Blake Moore: “I thank the ranking member. Mr. Chairman, I rise in opposition to the ``Wrong'' CHOICE Act. This is a bad bill, and I…”

“I thank the ranking member. Mr. Chairman, I rise in opposition to the ``Wrong'' CHOICE Act. This is a bad bill, and I suspect that Republicans are pushing it through with only one hearing because they want to push it past the beleaguered public who lost trillions of dollars of wealth and home value during the last recession. Republicans' rubric about freedom and community banks is not fooling anyone. This legislation unleashes every bloodthirsty and greedy Wall Street superpredator back into the American people to feast on our misery like they did pre-Dodd-Frank. In contrast, you will actually hear the GOP blame predatory borrowers and say that they caused the crisis--like blaming hungry children for famines. If this bill passes with the mere 10 percent capital requirements, the financial system will become brittle, prone to systemic crisis and taxpayer bailouts--a system that is less fair and rife with fraud. Didn't we learn our lesson in 2008? 2008 taught us that we cannot have sustainable economic growth absent good regulation. Mr. Chairman, I urge my colleagues to reject this bad bill.”