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
Washington, DC - Congressman Jesús "Chuy" García (D-Ill.), member of the House of Representatives Committee on Financial Services and United States Senator Elizabeth Warren (D-Mass.), member of the Senate Banking, Housing, and Urban Affairs Committee, today announced the introduction of the Bank Merger Review Modernization Act. The legislation would restrict harmful consolidation in the banking industry and protect consumers and the financial system from "Too Big to Fail" institutions, like those that caused the 2008 financial crisis.
Washington, D.C. - Today Congressman Jesús "Chuy" García (IL-04) and Congresswoman Rashida Tlaib (MI-13) introduced the Protecting Consumers from Market Manipulation Act, a bill to limit the revenue that large non-financial companies can derive from financial activity. The Protecting Consumers from Market Manipulation Act restricts big tech's involvement in banking, and guards against banks' ability to manipulate the price of commodities.
Washington, D.C. – Today, Congressmen Jesús "Chuy" García (IL-04) and Glenn Grothman (WI-06) introduced the Veterans and Consumers Fair Credit Act, which would extend small dollar "payday" and car-title 36% rate cap protections established under the Military Lending Act (MLA) to all consumers, including veterans and their families. The bill will better protect consumers, particularly military personnel, from certain predatory lending practices.
Washington, D.C. – Today Congressman Jesús "Chuy" García (IL-04) questioned Facebook CEO Mark Zuckerberg and introduced H.R. 4813, the Keep Big Tech Out of Finance Act, which would block Facebook from developing its controversial Libra Project. The bill prohibits Facebook and other big tech companies from developing digital currencies.
Washington, D.C. - Today, the Safe Housing for Families Act (H.R. 1690, now entitled CO Alerts Act) was approved in the U.S. House of Representatives with bipartisan support. The bill, which was introduced in March by Congressmen Jesús "Chuy" García (Il-04) and Joe Cunningham (SC-01) will provide funds for carbon monoxide detectors in federally subsidized housing units. Housing and Urban Development (HUD) Secretary Ben Carson signaled support for the bill during testimony before the House Financial Services Committee in May.