Rep. Gonzalez Speaks from House Floor Regarding the CHOICE Act
WASHINGTON D.C. – Today, U.S. Congressman Vicente Gonzalez (TX-15), House Financial Services Committee member, delivered the following remarks on the House Floor addressing concerns about the CHOICE Act. While the Choice Act provides some regulatory relief for community banks, regional banks and credit unions, which he supports, the bill does not offer the amount of reform needed to truly benefit local financial institutions.
Congressman Gonzalez is concerned further by the manner the bill was written—instead of taking a piecemeal approach, the majority in Congress are attempting an overarching repeal. Congressman Gonzalez is also deeply troubled that the bill will make seniors citizens vulnerable to financial abuse and exploitation schemes. For those reasons, Congressman Gonzalez opposed the CHOICE Act.
Watch his remarks below:
“Thank you, Mr. Speaker. Thank you, Ranking Member Waters. Mr. Speaker, today I rise in opposition to HR 10. While the bill contains some provisions that could be helpful to regional and community banks as well as credit unions, it could be very harmful to seniors and the elderly.
Additionally, the Choice Act, as written today, is dead on arrival in the U.S. Senate. As public servants, we are called to serve the citizens of our great nation - those who raised us, those who consistently told us “hace mas el que quiere que el que puede,” (“It is more important to have the will than to have mere ability”) and those who forged a new path to a better future. One of the best measures of a nation is how it cares for its older citizens.
As a country, we made a promise to our elderly to protect them and ensure they would have reliable access to the resources and support they need.
Today, my colleagues in support of the Wrong Choice Act seek to renege on this promise and leave millions of our elderly adults vulnerable to financial exploitation schemes. One in every five elderly Americans have been victims of financial abuse, accounting for a cost of over $36 billion annually.
We cannot abandon our elderly when their resources, and ultimately their independence is threatened. We must stand with them and enable the Consumer Bureau to continue to protect our elderly, prevent financial abuse, and monitor the financial systems of America. We cannot allow Republicans to eliminate the CFPB Office of Older Adults.
That is why I will be voting against HR 10. Thank you for this time. I yield back.”