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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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.
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.
Washington, DC - Today Representatives Jesús “Chuy” García (IL-04), Jan Schakowsky (IL-09) and Mark Takano (CA-41) introduced the Robust International Response to Pandemic Act. The bill directs United States representatives to multilateral development banks like the World Bank and International Monetary Fund (IMF) to help developing countries as they fight COVID-19.
Washington, DC - Today Congressman Jesús “Chuy” García (IL-04) and Congresswoman Katie Porter (CA-45) introduced the Systemic Risk Mitigation Act. While the coronavirus pandemic drags our economy into a recession and the Trump administration deregulates our financial sector, this bill strengthens oversight of the shadow banks engaging in risky practices that destabilize the financial system.
Chicago, IL- Representatives Jesús “Chuy’ García (IL-04), Sylvia Garcia (TX-29), Danny Davis (IL-07), and 21 other Members of Congress sent a letter to the Small Business Administration (SBA) and the Department of the Treasury urging them to issue final guidance for the Paycheck Protection Program (PPP) and to conduct proactive outreach in underserved and minority communities.
Chicago, IL - Today, Representatives Jesús “Chuy” García (IL-04), Gwen Moore (WI-04), Gil Cisneros (CA-39), and Jackie Speier (CA-14) along with 32 Members of Congress urged leaders in the House and Senate to consider providing grants and direct cash in addition to loans to small businesses negatively impacted by COVID-19. They also urged them to include specific protections for minority-owned small businesses.
Chicago, IL. - Representatives Jesύs “Chuy” García (IL-04), William Lacy Clay (MO-01) and Rashida Tlaib (MI-13) led 70 Members of Congress in urging the major credit reporting agencies to stop rating adverse credit events such as missed medical bills, credit card payments and rent and mortgage payments until the COVID-19 public health emergency has passed.