On the recordJanuary 13, 2015
I want to thank the gentlewoman for yielding and for her great work on this issue. Mr. Speaker, I rise in strong opposition to H.R. 37, the so-called Promoting Job Creation and Reducing Small Business Burdens Act. I served on the Financial Services Committee during the 2008 financial crisis, and I had an opportunity to witness the harmful impact that lack of regulation had on hardworking families around our Nation at a total cost of more than $22 trillion, according to the Government Accountability Office. My constituents--and many of yours-- lost their homes, their jobs, and their retirement savings during that period. Many pension funds today continue to suffer and are on the brink of collapse because of the reckless policies that were observed during that time by many of our major banks. While I voted against the bailout of the Wall Street banks who were rewarded with bonuses as a result of the bailout, I did have the honor of helping to assist in reforming our financial system through the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. I regret the bill under consideration today rolls back many of those reforms that my colleagues and I fought so hard to adopt.…
