Brown Statement on Plan to Roll Back Wall Street Reform

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – today issued the following statement regarding House Financial Services Chairman Jeb Hensarling’s (R-TX) bill to undo the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation would gut the Consumer Financial Protection Bureau, which has returned almost $12 billion to 29 million Americans who have been cheated by shadowy debt collectors, for-profit schools, and payday lenders

“The American people believe that Congress should do more to rein in Wall Street, but Chairman Hensarling’s new bill shows House Republicans are not listening. The big banks and payday lenders can’t stand the fact that the law is succeeding in stabilizing the economy, making our banking system safer, and protecting families, seniors, and servicemembers from the kind of predatory lending that almost destroyed our economy in 2008. The special interests and their lobbyists who are hell-bent on rewriting the rules in Wall Street’s favor couldn’t have drafted a better bill themselves, if indeed they didn’t.”

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