Washington, D.C. (May 11, 2011) – Minnesota U.S. Congressman Keith Ellison (DFL-5.) on Wednesday blasted what he called Republicans efforts to overturn popular legislation reforming Wall Street and protecting consumers that was passed after the worst financial disaster since The Great Depression.
On Thursday, Republicans in the House Financial Services Committee plan to approve measures overturning the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created stronger oversight for financial institutions and ensured protection for credit cardholders and homeowners.
“This law would offer middle-class Americans protections they haven’t enjoyed in decades – if the Republicans weren’t so busy trying to repeal these consumer protections. We’ve had Do-Nothing Congresses now we’ve got the ‘Do-Over Congress,’ said Rep. Keith Ellison of Minnesota’s Fifth Congressional District.
“The Consumer Financial Protection Bureau was created to protect consumers from abusive and predatory practices by promoting financial education. The agency also helps enforce laws that prevent discrimination and unfair treatment in consumer finance, and identify new risky financial products and marketing practices that target consumers.
“Middle-class consumers have been nickeled and dimed, and pushed around by unscrupulous actors within the financial services industry,” Rep. Ellison added. “The industry got a huge bailout. The least we can do is to give the middle-class a fighting chance.”