Legislation Had Stalled in House as Rep. Jeb Hensarling Pressed for 29 Changes to Senate Bill That Would Make It Even More Hostile to Consumers
WASHINGTON, D.C. – Today, the House of Representative passed S.2155, the Senate’s enormous bank giveaway legislation, after congressional leadership struck a deal with Rep. Jeb Hensarling (R-TX) to also vote on a host of other anti-consumer proposals he had been working to include in the House version of the Senate bill.
Key among the powerful House Financial Services Committee chair’s changes are broadsides against the Consumer Financial Protection Bureau (CFPB) that seek to end its supervision over 99% of U.S. banks, leaving the wellbeing of consumers in jeopardy. Over the course of his career, Hensarling has taken nearly $8 million from industries regulated by the CFPB.
“Before Jeb Hensarling leaves Congress, he’s doing everything he can to impress the Wall Street special interests who have showered him with millions in campaign cash over the years. This is what job interviews look like for soon-to-be former members of Congress,” said Karl Frisch, executive director of Allied Progress.
He continued, “Hensarling should empower the CFPB to hold financial predators accountable for their actions rather than making it easier for banks, payday lenders, and other financial bottom feeders to take advantage of consumers.”
“Even without Hensarling’s awful proposed changes, the Crapo bill does nothing to help fulfill President Trump’s promise to help ‘drain the swamp.’ Instead, it puts Wall Street special interests in the driver’s seat leaving consumers to fend for themselves,” he concluded.
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