“The so-called Financial Choice Act is a piece of legislation that will essentially kill the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was designed to prevent another financial crisis.
“Simply put, the Wrong Choice Act bows down shamefully to
“The new version, which is even worse than Chairman Hensarling's first draft, cannot be allowed to become law. There is too much at stake for consumers and for our economy at large.”
The “Wrong Choice Act 2.0”:
* Completely guts and functionally terminates the highly successful
– Eliminates CFPB's supervision authority over the largest banks and curtails
– Subjects the
– Hides consumer complaints, even though
– Gives the President extraordinary power to fire
* Encourages a race to the bottom for
* Repeals the
* Repeals the Volcker Rule, which stops banks from gambling with taxpayer money.
* Repeals the
* Abolishes the
* Subjects all federal financial regulators to the politicized annual appropriations process for funding, enabling
* Provides a two-year escape hatch for Trump-appointed regulators to administratively roll back regulations before making it easier for industry to litigate and block any future effort by regulators to restore or strengthen consumer and investor protections.
* Places America's workers at risk by curtailing the
* Bolsters the