Several House Committee Ranking Members submitted letters to their respective Chairmen requesting that their committees do not waive their jurisdiction over H.R. 10, also known as the Wrong Choice Act. The Wrong Choice Act, a wide-reaching financial services bill, makes financial markets less safe, puts consumers at risk, and undermines critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the law that was put in place to protect the American economy from another financial crisis. The Wrong Choice Act jeopardizes the American economy in various ways and was accordingly referred to several other committees for their consideration.

In the letters, Ranking Member Elijah Cummings (D-MD) of the House Committee on Oversight and Government Reform, Ranking Member Bobby Scott (D-VA) of the House Committee on Education and the Workforce, and Ranking Member John Conyers Jr. (D-MI) of the House Committee on the Judiciary urged the Chairmen to allow their respective committees to debate and vote on the legislation given its wide ranging effects on the American economy.

In the letters, the Ranking Members stressed the damaging effects of the Wrong Choice Act:

“H.R. 10 would gut the progress we have made and place our economy at greater risk of another crisis.”

- Ranking Member Elijah Cummings (D-MD),
House Committee on Oversight and Government Reform

“Our Committee Members have expressed great concern over the attempts to weaken oversight and enforcement power of the Consumer Financial Protection Bureau and the important role it plays regarding the integrity of student loan finance services.”

- Ranking Member Bobby Scott (D-VA),
House Committee on Education and the Workforce

“H.R. 10 is a sprawling piece of legislation that would destroy key financial regulations and consumer protections put in place by Dodd-Frank.”

- Ranking Member John Conyers Jr. (D-MI),
House Committee on the Judiciary

To view the full letter from Ranking Member Cummings, click here.
To view the full letter from Ranking Member Scott, click here.
To view the full letter from Ranking Member Conyers, click here.

Last week, after a marathon 28-hour markup, the full Financial Services Committee voted on the passage of the Wrong Choice Act out of Committee. Committee Democrats unanimously voted against the Wrong Choice Act, which will now advance to the House floor.

All 34 Committee Republicans voted aye and all 26 Committee Democrats voted nay. Republicans rejected all 19 Democratic amendments proposed during the markup.

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