Discussion · House of Representatives
Sylvia R. Garcia Democrat
“I oppose this bill. It removes rules on banks, weakens protections against discrimination, and hurts consumer watchdogs instead of helping regular people. I want to send this bill back to committee. If allowed, I would change it so these rule rollbacks do not help giant banks.”
“Mr. Speaker, I rise against H.R. 6955. Instead of the Main Street Act, this bill, Mr. Speaker, should be called the Wall Street wins Main Street loses act. It does not help end the affordability crisis, feed hardworking Americans, or keep a roof over their heads. Instead, this bill sneaks in deregulatory measures, further weakens the Consumer Financial Protection Bureau, and weakens community reinvestment and anti- discrimination safeguards. For this reason, at the appropriate time, I will offer a motion to recommit this bill back to committee. If the House rules had permitted it, I would have offered the motion with an important amendment to this bill. My amendment would limit the provisions of this bill from applying to any globally systemically important bank holding companies. Simply put, it ensures that the bill’s deregulatory provisions do not apply to megabanks. Mr. Speaker, I ask unanimous consent to insert the text of my amendment into the Record immediately prior to the motion to recommit.”
Mr. Speaker, I rise against H.R. 6955. Instead of the Main Street Act, this bill, Mr. Speaker, should be called the Wall Street wins Main Street loses act. It does not help end the affordability crisis, feed hardworking Americans, or keep a roof over their heads. Instead, this bill sneaks in deregulatory measures, further weakens the Consumer Financial Protection Bureau, and weakens community reinvestment and anti- discrimination safeguards. For this reason, at the appropriate time, I will offer a motion to recommit this bill back to committee. If the House rules had permitted it, I would have offered the motion with an important amendment to this bill. My amendment would limit the provisions of this bill from applying to any globally systemically important bank holding companies. Simply put, it ensures that the bill’s deregulatory provisions do not apply to megabanks. Mr. Speaker, I ask unanimous consent to insert the text of my amendment into the Record immediately prior to the motion to recommit.