With All Eyes on Comey Testimony, House Quietly Debates Massive Giveaway to Wall Street
Debate and Vote on “Financial CHOICE Act” Conveniently Scheduled in Shadow of Former FBI Director Comey’s Senate Testimony
WASHINGTON, D.C. – Today, while most Americans were preoccupied with the Senate testimony of former FBI Director James Comey and its aftermath, the House began quietly debating Rep. Jeb Hensarling’s Financial CHOICE Act. This deceptively-titled legislation rolls back fundamental consumer and economic protections established by Dodd-Frank in the wake of the 2008 financial crisis caused by Wall Street fraud and recklessness.
Collectively, Hensarling and House members who voted for the bill have taken tens of millions of dollars from Wall Street interests.
“While all eyes were on James Comey’s testimony today, the House moved quickly and quietly to pass a massive giveaway to Wall Street. Rep. Jeb Hensarling’s Financial CHOICE Act rewards wealthy bankers and hedge fund managers who have given tens of millions of dollars to this legislation’s champions in Congress. House Republicans may have hoped this reckless and irresponsible vote would go unnoticed but the American people will not forget. They will be there to make sure it is dead on arrival in the Senate,” said Karl Frisch, executive director of Allied Progress.
He continued, “This legislation is so extreme that it even erases protections in place before the 2008 financial crisis, allowing Wall Street to return to the days of the financial Wild West that caused the economic collapse. This bill almost entirely eliminates the power of the Consumer Bureau to take action against unfair and abusive practices by big banks and predatory lenders. The Financial CHOICE Act is the wrong choice for working families. It is shameful that these politicians would risk the security of our economy to give a handout to the very Wall Street special interests who fund their campaigns.”
Rep. Hensarling’s “Financial CHOICE Act” rolls back fundamental consumer and market protections established by Dodd-Frank, including eliminating the Volcker Rule that stops banks from gambling with taxpayer money; repealing the Financial Stability Oversight Council’s (FSOC) ability to detect signs of another potential financial crisis; and gutting the Consumer Financial Protection Bureau’s (CFPB) authority to hold credit card companies, banks, payday lenders, debt collectors, and other predatory financial industries accountable. The legislation even goes so far as to roll back important protections that predate the financial crisis.
The passage of the “Financial CHOICE Act” comes as part of a larger campaign by Wall Street-aligned special interests, industry-backed members of Congress, and the billionaire-centric Trump administration to repeal laws and regulations that safeguard hard-working American families from Wall Street greed and deception.
To speak with Karl Frisch about the so-called Financial CHOICE Act, please contact Tucker Middleton at 202-644-8526 or tucker@alliedprogress.org.
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Allied Progress uses hard-hitting research and creative campaigns to stand up to Wall Street and powerful special interests and hold their allies in Congress and the White House accountable.