Brooklyn, N.Y. – Congresswoman Yvette D. Clarke released the following statement on her opposition to unrelated provisions in a bill to fund the federal government that would allow financial institutions to risk our bank deposits and would increase the ability of very wealthy donors to influence our politics. The bill passed in the House of Representatives by a vote of 219 to 206.
The bill, H.R. 83, would eliminate provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that prohibits banks from speculating in the financial markets with deposits insured by the Federal Deposit Insurance Corporation, a practice that contributed to the Great Recession in 2008. The bill would also allow political contributors to donate as much as $1.5 million every two years to a political party.
“I cannot in good faith support the degradation of a law enacted to prevent fraudulent banking practices, that allows banks to shift risk from their balance sheets to the pockets of the American people. Our nation cannot afford – and the people of the 9th Congressional District will not tolerate – another bailout of multinational financial institutions that want to gamble with other people’s net worth,” said Congresswoman Clarke. “Americans want and need their federal government to function. The refusal of Republican leaders in House of Representatives to even have a vote to fund the government without irrelevant, special interest and mean-spirited provisions will inevitably result in more threats to close the government. In addition, I am deeply concerned that the substantial increase in political contributions permitted in this bill will extend the influence of wealthy donors in our politics, that puts a “thump on the scale of Justice, Fairness and Equity at the expense of American voters.”
U.S. Representative Yvette D. Clarke is a member of the House Committee on Small Business, Ethics, and Homeland Security, where she is the Ranking Member of the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies. She represents many neighborhoods in central and southern Brooklyn, NY which include Brownsville, Crown Heights, East Flatbush, Flatbush, Gerritsen Beach, Madison, Midwood, parts of Park Slope and Flatlands, Prospect Heights, Prospect-Lefferts Gardens, Sheepshead Bay, and Windsor Terrace.
Issues: 113th Congress