Crapo, Brown, Warren

Motion to Proceed to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)

Senator Crapo: (3:08 p.m.)

  • Spoke on Dodd-Frank relief.
    • "But the resounding message from Congress was, that our constituents have asked for regulatory relief and consumer protection and economic growth and we stand ready to deliver it. We and our neighbors have noticed that many of our community financial institutions have closed their doors over the last decade. In fact, we've seen almost no new community financial institutions chartered or new branches being opened over the last few years. These financial institutions of all sizes and forms provide critical services in our communities. They help businesses manage operations, help entrepreneurs get funded to start their businesses, help families to buy a home, help all of us to save for our kids' educations and help us deal with financial emergencies."

 

Senator Brown: (3:51 p.m.)

  • Spoke on Dodd-Frank relief.
    • "They see an opportunity. They see an opportunity to grab more for themselves. It's the history of this country. We know what happens whenever congress listens to Wall Street and listens to the big banks and Wall Street and the big banks get their way, inevitably the economy stumbles, or worse crashes, because we've given too much to the big banks, they put too much risk on the system, and places like my zip code, Cleveland, Ohio, my zip code in 2007 had more foreclosures than any zip code in the United States of America. That's not because anybody in my neighborhood has anything that they deserve this. It is what happened when big banks get too powerful and this is what happens."

 

Senator Warren: (4:13 p.m.)

  • Spoke on Dodd-Frank relief.
    • "If this bill passes, Washington will scrap those rules for 25 of those enormous banks. Under this bill, a bank that controls up to a quarter of a trillion dollars in assets and has offices around the country and around the globe will follow the same rules and regulations and same oversight as a tiny, little bank in Adams, Massachusetts. Now, that's great if you are a quarter of a trillion dollar bank, but not so great for anyone else. This bill isn't about restrictions on asset measures and investments, it's not appropriate leverage ratios and proprietary trading. It is from keeping hardworking families from getting crushed from another financial crisis. It is about a Congress that isn't here to do the bidding of quarter trillion dollar banks."