In a preview of Senate Democratic opposition to the House Republican Financial CHOICE Act. Sen. Elizabeth Warren (D-Mass.) on Friday called the bill an “insult to working families.”
“This bill doesn’t solve a single problem,” Warren said at a House Financial Services hearing on Chairman Jeb Hensarling’s plan to overhaul Dodd-Frank.
She said that access to credit is at a historic level, as are bank profits.
She said that Republicans are intent on rolling back reforms instituted by Dodd-Frank, adding that the legislation is “an immoral choice.”
Friday’s hearing featured opposition to the legislation. Financial Services ranking Democrat Maxine Waters (D-Calif.) on Wednesday invoked a committee rule that allows Democrats to hold a hearing.
Waters was blunt in her opposition to the bill. “It’s not just a bad bill,” she said. “It’s an expansively bad bill.”
She criticized Republicans for only holding one hearing before a May 2 markup of the bill, saying that it “sure makes it look like they’re hiding something.”
Rob Randhava, senior counsel, Leadership Conference on Civil and Human Rights, said that polls show that Americans support the type of financial regulatory regime found in Dodd-Frank.
“Rest assured,” he said. “The public is not clamoring for this bill.”
But House Financial Services Chairman Jeb Hensarling (R-Texas) said Friday that Democrats opposing his bill are joining Wall Street CEOs in defending Dodd-Frank.
“The Financial CHOICE Act ends bailouts for Wall Street and imposes the toughest penalties in history for those who commit financial fraud and insider trading,” he said. “Community banks and credit unions are supporting the Financial CHOICE Act.”
The House is likely to pass Hensarling’s bill, but it is unlikely that the Senate will include much of the legislation in any Dodd-Frank legislation his committee considers.
Senate Banking Chairman Mike Crapo has said he wants to pass bipartisan legislation in the Senate. And any partisan legislation could be blocked by a filibuster in the Senate. Under those circumstances, it would need 60 votes to pass.
