Dems hold minority hearing on Rep Crush the CFPB act

[vlyons]

Waters Slams the Wrong Choice Act During Historic Minority Day Hearing

The Chairman’s (Jeb Hensarling TX-05) Wrong Choice Act destroys Wall Street reform, guts the Consumer Financial Protection Bureau, and returns us to the financial system that allowed risky and predatory Wall Street practices and products to crash our economy.

We all remember the dark days of the financial crisis and the Great Recession – the 11 million Americans who lost their homes to foreclosure, the 13 trillion dollars in household wealth that went up in thin air, the 10 percent unemployment rate, and the many retirements deferred. This bill would erase all of the progress we’ve made since then, and put us on the road back to economic ruin. It’s not just a bad bill - it’s an expansively bad bill, with repercussions for our whole country.

Astonishingly, the Chairman had only planned a single hearing on the Wrong Choice Act. Democrats held 41 hearings in this Committee to consider the House version of Dodd-Frank before its passage. It was a transparent, open process that carefully considered a variety of perspectives to ensure a sensible, well-considered set of reforms.

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http://democrats.financialservices.house.gov/news/documentsingle.aspx?DocumentID=400459