHOICE Act of 2017. This bill offers a responsible approach to financial regulation that will protect consumers and allow the American economy to flourish. The Financial CHOICE Act makes meaningful reforms that ensure transparency, restore a rule of law, and help consumers and small businesses gain access to the credit they need to move forward towards financial independence, be the entrepreneurs they are, and be able to realize their dreams. Mr. Chairman, we lose one community bank or credit union a day, as the chairman just mentioned, every day. These are the institutions that lend to families and small businesses across America. These institutions are the backbone of each of our communities and something that must be done to reverse this dangerous trend of consolidation and closure.
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There has been a considerable amount of discussion on both sides of the aisle on the need to help community financial institutions. The legislation we will consider today provides every Member of Congress the opportunity to cast a vote in favor of responsible regulatory relief for credit unions and community banks across the Nation. The Financial CHOICE Act will increase access to credit for consumers by easing rules and regulations that never should have been applied to smaller financial institutions in the first place. H.R. 10 also makes important reforms to the Consumer Financial Protection Bureau, an unaccountable agency that embodies the Washingtonknows-best mentality that the Nation is so tired of seeing and, instead, creates a more responsible framework that actually protects consumers instead of special interests. The Financial CHOICE Act offers a new model for financial opportunity and responsible regulation. It is time to take steps to remove the boot from the neck of our Nation’s lenders and their customers. Former Fed Chairman Alan Greenspan has said about the bill that it would have a tremendous stimulative effect on our economy. The Financial CHOICE Act is the right choice to help our communities grow their economies and our citizens realize their dreams. Mr. Chair, I want to thank Chairman HENSARLING for his unwavering leadership and urge my colleagues to support H.R. 10. Ms. MAXINE WATERS of California. Mr. Chair, I yield 1 minute to the gentleman from Michigan (Mr. KILDEE), the vice ranking member of the Committee on Financial Services. Mr. KILDEE. Mr. Chairman, I thank the ranking member for yielding. I understand the President of the United States himself has no real understanding of American history, but that is no excuse for this body for ignoring even the recent history of this country and returning us to the conditions, to the regulatory environment that not only preceded but contributed to cause the worst financial crisis that I have experienced in my lifetime, the Great Recession. b 1300 Millions of people lost their homes. Millions of people lost their job and lost everything they worked for because they were completely unprotected against institutions and organizations that were predators against them. This proposed legislation would take away those very protections and return us to a time when institutions and organizations can use unfair and deceptive practices, and the Consumer Financial Protection Bureau under this legislation would be barred—would be barred—from going to bat for those people being taken advantage of. This makes no sense. We ought to reject it, and I urge my colleagues to join me in doing so.
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