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Lipinski Votes to Keep Strong Wall Street, Financial Oversight

Congressman Dan Lipinski (IL-3) released the following statement after voting against legislation undermining Wall Street oversight & reform:

“Last night, I voted against H.R. 10, the Financial CHOICE Act. This bill would roll back the progress we have made in reining in Wall Street and stopping bank bailouts. It would also gut the Consumer Financial Protection Bureau (CFPB) which has secured close to $12 billion in relief for 29 million consumers. I voted three times against the $700 billion Wall Street bailout. We should work to make sure that oversight over the financial system is strong enough so that the situation that led to the bailouts never happens again.

“We are less than 10 years out from the worst financial crisis to hit the U.S. since the Great Depression. Unemployment reached 10%, millions lost their homes, and home values plummeted. The combination of toxic loans and complex connections between financial institutions meant that the collapse of one threatened to undermine the entire financial system. Congress should push for strong oversight so that toxic loans & Wall Street banks won’t destroy livelihoods again, instead of giving free rein to Wall Street to repeat its devastating mistakes.”