Hoyer Statement in Opposition to Republican Bill to Weaken the SEC

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today in opposition to H.R. 1062, the SEC Regulatory Accountability Act:

“Once again, House Republicans are intent on throwing a wrench into the federal regulatory process by tying the hands of those who prevent fraud and abuse on Wall Street.  Their bill to raise new barriers to oversight of financial practices comes on the heels of a near-collapse of our financial system exacerbated by the unsavory practices that Securities and Exchange Commission regulators are working hard to expose and prevent.  Congress should be protecting the investments of hard-working Americans, not making it harder for enforcement personnel to put an end to practices that undermine a healthy and competitive marketplace. 

“Democrats opposed this bill unanimously in committee, and I thank Financial Services Ranking Member Maxine Waters for her leadership in defending the Wall Street reforms this bill seeks to undermine.  I hope House Republicans will cease their relentless campaign to restrict regulators at the SEC and other agencies who are committed to protecting American families, businesses, and consumers every day.”  

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