Kaptur Opposes Green Light for Wall Street Giveaway

WASHINGTON, DC – Congresswoman Marcy Kaptur (OH-09) today opposed a measure advanced by majority Republicans in the House to combine non-controversial technical amendments with more controversial legislation sought by Wall Street special interests. The bill, H.R. 37, would allow for a two year delay in implementation of the Volker Rule, prohibiting banks from engaging in risky stock speculation with taxpayer-backed funds, a practice that directly led to the 2008 economic disaster. H.R. 37 would also dangerously limit regulatory authority to police financial markets and allow private companies to compensate their employees up to $20 million in company securities, an increase from $5 million, without having to provide the employees with certain basic financial disclosures regarding their employer.

“It's no secret that Wall Street and its financial interests are the largest contributors to Congressional and Presidential campaigns. So it should come as no surprise that one of the first Christmas tree bills the Republican-led House takes up after the new Congress has been sworn in would convey more power to Wall Street to harm Main Street and roll back provisions that are designed to protect families and our financial systems,” said Kaptur, a member of the House Appropriations Financial Services Subcommittee.

“This bill -- a hodgepodge of 11 separate bills -- should be sent back to Committee for full debate and amendment rather than being brought up under a procedure that doesn't allow floor debate and prohibits amendments. The American people, some who have lost their life savings, their jobs and their dignity during the 2008 financial disaster, deserve better than a rubber stamp for Wall Street,” Kaptur continued.

“Instead of joining House Democrats and supporting bills that lift up all Americans, House Republicans would rather go back to the days of sub-prime mortgages, risky Wall Street schemes and giveaways for their most loyal campaign contributors. That sure didn’t take long.” Kaptur concluded.