|8:50 PM EST||
Maxine Waters, D-CA 43rd
Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such time as I may consume.
Despite what my colleagues on the opposite side of the aisle have said, this package of bills does not simply constitute a technical set of changes to Dodd-Frank or to our securities laws. In fact, these changes are substantive and the package is widely opposed.
My friends on the opposite side of the aisle keep talking about they are protecting Main Street, but let me recite for you what Main Street is saying about this bill. Let me read for you some highlights of the opposition letters we have received in addition to opposition from President Obama, Secretary Lew, and former Federal Reserve Chair Paul Volcker himself.
Main Street is represented by, number one, Americans for Financial Reform. Americans for Financial Reform says that H.R. 37 ``includes numerous changes that could have significant negative impacts on regulators' ability to police the financial markets, so that they function safely and transparently.''
They go on to oppose title VII of this bill, citing a Wall Street Journal article outlining how regulators are increasingly warning banks about the looser underwriting standard for leverage loans.
Further, representing Main Street, the AFL-CIO says of H.R. 37, that they oppose the bill because it ``would loosen key Dodd-Frank protections wisely put in place after the 2008 financial collapse.''
The Leadership Conference on Civil and Human Rights notes about H.R. 37: ``One lesson of the financial crisis is that deregulation in areas that appear technical and arcane can have significant impacts on the financial system and, thus, on the well-being of ordinary families, particularly in the communities we represent.''
Finally, Public Citizen noted about H.R. 37 that we should not provide more CLO relief because ``the largest banks dominate ownership,'' as I demonstrated a moment ago, ``of CLOs.''
Mr. Speaker, I think we should heed the warning of Main Street, the warning of these groups who truly represent Main Street.
With that, I reserve the balance of my time.