Velázquez: Wrong CHOICE Act Endangers Small Businesses

Jun 8, 2017
Washington DC- Rep. Nydia M. Velázquez (D-NY), released the following statement regarding the House’s consideration of H.R. 10, the “Wrong CHOICE Act”, Republican legislation to gut Dodd-Frank:
 
       “In 2008, Main Street small businesses were victims of reckless gambles by corporate bad actors and lax government oversight.  Small business capital markets froze up, making it difficult if not impossible to obtain affordable commercial loans. Small business bank lending plummeted by $116 billion between June of 2008 and 2011.  Thousands of small businesses shed employees or shut their doors for good. 
 
       “Dodd-Frank implemented important protections to reduce systemic risk and prevent similar crises in the future.  Not only has this landmark law protected consumers, but it has stabilized capital markets and small business credit has since rebounded robustly. By gutting this law, Republicans are demonstrating a case of ‘policymaking amnesia’, ignoring the painful lessons from 2008.    
 
      “Our Republican colleagues may have forgotten the 2008 financial crisis, but America’s small businesses certainly have not. They know the ‘Wrong CHOICE Act’ would set the stage for another financial collapse and endanger our nation’s prosperity. This bill should be rejected.” 
 
 
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