Congressman Young’s Unanswered Questions: His Drive to Put Big Banks Back in Charge

INDIANAPOLIS – Despite promising to work for Indiana, Congressman Todd Young has failed to be upfront with Hoosiers about his desire to put the big banks back in charge and gut the consumer protections that safeguard families from fraud and abuse.

The banking industry, which is the third largest contributor to Congressman Young’s campaigns, has had an ally in Young in Washington since he arrived. While Evan Bayh voted for the toughest Wall Street regulations in decades, Todd Young voted at least seven times to repeal portions of these laws that were put in place to prevent another financial crisis like the Great Recession. Young even voted to remove the provision that prevents banks from becoming too big to fail.

Congressman Young has also voted consistently to weaken the Consumer Financial Protection Bureau, which was put in place to catch the kind of fraud like the 1.5 million unauthorized accounts opened by Wells Fargo employees. Young has not only tried to take away the bureau’s independence, he even voted against recognizing and honoring its work protecting consumers like the millions of people charged illegitimate fees by Wells Fargo.

Some unanswered questions for Congressman Young on his history of putting the big banks over Hoosier consumers:

– After the financial crisis of 2008, why do you believe the big banks and Wall Street should be under less regulation?

– Why did you oppose the protections against allowing banks to become too big to fail?

– Why do you want to weaken the CFPB that just uncovered widespread fraud at Wells Fargo?

– Do you think big banks deserve more protections than Hoosier consumers?

Background:

YOUNG VOTED AT LEAST SEVEN TIMES TO REPEAL PORTIONS OF DODD-FRANK

2015: Young Voted For The FY 2016 Budget Resolution Which Recommends Repealing Portions Of Dodd-Frank. [House Vote 142, 3/25/15; Congressional Quarterly, 3/23/15; Congressional Actions, S.Con.Res. 11; Congressional Actions, H.Con.Res. 27]

2015: Young Voted For A FY 2016 Budget Resolution Which Recommends Repealing Portions Of Dodd-Frank.. [House Vote 141, 3/25/15; Congressional Quarterly, 3/23/15; Congressional Actions, S.Con.Res. 11; Congressional Actions, H. Amdt. 86; Congressional Actions, H.Con.Res. 27]

2014: Young Voted To Repeal Key Part Of Dodd-Frank Wall Street Reform Act That Gave The Federal Deposit Insurance Corporation The Power To Take Over And Shut Down A Failing Financial Firm, As Part Of Rep. Paul Ryan’s Budget Proposal. [House Vote 177, 4/10/14; The Hill, 4/1/14; Congressional Actions, H. Con. Res. 96]

2013: Young Voted For Repealing Portions Of The Dodd Frank Wall Street Reform Act As Part Of The FY 2014 Ryan Budget. [House Vote 88, 3/21/13; House Budget Committee,3/12/13]

2012: Young Voted To Repeal The Federal Government’s Authority Under The Dodd-Frank Act To Take Over A Failing Financial Institution. [House Vote 247, 5/10/12; Congressional Actions, H.R. 5652; Congressional Quarterly, 5/10/12; Congressional Quarterly, 5/9/12]

2012: Young Voted To Repeal Portions Of The Dodd Frank Financial Reform Act As Part Of The FY 2013 Ryan Budget. [House Vote 151, 3/16/12; House Budget Committee,5/20/12; Congressional Actions, H.Con.Res. 112]

2011: Young Voted To Repeal Portions Of The Dodd Frank Financial Reform Act As Part Of The FY 2012 Ryan Budget. [House Vote 277, 4/15/11; House Budget Committee,4/5/11]

YOUNG VOTED AT LEAST FOUR TIMES TO LIMIT CFPB’S POWER AND INDEPENDENCE BY MAKING IT PART OF THE ANNUAL APPROPRIATIONS PROCESS…

2016: Young Effectively Voted To Give Congress Power Over The CFPB’s Funding.[House Vote 361, 7/6/16; Congressional Quarterly, 7/6/16; Congressional Quarterly, 7/7/16; Congressional Actions, H. Amdt. 1230; Congressional Actions, H.R. 5485]

2014: Young Voted To Subject The Consumer Financial Protection Bureau To The Annual Appropriations Process, As Part Of Rep. Paul Ryan’s Budget Proposal. [House Vote 177, 4/10/14; House Budget Committee, 4/1/14; Congressional Actions, H. Con. Res. 96]

2014: Young Voted To Limit The Consumer Finance Protection Bureau’s Power And Independence By Transforming It Into Five-Member Commission Funded Entirely Through Annual Appropriations, By Cutting Its Employees’ Salaries, And By Allowing Its Rules To Be Overturned By Council Of Other Agencies. [House Vote 85, 2/27/14; Congressional Quarterly, 2/27/14; Congressional Actions, H.R. 3193]

2012: Young Voted To Require That The Consumer Financial Protection Bureau Would Be Funded Through The Appropriations Process As Part Of A Sequester Replacement Bill. [Congressional Quarterly, 5/7/12]

  • Currently, CFPB Is Headed By A Single Director, And Enforces Federal Consumer Financial Protections To Ensure Transparency And Competitiveness, Rather Than Ensuring Financial Institution Safety And Soundness. [Congressional Quarterly, 2/10/14]
  • Commissioners Would Be Subject To At-Will Removal By The President.[Congressional Quarterly, 2/10/14]
  • Currently CFPB Receives Annual Funding Direct From The Federal Reserve, Capped At A Fixed Percentage Of The Fed’s Operating Expenses For The Fiscal Year. [Congressional Quarterly, 2/10/14]

YOUNG VOTED AT LEAST TWICE TO REPLACE THE CFPB DIRECTOR WITH A FIVE-MEMBER COMMISSION…

2016: Young Effectively Voted To Restructure The CFPB’s Management Structure From A Single Director To A Five Member Commission. [House Vote 361, 7/6/16; Congressional Quarterly, 7/6/16; Congressional Quarterly, 7/7/16; Congressional Actions, H. Amdt. 1230; Congressional Actions, H.R. 5485] 

2011: Young Voted For A Bill That Would Replace The Consumer Financial Protection Bureau’s (CFPB) Director With A Five-Member Commission. [House Vote 621, 7/21/11; Congressional Quarterly, 7/21/11; Congressional Actions, H.R.1315]

  • Opponents Said The Restructuring Of The Consumer Financial Protection Bureau Would Make It Easier For Any Member Of The Financial Oversight Council To Override The Bureau’s Rules And Would Delay Core Functions Of The Bureau.” [Maloney Press Release, 7/22/11]

YOUNG VOTED AGAINST RECOGNIZING AND HONORING THE WORK OF THE CFPB…

2014: Young Voted Against Recognizing And Honoring The Work Of The Consumer Financial Protection Bureau. In February 2014, Young voted against an amendment that, according to Congressional Quarterly, would have “add[ed] findings and sense-of-Congress language to the end of the bill that acknowledges and honors the work of the Consumer Financial Protection Bureau in providing protection and relief to consumers from instances of unfair, deceptive and abusive practices in financial markets.” The vote was on agreement to an amendment; which the House rejected by a vote of 181 to 236. [House Vote 83, 2/27/14; Congressional Quarterly, 2/27/14; Congressional Actions, H.R. 3193]

YOUNG VOTED AGAINST REQUIRING THE CFPB TO INCLUDE REPRESENTATIVES OF MINORITY- AND WOMEN-OWNED BUSINESSES…

2015: Young Voted Against An Amendment That Would Have Required The Consumer Financial Protection Bureau To Include Representatives Of Minority- And Women-Owned Small Businesses On The Small Business Advisory Board. In April 2015, Young voted against an amendment that would have required the Consumer Financial Protection Bureau (CFPB) to include representatives of minority- and women-owned small businesses as members of the Small Business Advisory Board. [House Vote 165, 4/22/15; Congressional Research Service, 3/2/15; Congressional Quarterly, 4/22/15; Congressional Actions, H. Amdt. 90; Congressional Actions, H.R. 1195]

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