Promoting Job Creation and Reducing Small Business Burdens Act

Floor Speech

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Ms. McCOLLUM. Mr. Speaker, I rise in opposition to the Promoting Job
Creation and Reducing Small Business Burdens Act. This bill undermines
vital consumer protections and regulations afforded by Dodd-Frank Wall
Street Reform and Consumer Protection Act (Public Law 111-203). On
January 7, 2015, the House voted on this new bill under suspension of
the rules where it failed. I did not support this recrafted bill and I
do not support it now.

While many of the provisions within H.R. 37 have passed the House in
a bi-partisan fashion during prior Congresses, this year House
Republicans have added a new, political provision to weaken consumer
protections that I cannot support. Undermining the Volcker Rule by
delaying its implementation until 2019 will again put middle-class and
working families at financial risk just as our economy has recovered.
The Volcker Rule prohibits financial institutions from conducting
speculative investment activities that do not benefit their customers.
This federal regulation is necessary to safeguard the American people
from the financial instability and damaged caused by risky trading by
Wall Street that contributed to the Great Recession.

This bill is unnecessarily being rushed to the House floor. Neither
the Financial Services Committee nor the Agricultural Committee has had
an opportunity to review this bill in this new Congress and assess the
impacts it would have on our banks and our farmers. Mr. Speaker, I urge
my colleagues to join me in opposing the Promoting Job Creation and
Reducing Small Business Burdens Act and instead bring a bill to the
House floor that protects all Americans not just Wall Street.

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