A.G. Gancarski
A lull in the media releases in the Democratic primary in Florida’s 5th Congressional District ended Thursday, with Alvin Brown pillorying Rep. Al Lawson for voting with Republicans on a Donald Trump approved bill that would undo much of the Dodd-Frank protections instituted in the wake of the 2008 financial crisis.
Only 33 Democrats voted for the Dodd-Frank rollback, with 158 voting against.
The Economic Growth, Regulatory Relief, and Consumer Protection Act has, per the Washington Post, “several controversial provisions.”
“Among them: it would relax rules on regional and community banks; free some large banks from the reach of ‘too big to fail’ regulations that placed especially large banks under tighter government supervision; and raise the threshold where banks need to report potentially risky mortgage-lending activity to regulators,” the Post reported.
Brown’s statement palpitated with populist indignation.
“Just a decade after the global economic meltdown,” Brown asserted, “Congress has moved to roll back regulations on big banks, irresponsibly putting our country’s economy at risk of another financial crisis.”
“Despite claims it will help consumers and offer relief for community banks,” Brown added, “this dangerous legislation dismantles Dodd-Frank’s post-crisis safeguards and is yet another example of my opponent standing side by side with the Trump administration and Wall Street at the expense of hardworking families across North Florida.”
“Floridians were hit hard by the financial crisis and Great Recession, and have not forgotten the lost jobs, homes and life savings they experienced as a result. In Congress, I will always fight in the people’s best interest and demand Wall Street be held accountable for their reckless practices. We need leaders who will stand up to the big banks, not undermine consumer protections and put us on the brink of another economic collapse,” Brown concluded.
Lawson defended his vote Thursday afternoon, via statement.
“I voted in favor of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) because it provides common sense bipartisan relief to our small and community banks from some of the overly burdensome restrictions of the Dodd-Frank Act. Smaller community banks and credit unions are a vital source of capital in rural and underserved communities. They help our neighborhood businesses start and grow, allow farmers to get loans and support families in achieving homeownership. The bill also puts in place new consumer protections for seniors, renters and veterans,” Lawson asserted.
The race in CD-5, a sprawling east-west district encompassing part of Jacksonville on one end of the district and part of Tallahassee on the other, is competitive in terms of financial resources.
Lawson has just under $160,000 cash on hand and Brown has just over $127,000.
