U.S. House Financial Services Committee Chairman Jeb Hensarling (TX) introduced a dreadful bill, H.R. 10, the Financial CHOICE Act that takes all the worst ideas concocted by Wall Street and predatory lenders, and combines them into one toxic package. If this bill passed, it would make financial regulation weaker than it was even in the years leading up to the 2008 crisis.
The bill removes numerous elements of Dodd-Frank protections. It practically eliminates the powers of the Consumer Financial Protection Bureau to act forcefully against unfair or abusive practices in consumer lending markets. And it strips the CFPB of its authority to curb forced arbitration clauses in consumer financial contracts.
Please Call Them. SUGGESTED SCRIPT: "
Hi, my name is ____. I'm a constituent, and I'm calling to urge [Rep.___] to oppose H.R. 10, the Financial CHOICE Act. Congress should protect consumers and the economy, not gut the rules that make our economy safer. Can you tell me whether [Rep.___] will oppose the bill? [He or she] should reject this bill and any other assaults on the Dodd-Frank Act and the CFPB."
This legislation is radical deregulation crammed with gifts to every kind of financial institution, including giant mega-banks who want to return to the excessive borrowing and risky practices that led to the financial crisis. Financial industry players would be free again to manipulate the financial system and exploit consumers and investors, like mortgage lenders selling predatory subprime mortgages, storefront payday lenders with debt trap products, and all financial institutions that insist on barring wronged consumers from banding together in court.
Simply put, this bill is horrendous– and we need you to urge your Representative to oppose H.R. 10. Please call them: (202) 224-3121.