Political Quotes

“The House is now considering the funding bill for fiscal year 2015, and the risks of not passing it are extremely high. But tucked into this must-pass bill is yet another attempt by Republicans in the House of Representatives to gut Dodd-Frank. What is really scary about this is that this is just the beginning. We can expect much more of this in the 114th Congress. Dodd-Frank was designed to reduce the systemic risks that large banks posed to our financial system. It was meant to prevent another taxpayer bailout of these massive institutions that were and continue to be too big to fail. By chipping away at Dodd-Frank we are once again letting special interests prevail over the safety of the financial system and protection for consumers. There were many roots of the financial crisis, but economists agree that the unregulated and pervasive trading of derivatives was a major contributing factor. We permitted financial institutions to gamble and regulators looked the other way. When these financial institutions made bad bets and nearly took down the financial system, we had to bail them out on the taxpayers' dime. Working families who are struggling in a slow economic recovery are still paying the price. So one of the goals of Dodd-Frank was to get the banks to go back to doing the normal business of banks--to collect deposits and extend credit. That means no longer allowing banks to leverage FDIC-insured deposits and their access to the Federal Reserve for speculative trade.…”