Congressman Williams Introduces Legislation Demanding Action to Mitigate Illegal Immigration's Financial Toll on Main Street

WASHINGTON, D.C. - Thursday, Congressman Roger Williams (TX-25) introduced the Evaluating the Financial Impacts of Illegal Immigration Act requiring the Financial Stability Oversight Council (FSOC), chaired by Treasury Secretary Janet Yellen, to include illegal immigration risks as an emerging threat in their annual U.S. financial stability report and provide recommendations to Congress on how to mitigate these risks. The FSOC’s role is to monitor risks to U.S. financial stability and provide recommendations on how to mitigate these risks. 

“It is concerning to envision how the impacts of illegal immigration will continue to grow in the financial sector, ultimately hurting banks’ ability and willingness to lend,” said Congressman Williams. “Our states and cities are not equipped to deal with the influx of millions of illegal immigrants who put a significant strain on our public resources. My legislation will hold government agencies accountable to report their findings on how illegal immigration is plaguing Main Street, and more importantly will implement financial solutions as we navigate this crisis.”

Read the bill text here.

Background: 

• The crisis at our southern border is impacting a magnitude of sectors in the United States, and there is no question that illegal immigration is affecting our financial system as well.
• Congressman Williams’ Evaluating the Financial Impacts of Illegal Immigration Act will reveal the specifics of how the financial sector is suffering and provide a tailored solution to secure our border and mitigate these challenges.
• About the FSOC.
• Numbers USA is a supporter of Rep. Williams’ legislation.

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Congressman Roger Williams is the Chairman of the House Small Business Committee and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.