The great recession of 2008 led to an unprecedented foreclosure crisis that was precipitated in large part due to unfair, under-regulated, and predatory mortgage lending practices.
Chicago, like so many areas across the US, was devastated by the crisis: millions of families lost their savings and their homes.
As a member of the House Financial Services Committee, I am committed to ensuring that working families get a fair shake, that we expand opportunities to build and access credit, and that the policy missteps that led to the Great Recession of 2008 are never repeated.
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WASHINGTON, DC- Congressman Jesús “Chuy” García (IL-04), a member of the House Financial Services and Transportation & Infrastructure Committees, issued the following statement on President Biden’s Executive Order on promoting competition and empowering consumers:
WASHINGTON, D.C. -- Today the House of Representatives approved S.J.Res. 15, the Senate companion of a resolution sponsored by Congressman Jesús “Chuy'' García (IL-04), a member of the House Financial Services Committee, to repeal the so-called “True Lender” rule issued by the Office of the Comptroller of the Currency (OCC), by a bipartisan vote of 218-208. This Trump-era rule allows predatory lenders to partner with banks in “rent-a-bank” schemes to undermine state laws that protect consumers from high interest loans.
WASHINGTON, D.C. – Today, Congressman Jesús “Chuy” Garcia (IL-04), member of the House Financial Services Committee, joined U.S. Senator Chris Van Hollen (D-Md), a member of the U.S.
Washington, D.C. — This week Congressman Jesús “Chuy” García (IL-04) was reappointed to serve on the Financial Services, Transportation & Infrastructure, and Natural Resources Committees for the 117th Congress. Congressman García issued the following statement: