Gregory Meeks: “How soon do we forget? The bill before us today is an affront to the American people. This bill is fatally flawed. It…”

“How soon do we forget? The bill before us today is an affront to the American people. This bill is fatally flawed. It would set America up for more severe financial crises in the future. It is plain and simply the wrong choice. Let me give you one example. Under the ``Wrong'' CHOICE Act, many banks would be free from regulatory oversight if they merely maintain a 10 percent leverage ratio. Let's break that down for the American people. If this bill was law in 2008, one-third of the banks that eventually failed would be free from regulatory oversight altogether. To be clear, 125 banks that failed during the crisis would meet the bill's low requirement for regulatory relief, not according to me, but to an independent clearinghouse analysis. You don't have to be a financier to realize that this proposal is dangerous and an insult to American families who lost nearly everything. I am talking about those families in rural and urban America who saw their household net worth drop $10 million, the largest loss of wealth in the history of the United States of America.”