For Immediate Release:
October 25, 2017
Contact: Brittni McGuire, Brittni@wvdemocrat.com
Republicans Sell Out To Wall Street and Go Against Seniors and Veterans
Jenkins and Morrisey desperately want Wall Street donations
AARP and American Legion oppose repeal of bank rule
CHARLESTON, WV— Last night, Washington Republicans sold out to Wall Street and the big banks by passing legislation to protect Wall Street by rolling back consumer protections. The Republicans scrapped a rule that allows consumers to bring class-action lawsuits against financial institutions to resolve financial disputes (NPR, 10.25.17). Both the AARP and the American Legion opposed this measure because it’s bad for seniors and veterans.
Jenkins voted along with the Republicans to eliminate a banking rule that Wall Street lobbyists didn’t like, and Morrisey was in hiding and couldn’t be bothered to speak up for seniors and veterans. Not long ago, Morrisey was a big time D.C. lobbyist and his firm was hired by Bank of America.
Congressman Evan Jenkins and Attorney General Patrick Morrisey proudly put the needs of Wall Street over what’s best for West Virginians to attract out-of-state campaign cash. They are hoping that big money donors from Wall Street will swoop in to help their campaigns, all at the expense of Mountain State families.
Senator Joe Manchin stood up for seniors, veterans, and all West Virginia families by opposing this irresponsible legislation.
“Evan Jenkins and Patrick Morrisey are both self-serving politicians desperate to fill their campaign coffers with out-of-state Wall Street money,” said Belinda Biafore, Chairwoman of the West Virginia Democratic Party. “Jenkins’ vote to weaken regulations on Wall Street and Morrisey’s silence make it clear both Republicans want to maintain a very cozy relationship with big money donors. They don’t care if seniors and veterans get hurt, as long as they see money flowing into West Virginia to try and buy this election.”
Consumer Financial Protection Bureau Director Richard Cordray said that the legislation is, “A giant setback for every consumer in this country. Wall Street won and ordinary people lost.”