On the recordJune 8, 2017
I have to say that this is the single worst piece of legislation that I have seen in my time here in Congress, and I have been here awhile. So I have to congratulate the gentleman from Texas for putting this amalgamation of terrible ideas together. This bill basically destroys the work that we did to try to secure the banks after the financial crisis of 2008. It harms consumers, it lets off bad actors, it hamstrings our financial regulators, and I believe it will lead to the next financial crisis. This bill will destroy the only consumer protection agency in the United States Government by handing over the ability to defund the operation to the people who were committed to opposing its very creation. It also repeals the Department of Labor's fiduciary rule that simply requires that financial advisers put the interests of its clients first rather than its own. And finally, it is important to emphasize that the Financial CHOICE Act rolls back the accountability and reporting standards for credit rating agencies, as Gretchen Morgenson discussed in a New York Times ``Fair Game'' column on May 7. Mr. Chairman, to sum up, this is an awful bill. This is a real stinker. I hope that my colleagues here vote against it.
