FOR IMMEDIATE RELEASE: July 3, 2025

CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org

Big, Brutal Bill Slashes Critical Programs, Rolls Back Safeguards, Rewards Ultra-Rich and Wall Street

Washington, DC – Statement of Ericka Taylor, Co-Executive Director of Americans for Financial Reform

The House narrowly approved the big, brutal bill that delivers generous tax breaks for Wall Street private equity firms and the superrich and that are paid for by pushing tens of millions of people off programs like Medicaid, nutrition, and student loans.

The giveaways to private equity firms subsidize predatory and extractive practices that harm workers, families, and communities. At the same time, the big, brutal bill dismantles critical agencies like the Consumer Financial Protection Bureau, making people more vulnerable to scams, rip-offs, and junk fees.

This bill is the most regressive legislation Congress has ever passed, rewarding the ultra-rich at the expense of everyone else, and it will amplify racial and economic inequality for years to come.

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