In case you missed it, on June 8th, the House of Representatives voted almost entirely along party lines to rollback most of the financial regulations put into place by the 2010 Dodd-Frank Act. In typical Republican dog whistle code, they had the audacity to call the legislation the “Financial CHOICE Act” and make claims that it was, at heart, a “jobs bill.” You have to wonder sometimes how much of their own bullshit they believe.
Now here’s the damage report…
The so-called CHOICE Act (H.R. 10) exempts some financial institutions from many of Dodd-Frank’s restrictions that limit risk taking, replaces Dodd-Frank’s method of dealing with large and failing financial institutions with a new bankruptcy code provision, and weakens Elizabeth Warren’s extremely effective Consumer Financial Protection Bureau (CFPB), along with giving power to the president to fire the agency’s director at will. The cherry on top is the elimination of the Labor Department’s Fiduciary Rule, which aims to protect people with investments from self-serving financial advisors. For more on that rule, we suggest checking out Best of the Left edition #1079 from February 14, 2017.
Some say this bill, as is, will never get through the Senate, but others are concerned that parts of it may actually have more bi-partisan support there. Either way, it sure says a lot when the bill’s Congressional Budget Office analysis noted that its deficit savings estimates were considerably uncertain because it was difficult to predict when a “systemically important” financial firm might fail.
Americans for Financial Reform, a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based, and civic and community groups, wants to hold those who voted for the Choice Act accountable for their vote. Their campaign, which uses the #DefendCFPB and #WrongChoiceAct, includes a website where you can see how your Congressperson voted on the bill and write them a letter with your concerns. Get the latest from Americans for Financial Reform on Twitter by following them @RealBankReform and check out their website at OurFinancialSecurity.org.
As always, you should call, call, call Congress, and use all of the resistance tools available to make sure your voice is heard by your representatives, and especially your Senators who will weigh in next.
So, if protecting citizens and our economy from the greed of Wall Street is important to you, be sure to hit the share buttons to spread the word about Stopping Republicans from Deregulating Wall Street and Defending the CFPB via social media so that others in your network can spread the word too.
The House just voted to SHRED Dodd-Frank & let Wall St run wild. Find out how your Rep voted & email them, here: https://t.co/pHP0EiABRc— AFR (@RealBankReform) June 8, 2017
Hold Congress accountable for the "Financial CHOICE Act" (H.R. 10) via Americans for Financial Reform
Explore Americans for Financial Reform's website
Follow Americans for Financial Reform on Twitter @RealBankReform
Letter to Congress: Oppose H.R. 10 – The Wall Street’s CHOICE Act Would Devastate Financial Regulation (Americans for Financial Reform)
What They Want to Hide Tells You Who They Are (Bill Moyers)
The Choice Act is Not a Community Banking Bill (American Banker, Op-ed)
Bill to Erase Some Dodd-Frank Banking Rules Passes in House (New York Times)
Posted June 20, 2017; Written by Best of the Left Communications Director, Amanda Hoffman
Hear the segment in the context of Best of the Left Edition #1113: Tax cuts and deregulation have failed before and will fail again