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Rep. Graves on passage of Wall Street reform bil

tom-graves

Washington, D.C. – Rep. Tom Graves (R-GA-14), chairman of the House Appropriations Committee’s Financial Services Subcommittee, released the following statement after voting in favor of the Financial CHOICE Act (H.R. 10), legislation to repeal and replace the Dodd–Frank Wall Street Reform and Consumer Protection Act: 

   “President Obama’s 2010 financial-sector takeover unleashed an avalanche of rules and regulations that killed countless jobs, and stifled the dreams of Main Street families and small businesses by limiting access to capital.

   “Our Wall Street reform bill turns the page on President Obama’s misguided financial takeover. It strikes the right balance between protecting Americans’ financial future and eliminating unnecessary regulations so that more of Georgia’s families, entrepreneurs and businesses can grow and thrive.

   “Importantly, our Wall Street reform bill also protects taxpayers. It ensures working families are never again asked to bail out any financial institution with their hard-earned tax dollars. It cuts the deficit by $24 billion and reforms the rogue Consumer Financial Protection Bureau (CFPB) and brings it under the regular government funding process. Currently, CFPB spends hundreds of millions of taxpayer dollars every year without congressional approval.”

    More than 1,900 community financial institutions disappeared after Dodd-Frank was enacted in 2010.

Comments   

pinto colvig
-3 #1 pinto colvig 2017-06-12 14:22
Did Trump write this press release for you Tom? Have you even read Dodd Frank or the legislation you're praising? I suggest you take a look at the mountains of real evidence that shows the opposite of what you claim, namely that Dodd Frank did absolutely nothing to restrict "Main Street" and continued to allow Wall Street to eat the rest of America alive. Your new Trump legislation simply allows Wall Street to swallow us whole
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Maureen C. Allen
-2 #2 Maureen C. Allen 2017-06-12 15:31
Dodd-Frank protects us from AGAIN becoming victims of the rich corporations Rep Graves represents so loyally. Any ordinary person who lost their job, their home, their savings in the Great Recession supports keeping those protections in place!
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Geezerlogic
-2 #3 Geezerlogic 2017-06-12 18:50
There are a lot of people who never recovered fully from the Great Recession Mr. Graves. Your vote is an insult to them and to the millions of other Americans who lost everything because Wall Street was allowed to steal their homes, their savings, and their futures. The people of your district suffered more than most and we will not forgive you for this shameless vote that will allow it to happen all over again.
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Progress4pickens
-5 #4 Progress4pickens 2017-06-14 08:13
Like many of Trump's policies, repeal of Dodd-Frank would mainly serve to line the pockets of his ultra-rich cronies, not spontaneously sprout jobs in Pickens county. Who lines your pockets to vote against your constituents, Mr. Graves?
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WOW I CALL BULL
-4 #5 WOW I CALL BULL 2017-06-16 07:04
Funny how all the posts are disliked but not one comment supports this dumb move by the republican party. That means that there are some real die hard Trump supporters that have no clue about the economy and they hate it that people are bad mouthing their hero.
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Hillary Lost
+3 #6 Hillary Lost 2017-06-16 15:57
Quoting WOW I CALL BULL:
Funny how all the posts are disliked but not one comment supports this dumb move by the republican party. That means that there are some real die hard Trump supporters that have no clue about the economy and they hate it that people are bad mouthing their hero.


I doubt that you have an understanding of the legislation, nor the effects, and therefore any discussion about it with you would be pointless. As you read through the comments posted, you will see generic arguments with no basis in fact ("Wall Street was allowed to steal homes ...,", etc.). That's an emotional argument, not a logical (or truthful) one, and it would take more than posts on a message board to HONESTLY have a debate. I'm not an economist, but I think I have a fair grasp of general economic and finance theory (based on the posts here, including yours, I'd say as good or better than those who have posted). Some of the Dodd-Frank "reforms" were worthwhile and serve a purpose. As is typical in most matters in which the government intervenes, however, there are some destructive elements, and those need to be addressed. Do a little honest research (and "honest" is the key word) and you may find that the current system put in place by D-F is actually hurting some people it was supposed to help, while ultimately benefiting some who you believe should not be helped (the wealthy, etc.). These are best described as "unintended consequences", and these types of consequences occur in every piece of radical legislation passed (and by radical in this sense, I mean drastic or intense in effect - it's a description of the effect of change, not a reference to radical politics before any of you left wingers get your panties in a twist). Point being, it's ridiculous to pass laws and then refuse to revisit them from time to time, particularly when there are negative effects that need to be addressed. Anyway, there is plenty of information available if you want to look for it. (And by academics, not politicians).
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Russia Won Bigley
-3 #7 Russia Won Bigley 2017-06-22 00:58
While we're letting every other government function be diminished and crippled, let's remove oversight of the financial sector. It can go the way of clean water, or safe medicines, or labor laws. Enrich the rich, GOP-FSB-KGB,

Just what Russian oligarchs would like. They already bank at the Cypress money-launderin g bank run by Wilbur Ross, a Trump cabinet appointee.

What's not to like, if you don't favor American values, and you suck up to authoritarian nut jobs. Putin will have no more use for the useful idiot, but the damage will be done.
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Hillary Lost
+3 #8 Hillary Lost 2017-06-22 16:17
Quoting Russia Won Bigley:
While we're letting every other government function be diminished and crippled, let's remove oversight of the financial sector. It can go the way of clean water, or safe medicines, or labor laws. Enrich the rich, GOP-FSB-KGB,

Just what Russian oligarchs would like. They already bank at the Cypress money-laundering bank run by Wilbur Ross, a Trump cabinet appointee.

What's not to like, if you don't favor American values, and you suck up to authoritarian nut jobs. Putin will have no more use for the useful idiot, but the damage will be done.


More hysteria and exaggeration, which was my point about "debating" on here being useless.

It's interesting to see how so many on the left paint everyone on the right with the same brush, yet you somehow fail to see how dogmatic and lockstep so many of you seem in your approach to discussion. I get that there are absolute partisans on either side of the coin, that has always been true and always will be. It does seem to be getting much worse these days.

If you read what I wrote, you saw that I said D-F included some beneficial, needed items. My view is that it overreached in certain areas, and has actually had detrimental impacts on certain people that it was supposed to ultimately help.

If you want to truly have a positive influence on changing minds and opinions and possibly shaping the discussion to effect a real change, try toning down the name-calling and BS, and talk about facts. Extremist hyperbole isn't really getting you anywhere.
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WOW I CALL BULL
0 #9 WOW I CALL BULL 2017-06-23 05:52
Dan Poole wouldn't post my rebuttal to you. Thank him for not letting both sides not talk things through like grown people.

He doesn't like when people actually read legislation.
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