Representing the 4th District of Connecticut

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Himes statement on Committee passage of Financial CHOICE Act

May 5, 2017
Press Release

WASHINGTON, DC— Congressman Jim Himes (CT-04) released the following statement after the House Financial Services Committee voted yesterday to advance the Financial CHOICE Act along partisan lines:

“I am proud to vote against the damaging Financial CHOICE Act in the Financial Services Committee and take a stand on behalf of the American people. When I entered Congress in early 2009, the financial crisis was at its peak.  We fought long and hard to mitigate the damage caused by reckless behavior and help American families and small businesses get back on their feet by passing Dodd-Frank reform. Still, our recovery has been slow but steady and we have much work left to ensure that the recovery reaches everyone. That should be our priority.

“Instead, the bill passed by the Republicans on the Committee today takes a huge step toward undoing all of the protections we have instituted. It strips power away from the SEC and the Consumer Financial Protection Bureau; makes it easier for banks to gamble with taxpayer money by repealing the Volcker Rule; and opens the door for more bailouts. If this bill is signed into law, it will represent a huge defeat for the American public and increases the possibility of another crisis.

“I will continue to oppose this bill as it moves to the House floor and will remain dedicated to promoting policies that protect the people of Connecticut and the US from financial harm.”

Congressman Himes offered two amendments to the bill designed to preserve the enforcement authority of the SEC and the independence of the Federal Reserve. Unfortunately, neither amendment succeeded.