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

September 30, 2021 Press Release

Rep. Chuy García & Senator Elizabeth Warren Introduce Bank Merger Review Modernization Act to End Rubber Stamping of Bank Merger Applications 

Of the 3,819 bank merger applications the Fed received between 2006 and 2017, it did not decline a single one

Bicameral legislation would require bank regulators to seriously consider how the merger affects consumers and communities and whether it presents risks to financial stability

 

August 31, 2021 Press Release

WASHINGTON, D.C. -Representatives Jesús “Chuy” García, Alexandria Ocasio-Cortez, Rashida Tlaib, Ayanna Pressley and Mondaire Jones released today a statement urging President Biden to appoint a new Federal Reserve Chair rather than reappoint Jerome Powell. The full statement follows.

July 29, 2021 Press Release

WASHINGTON, DC.- Congressman Jesús “Chuy” García (IL-04), a member of the House Financial Services Committee, released the following statement today after testifying before the Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled “Protecting Americans from Debt Traps by Extending the Military's 36% Interest Rate Cap to Everyone.”

July 29, 2021 In The News

Congressman "Chuy" Garcia spoke about how the service members' maximum interest rate should be extended to everyone at a hearing in Washington, D.C. Thursday.

July 9, 2021 Press Release

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: 

June 24, 2021 Press Release

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.