Political Quotes

“Mr. Chair, I yield myself such time as I may consume. Mr. Chairman, it has been 7 years since the Dodd-Frank Act was passed, a monumental triumph of ideology over compassion and common sense. All of the promises of Dodd-Frank were broken. They promised us it would lift the economy, Mr. Chairman, but, instead, we are still stymied in the weakest, slowest recovery in the postwar era. They promised us that it would end too big to fail, but, instead, it cynically codified too-big-to-fail banks in the law and backed it up with a taxpayer bailout fund. It promised us, Mr. Chairman--they promised us that it would lead to a more stable economy, but, instead, the big banks are bigger. The small banks are fewer. We are losing a community bank or credit union a day. Our corporate bond market, a key component of financing of jobs, historic levels of volatility and illiquidity. They promised us, Mr. Chairman, that it would help the consumer, but, instead, we see free checking cut in half at banks, bank fees are up. The ranks of the unbanked have increased. For many creditworthy borrowers, they are paying $500 more for an auto loan. Have you tried getting a mortgage recently? They are harder to come by and cost hundreds of dollars more to close. Every promise of Dodd-Frank has been broken. And, Mr. Chairman, we hear about it every day.…”