Waters Slams Republicans for Taking Harmful Steps Towards Another Financial Crisis

WASHINGTON, D.C. - In response to House Republicans’ budget resolution to dismantle Wall Street reform, gut the Consumer Financial Protection Bureau, eliminate the procedures that safely liquidate failing mega-banks and stop future taxpayers bailouts, and ultimately bring back the same risky and predatory Wall Street practices and products that led to the Great Recession, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:

“Because most Americans have opposed their earlier efforts to curry favor with Wall Street, House Republicans are now attempting to use the annual budget resolution process to undermine critical financial reforms. If Republicans use the budget process to eliminate the Consumer Financial Protection Bureau’s funding and the mechanism to safely unwind a mega-bank, consumers everywhere would be once again subject to predatory lending and taxpayers would again have to bailout failing firms like AIG. This budget, which would lead to another financial crisis, must be rejected.”

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