Oppose Wall Street's CHOICE Act
Last year, House Financial Services Chairman Jeb Hensarling (R-TX5) introduced a terrible bill that takes all the worst ideas concocted by Wall Street and predatory lenders, and combines them into one toxic package. That bill, the Financial CHOICE Act, will be discussed in a Committee hearing this week.
This legislation is crammed with deregulatory 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. It also provides “gimmies” to private equity funds who want to manipulate the financial system and exploit investors, mortgage lenders selling predatory subprime mortgages, and storefront payday lenders pushing products that trap consumers in a cycle of ever-increasing interest payments. This bill is an astonishingly terrible idea – and we need you to urge your Representative to oppose it.
Tell Congress: We expect you to protect consumers and the economy, not gut the rules that make our economy safer. We need you to oppose the Financial CHOICE Act and any other assaults on Dodd-Frank and the CFPB.
From: [Your Name]
The House Financial Services Committee Chairman has taken direct aim at the progress made since the 2008 crisis with a dangerous new bill called the Financial CHOICE Act. This bill makes financial regulation EVEN WEAKER than it was in the lead up to the financial crisis that cost millions of jobs, millions of homes, and trillions in lost wealth for american people and communities.
Among many other things, the bill would destroy the Consumer Financial Protection Bureau, a watchdog that has restored almost 12 billion dollars to 29 million consumers ripped off by big banks and abusive lenders. This Wrong CHOICE Act would also let Wall Street keep taking more than 17 billion dollars a year from retirees and people saving for retirement, and make the 'Too Big to Fail' problem worse.
We can’t afford another financial crisis. I’m calling on you to strongly and vocally oppose the Financial CHOICE Act.