The U.S. House of Representatives voted Thursday to deliver on their promise to repeal Dodd-Frank — the sweeping set of financial regulations imposed on Wall Street that former President Barack Obama signed into law following the 2008 financial crisis.
H.R. 10: the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act is intended to end taxpayer-funded bailouts of Wall Street banks and create more opportunities for Americans on Main Street, but the Alabama delegation’s sole Democrat, 7th District U.S. Rep. Terri Sewell, says the bill would actually “eliminate consumer protections designed to deter abuse by predatory lenders and large financial institutions.”
“I voted against the Wrong CHOICE Act because it erases financial protections for American families and eliminates the safeguards enacted to protect against another financial crisis,” said Sewell. “In Alabama, we all remember the devastating impact the recession had on families in our communities.”
Sewell continued, “Between the home foreclosures, rising unemployment, and the families whose dreams were stripped away to pay for Wall Street’s mistakes, it is hard to forget. It is unacceptable that only a decade later, Congress is rolling back key financial reforms enacted under the Obama Administration. We cannot go back to a time when predatory lenders and other bad actors abused consumers and brought our economy to the brink of collapse.”
The remainder of the Alabama delegation voted in favor of the bill, which passed the House 233-186 along party lines.