Press release:
Yesterday, the House passed a plan to roll back some banking regulations instituted in the wake of the 2008 financial crisis, aimed at curtailing many of the institutional behaviors that led to one of the deepest recessions in the history of our country.
House Republicans have called it the "most pro-growth banking bill in a generation," but isn't this exactly the spirit of deregulation that led to the financial crisis in the first place? Senator Sherrod Brown said, "Ten years ago, Wall Street almost destroyed our economy." Nate McMurray agrees.
Upstate New York was devastated by the crisis. An uncountable number of small businesses were shuttered, factories closed, jobs lost, and the people of Western New York forced to make hard decisions that no American should be forced to make. Our citizens should not have to choose between whether to go to the doctor or to pay rent just because an investment firm wants to speculate with their money.
Nate McMurray opposes exempting any banks from the Volcker rule. According to the FDIC, American banks just had their most profitable quarter ever and yet American workers haven't had a real wage increase in the last 30 years. The myth that banks can't thrive under the current regulatory climate is false.
"Banks have a responsibility to their customers, and to the communities that they serve, to be custodians. Banks should serve Main Street not Wall Street," McMurray said.
"This goes to show that establishment politicians, like Chris Collins, care more about enriching their donors and wealthy backers than they do about the financial security of working-class Americans."
