Heller, Heitkamp, Warren

McConnell (for Crapo) Amendment #2151, as modified, to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)

Senator Heller: (2:15 p.m.)

  • Spoke on Dodd-Frank relief.
    • "Overall, these tax cuts accomplished my three major goals: Creating more jobs, increasing wages, and making America more competitive around the world. I'm proud to have worked on these tax cuts because congress can do more, and, Mr. President, that is why we are here today. The Economic Growth, Regulatory Relief, and Consumer Protection Act we are debating is the next major step we must take to shift our economy into another gear. It tailors financial regulations to protect consumers and help Nevadans who have more access to financial resources, more access to economic opportunities. It will give Nevadans more choices when it comes to finding a loan for a house, perhaps to buy a car to get to work, to start a business, and for that matter, even to grow their business."

 

Senator Heitkamp: (2:28 p.m.)

  • Spoke on Dodd-Frank relief.
    • "And so it is absolutely essential that we set the record straight that this bill is to give our relationship institutions, whether they are credit unions or banks or our regional institutions that are not doing anything more sophisticated than the work that's being done in our small community banks, to get them the regulatory relief that they need to effectively compete against the biggest banks in this country. And to tailor our regulations, to set our regulations in a way that reflects the common sense of the American citizens. So I want to just take a minute because I think a lot of things that have been said about this bill have been incredibly reckless, and these inaccurate claims, if left unchallenged and undiscussed, will create the legislative history of this bill which could, in fact, then be used by many of the same institutions that we believe are not affected by this bill to argue that they were entitled to some sort of protection."

 

Senator Warren: (2:49 p.m.)

  • Spoke on Dodd-Frank relief.
    • "I've talked about how it rolls back important consumer protections and how, if it passes, 25 of the 40 largest banks in this country, banks that suck down collectively almost $50 billion of bailout money during the crisis -- nobody went to jail - could be regulated like tiny, little community banks. I also talked about how the bill will roll back the rules on the very biggest banks in this country. J.P. Morgan Chase, Citigroup and the rest of them, banks that broke our economy in 2008, banks where no one went to jail, banks where the taxpayers coughed up $180 billion to bail them out. And I talked about how Washington is poised to make the same mistakes it has made many times before. Deregulating giant banks while the economy is cruising only to set the stage for another financial crisis."