New Members Have Taken Buckets of Cash From Wall Street Donors And Are Eager To Carry Their Water in Congress
WASHINGTON, D.C. – In a bad sign for consumers, several incoming freshmen members of the House Financial Services Committee have taken vast sums of campaign cash from big banks while promising to deregulate Wall Street. Most notably, Reps. Bryan Steil of Wisconsin, Denver Riggleman of Virginia and Anthony Gonzalez of Ohio have collectively taken over $300,000 from Wall Street interests and each appears ready and willing to do their bidding on the committee even though voters sent a clear message in November that they want Congress to protect consumers and hold banks, predatory lenders, and other financial scammers accountable.
“Wall Street appears to have bought new friends in Congress,” said Patrice Snow, spokeswoman for Allied Progress. “Consumers from these Members’ districts — every student loan borrower, every member of the military, every retired American, on a fixed income, and every other consumer living on the financial edge – should prepare to be disappointed. Based on their rhetoric on the campaign trail, it sounds like Congressmen Steil of Wisconsin, Riggleman of Virginia, and Gonzalez of Ohio are preparing to use their powerful positions on the House Financial Services Committee to put the interests of their Wall Street donors ahead of main streets in their districts. We hope to be proven wrong.”
She continued, “Make no mistake, their Wall Street benefactors expect something in return for their investment. They want them to gut the Consumer Financial Protection Bureau, weaken or even kill regulations meant to tame Wall Street’s reckless behavior, and work to undermine the new pro-accountability members on the committee. And it won’t go unnoticed if they choose to go down that path.”
What You Need To Know:
Rep. Bryan Steil Took Over $120,000 From Wall Street Donors During His Campaign—And Has Pledged To Fight “Federal Over-Regulation” On The House Financial Services Committee.
Bryan Steil Received Over $122,000 From Wall Street Interests In 2018.
During The 2018 Election Cycle, Rep. Bryan Steil Received $122,500 From The Securities & Investment Industry. [Rep. Bryan Steil Top Industries 2017-2018, OpenSecrets.org, accessed 01/17/19]
Bryan Steil Pledged To Fight “Federal Over-Regulation” On The House Financial Services Committee, Which He Claimed, “Hinders Growth In Our Communities.”
Rep. Bryan Steil Said He Would “Work To Empower Communities By Strengthening The Programs And Resources They Depend On” On The House Financial Services Committee And Claimed That “Federal Over-Regulation Hinders Growth In Our Communities.” “Bryan Steil released the following statement after the House Steering Committee recommended him to serve on the House Financial Services Committee. ‘Whether you are buying a home, starting a small business, or receiving financial aid for school, financial services play an important role in Southeast Wisconsin. On the House Financial Services Committee, I will work to empower communities by strengthening the programs and resources they depend on. Federal over-regulation hinders growth in our communities. As someone who spent ten years in the private sector, specifically in the manufacturing industry, I saw this firsthand and understand the importance of giving job creators the ability to grow and invest in our workforce.’” [Press Release, “Steil Recommended to Serve on House Financial Services Committee,” Rep. Bryan Steel, 01/15/19]
Rep. Denver Riggleman Took Over $100,000 From Wall Street Donors During His Campaign—And Pledged To Weaken Federal Regulation On The House Financial Services Committee.
Denver Riggleman Received Over $100,000 From Wall Street Interests In 2018.
During The 2018 Election Cycle, Rep. Denver Riggleman Received $101,608 From The Securities & Investment Industry. [Rep. Denver Riggleman Top Industries 2017-2018, OpenSecrets.org, accessed 01/17/19]
Denver Riggleman Pledged To Fight For “Economic Freedom” And Against “Overreaching Government Regulation” While On The House Financial Services Committee.
Denver Riggleman Pledged To “Fight For The Economic Freedom Of Consumers And Small Businesses” On The House Financial Services Committee, Citing “The Problems That Are Caused By Overreaching Government Regulation.” “Yesterday, Congressman Denver Riggleman (VA-05) was recommended by the Republican Steering Committee to serve on the House Financial Services Committee, one of only four exclusive Committees in Congress. ‘I am honored by this appointment and thankful for the opportunity to serve the 5th district on the House Financial Services Committee,’ said Congressman Riggleman. ‘As a small business owner, I learned firsthand the problems that are caused by overreaching government regulation. On this committee, I will fight for the economic freedom of consumers and small businesses across the 5th district.’” [Press release, “Congressman Denver Riggleman recommended to House Financial Services Committee,” Rep. Denver Riggleman, 01/16/19]
Rep. Anthony Gonzalez Took Nearly $80,000 From Wall Street Donors During His Campaign.
Anthony Gonzalez Received Nearly $80,000 From Wall Street Interests In 2018.
During The 2018 Election Cycle, Rep. Anthony Gonzalez Received $79,700 From The Securities & Investment Industry. [Rep. Anthony Gonzalez Top Industries 2017-2018, OpenSecrets.org, accessed 01/17/19]
Anthony Gonzalez Supported Sen. Mike Crapo’s Controversial Banking Bill, Which Weakened The Dodd-Frank Act And Dismantled Consumer Protections.
In May 2018, Anthony Gonzalez Tweeted His Support Of S.2155, Which Weakened The Dodd-Frank Act And Dismantled Key Consumer Protection Regulations. In May 2018, Anthony Gonzalez tweeted “Won’t generate the clicks of some of the other stories of the day, but happy to see a bipartisan group come together to give needed regulatory relief to regional banks and credit unions that are so critical to our Main Street economies.” The tweet linked to a Wall Street Journal article about the passage of S. 2155. [Tweet by Anthony Gonzalez, 05/24/18]
- S. 2155, Introduced By Sen. Mike Crapo, Weakened Dodd-Frank And Dismantled Consumer Protections Designed To Keep Wall Street In Check. “The bill, S. 2155, would considerably weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act, the law President Barack Obama signed in 2010, which was designed to tame Wall Street, protect consumers and make our financial system less fragile.” [Jennifer Taub, “Mitch McConnell’s big gift to the banks,”CNN, 03/05/18]
- S. 2155 Was Signed Into Law By President Trump On May 24, 2018. [S.2155 – Economic Growth, Regulatory Relief, and Consumer Protection Act, Congress.gov, accessed 01/22/19]
As A Congressional Candidate, Anthony Gonzalez Advocated For “Reforming” Dodd-Frank To Allow Americans To “Build Wealth.”
On His Website, Anthony Gonzalez Highlighted “Reform[Ing] Dodd-Frank” As A Priority Of His Campaign, Claiming It Would “Allow More Americans To Make The Smart Investments That Will Allow Them To Build Wealth.” Anthony Gonzalez’s campaign website highlighted “Access to Capital” as a priority: “We need to reform Dodd-Frank such that capital becomes more accessible to our small businesses and families. This will allow more Americans to make the smart investments that will allow them to build wealth.” [“Jobs And The Economy,” Anthony Gonzalez for Congress, accessed 01/22/19]
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