Congresswoman Shelley Moore Capito (R-West Virginia) is in Charleston, West Virginia today. The House Subcommittee on Financial Institutions and Consumer Credit – which Capito chairs – is holding a field hearing to look at how the Dodd-Frank Act burdens small banks and businesses.
Three bankers and a small business owner will testify that Dodd-Frank is a burden. One witness – Sarah Brown, an attorney with Mountain State Justice – will testify that The Dodd-Frank Act means that “fewer West Virginians will lose their home to foreclosure resulting from predatory mortgage lending.”
Howard Swint – Capito’s Democrat opponent in the November election – says that the hearing “demonstrates that Congresswoman Capito represents the interests of her wealthy campaign contributors from financial institutions more so than the average West Virginian.”
“Ask the 40% of folks in the Berkeley County whose home values are under water if further bank deregulation is what they need from Congress or the 48% of homeowners in Jefferson County,” Swint said. “Today’s banking laws are the direct result of Congress’ failure to regulate predatory mortgage lenders, fraudulent credit rating agencies and corrupt banking interests that together led America into the financial crisis.”
“Yet these same Republicans like Congresswoman Capito who had their regulatory silence purchased through campaign contributions are now back beating the drum for further deregulation which is ludicrous.”
“Congresswoman Capito received campaign contributions from the most corrupt of all these special interests including Countrywide Financial, Fannie Mae and Freddie Mac and the too-big-to-fail Wall Street banks that all had to be bailed out by the taxpayers,” Swint said.
“The American Bankers Association has proclaimed Congresswoman Capito a ‘hero’ for trying to further weaken the hand of bank regulators and that ought to tell us who she really represents in Congress.”