CONGRESSMAN LAMB STATEMENT ON VOTE AGAINST S. 2155
(WASHINGTON, DC) -- The following is a statement issued by Congressman Conor Lamb regarding his vote today against S. 2155 to roll back important consumer and financial protections put in place in response to the 2008 economic recession:
"Before the recession, if you deposited a dollar in your bank, they would keep approximately three cents on hand, and then loan out or invest the rest. After Dodd-Frank, many banks keep more like 6 or 7 cents on hand for each dollar someone deposits. We should not go backwards.
With common-sense regulations in place to protect the money that consumers deposit, people can have more confidence that their bank will better protect their investments. Banks today are experiencing record-setting profits and it's only fair that we continue to protect the interests of the taxpayers and avoid another bailout.
I stand ready to work in a bipartisan fashion to address the areas where these regulations can be improved to the benefit of consumers and our financial system, but today's vote did not protect consumers first."