Financial Services

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.

More on Financial Services

October 16, 2020 Press Release

Chicago, IL — Today Representatives Jesús “Chuy” García (IL-04), Pramila Jayapal (WA-07), and 9 other Members of Congress sent a letter to the Department of Justice (DOJ) urging the agency to strengthen its bank merger review guidelines. The DOJ is currently accepting public comments on its guidelines, which were developed more than twenty years ago.

May 11, 2020 Press Release

Chicago, IL - As COVID-19 brings financial devastation to our communities, Reps. Jesús “Chuy” García and Glenn Grothman urge Congress to pass their Veterans and Consumers Fair Credit Act (H.R. 5050), a bill to protect families recovering from the pandemic by extending the protections of the Military Lending Act to all consumers. These protections include a 36% interest rate cap for payday and car-title loans.

April 22, 2020 Press Release

Chicago, IL - As the Federal Reserve hires BlackRock, the world’s largest asset manager, to oversee some of its programs designed to stabilize the economy during the COVID-19 pandemic, Representatives Jesús “Chuy” García (IL-04), Rashida Tlaib (MI-13) and Ayanna Pressley (MA-07)  sent a letter to Treasury Secretary Mnuchin and Federal Reserve Chairman Powell to demand accountability, oversight and transparency regarding the firm’s contract and ensure that BlackRock’s work strengthens the entire U.S.