WASHINGTON, DC –Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN), released the following statement after submitting an amendment today to the Rules Committee which would substitute the text of H.R. 37 delaying the Volcker Rule with language that repeals limits on discretionary spending created in the Budget Control Act of 2011.

“House Republicans are opening the 114th Congress by putting the profits of mega-banks over investments in hard-working Americans. While they are championing failed policies of trickle-down economics, we know our economy works best when we put Americans back to work. If Republicans are serious about creating jobs, they should focus on ending harmful budget cuts. That’s why the Progressive Caucus is proposing to replace H.R. 37 – a bill that would delay a requirement for the largest banks to sell possibly risky investments in their portfolios– with investments that will create jobs across the country.

“Our priority should be American families, not bank CEOs. We can rebuild our roads and bridges, upgrade our transit systems and electrical grids, and continue important science research while putting Americans back into decent paying jobs if we get rid of the budget sequester once and for all.”

The full text of the amendment can be found below.

Amendment to H.R 37

Strike all after the enacting clause and insert the following:

Section 1 Repeal of Discretionary Spending Caps.

The discretionary spending limits for each of fiscal years 2015 through 2021 as set forth in section 251 of the Balanced Budget and Emergency Deficit Control Act of 1985 shall have no force or effect.

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