Menendez Condemns Republican Efforts to Add Financial Regulatory Rollbacks in Appropriations Process

Menendez Condemns Republican Efforts to Add Financial Regulatory Rollbacks in Appropriations Process


WASHINGTON, DC – U.S. Senator Bob Menendez (D-NJ), a senior member of the Senate Banking Committee, today issued the following statement on the Financial Services and General Government Appropriations markup that includes rollbacks on key financial regulatory measures:

“Threatening to attach a partisan financial reform rollback bill to government funding legislation does nothing to force concessions on either financial reform or government funding. Everyone knows this rider has no place in a funding bill that has any chance of becoming law, so threats like this should be ignored. I, and other members of the Senate Banking Committee, have consistently expressed interest in passing legislation that reduces regulatory compliance costs while maintaining strong protections for consumers and financial stability, only to be repeatedly told that consensus improvements won’t be allowed to move unless more controversial measures are attached. A bipartisan deal is there if Republicans want it, but making threats only weakens their hand by demonstrating a lack of good faith engagement.

“Riders to gut the Consumer Financial Protection Bureau (CFPB) are also non-starters that have no chance of becoming law, and should be similarly ignored. I sincerely hope that their inclusion in the bill marked up today by the Appropriations Committee does not indicate that Republican leadership in Congress would threaten to shut down the government if they are not included. The CFPB has been one of the cornerstone accomplishments of the Wall Street Reform Act, and it has done outstanding work in just four years of existence to protect consumers. It would be a serious mistake to undermine the CFPB’s ability to protect consumers by weakening its funding and governance.”

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