Today Congressman David Scott (GA-13) delivered the following remarks on the House Floor in strong opposition to the Republicans’ “Wrong Choice Act,” which would undo safeguards for American consumers implemented after the Great Recession.
Click here to watch video of Congressman Scott’s remarks.
“Ladies and gentlemen, I love this country. And the heart and soul of our country is our financial system and this bill is a dangerous bill to our economy. Let me tell you why.
“First, of all, it takes away all of our consumer protections. Secondly, I want to give you an example. Before we had Dodd-Frank, a bank that is insured by the taxpayers could go in and use their customers’ money, take their customers’ money out to invest in risky bets and then when the bets go south, it’s the taxpayers that have to pick up the freight.
“Secondly, let us use this example. Because of the impact and complexities of our financial system, so much of the cause and effect of the downturn were the big banks. So what Dodd-Frank did was provide stress tests to be able to go in and simulate and confer with the bank to prevent it from going overboard.
“Wake up, America! I have talked with our Senators and they assured me that this bill is dead on arrival.”