House Republicans to Bring Bill to Floor to Gut Wall Street Reform, Harm Americans
This week, the U.S. House of Representatives will vote on a bill that puts Wall Street’s special interests ahead of hardworking American consumers. The Financial Choice Act, also known as the Wrong Choice Act, paves the way right back to the dark days of the financial crisis by dismantling Wall Street reform.
“The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street,” said Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services. “It is an immensely bad bill that would bring harm to consumers, investors and our whole economy. It must be stopped.”
The Wrong Choice Act dismantles critical safeguards included 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. Dodd-Frank improves accountability in the financial system and protects consumers, investors, and the economy from abusive Wall Street practices. Dodd-Frank also created the Consumer Financial Protection Bureau (Consumer Bureau), the only agency solely dedicated to protecting consumers from being ripped off. To date, the Consumer Bureau has returned nearly 12 billion dollars to more than 29 million consumers who have been victim to predatory financial institutions.