SACRAMENTO – California Attorney General Xavier Becerra today issued the following statement in response to the 258-159 vote by the U.S. House of Representatives to repeal parts of the Dodd-Frank Act. The measure was passed by the U.S. Senate in March:
“Those Members of Congress who just voted to repeal parts of the Dodd-Frank Act have lots of explaining to do to the American people. During the Great Recession, 8.7 million individuals lost their jobs and trillions of their hard-earned dollars vanished. This was not a mere coincidence; it was the result of reckless speculation and unabashed greed. As a Member of Congress, I proudly worked on and voted for the Dodd-Frank Act in 2010 because I knew we needed to put in place commonsense protections for consumers.
“At the California Department of Justice, we will continue doing what is necessary to stand up for our families. And we hope that Washington D.C. will muster up the courage to do so as well. When the history books are written, any attempt to take us back to the Great Recession – such as today’s vote – will go down as a mistake of colossal proportions.”