John Delaney: “I want to thank the gentlewoman for yielding me time. Mr. Chairman, during the financial crisis, 19 of the 20 largest…”

“I want to thank the gentlewoman for yielding me time. Mr. Chairman, during the financial crisis, 19 of the 20 largest financial institutions in the United States either required a bailout or a significant investment by the taxpayers. Clearly, reform was needed, and Dodd-Frank was that reform. Since Dodd-Frank was put in place, consumer protections have improved materially, the banking system is safer and more sound, and our banks and our markets have far outpaced their international competitors. Dodd-Frank is working. Is it a perfect piece of legislation? Of course not. Anytime Congress does something large and transforms an entire industry, we should sign up as a body for 10 years of fixes, which is what we have not done, and we have let the American people down. Are we fixing Dodd-Frank today? No. We are pursuing a misguided and time-consuming and wasteful repeal effort. I urge my colleagues to reject the CHOICE Act, and I urge my Republican colleagues to work with Democrats on bipartisan reforms to Dodd-Frank that build on its strength and solve and improve weaknesses in the legislation.”