I was dismayed to learn that Congressman Rick Larsen joined the Republican majority and voted for the so-called “Economic Growth, Regulatory Relief and Consumer Protection Act” (S. 2155). This Act eliminates key protections of the Dodd-Frank law, designed to prevent another bank meltdown like we saw in 2008.
In voting for S. 2155, Rep. Larsen ignored the Congressional Budget Office and financial experts’ warnings that this bill will certainly lead to new bank failures requiring more bailouts. He voted to rollback regulations that enforce fair lending standards and protect buyers of mobile homes against predatory lending practices.
Larsen defended his vote by claiming the bill protects small lenders and credit unions, but most of the bill’s benefits flow to 30 of the 40 largest banks in the United States. I’m sure that our local banks are eager for any form of deregulation, but that deregulation is not worth the potential cost of another Great Recession. Hopefully, Rep. Larsen will say “NO” the next time Trump and his “base” seek to roll back regulations that protect all Americans.