Legislation Dismantles Consumer Protections

Editor’s Note: Representative Michelle Lujan Grisham (NM-01) issued the following statement after voting against S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, that would deregulate large financial institutions and dismantle important consumer protections enacted as part of the Dodd Frank Wall Street Reform and Consumer Protection Act:

I strongly support targeted efforts to strengthen our smaller, community banks and credit unions and reverse the destabilizing consolidation of the banking industry that we have seen over the last several years. These banks, and the financial services they provide to rural and underserved communities, boost economic development, create jobs, grow businesses, serve farmers and ranchers, and ensure families have access to affordable mortgages.

Rolling back these reforms on the largest banks is reckless and would expose New Mexican families and our economy to unnecessary risk.

However, this legislation included provisions that would severely weaken important protections on the largest banks in the nation that were enacted in the wake of the worst economic downturn since the Great Depression. New México is still struggling with the third highest unemployment rate in the nation, and rolling back these reforms on the largest banks is reckless and would expose New Mexican families and our economy to unnecessary risk.

I am disappointed that Congress did not find a balance between supporting smaller financial institutions and ensuring that we have strong consumer protections in place to prevent discriminatory lending, predatory lending, credit bureau monopoly, and risky financial market abuses that could trigger another financial catastrophe.

By Michelle Lujan Grisham

Congresswoman Michelle Lujan Grisham serves New México’s 1^st District.