[Congressional Record (Bound Edition), Volume 163 (2017), Part 6]
[House]
[Page 8801]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        THE ``WRONG'' CHOICE ACT

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, today the House will consider the ``Wrong'' 
CHOICE Act. The Republicans would take us back to the good old days.
  Remember the good old days? Enron, the collapse of Wall Street 
because of millions of bad mortgages and virtual collateralized debt 
obligations, and other schemes that pyramided the problem to a point 
where it caused the worst economic collapse since the Great Depression.
  Now Goldman Sachs populates the White House. They run the Treasury. 
Now they want to deregulate Wall Street again with a so-called CHOICE 
Act.
  Now, there are problems with overregulation of the community banks 
and small banks; they didn't cause the problem. But they want to say, 
``No, let's just deregulate everybody again,'' not targeting the 
problem. So they are going to repeal the Volcker Rule. They are going 
to do away with the Consumer Financial Protection Bureau.
  No more requiring lenders to be certain that people are borrowers who 
can repay their loans. No, the credit card companies, the payday 
lenders, the debt collectors, there are no abuses there. We don't need 
a watchdog overlooking them.
  And then, finally, they do away with something called orderly 
liquidation authority. Back to the good old days when firms on Wall 
Street were too big to fail. We can't have in place a process that 
would allow us to remove overpaid executives who crash their firm and 
to make the stockholders pay instead of the taxpayers.
  That is what this bill does today. It is the ``Wrong'' CHOICE Act.

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