A letter to all consumers: We need your help to stop the Financial Choice Act.
Recently, Congress has decided to hold a series of hearings in which they will consider an appalling piece of legislation labeled as the Financial CHOICE Act. Consider the Consumer has been referring to it as the Heinous CHOICE Act. If passed, being that the legislation plans to gut critical consumer protections created after the 2008 financial crisis—regulations put in place to protect consumers and help prevent another Great Recession.
This Heinous CHOICE Act will enable Wall Street and the big banks, to yet again, get away with the type of bad behavior that directly led our country to the 2008 financial crisis. The U.S. House may vote on this debacle as early as next week, and we have to do what we can to stop them.
Please ACT NOW via our friends at Consumer Action to let Congress know that you’re NOT going to accept any legislation that will reward risky, abusive financial practices and put our very economy at risk.
American Progress tells us that financial reform enacted through the Dodd-Frank Act has made a lot of necessary progress since the crisis. U.S. banks have more substantial loss-absorbing capital cushions, increasingly rely on stable sources of funding, undergo rigorous stress testing, and plan for their orderly failure. President Trump’s intent to dismantle these reforms only helps Wall Street’s bottom line—ignoring the memory of every family who lost their home, every worker who lost his or her job, and every consumer who was peddled a toxic financial product.
The question remains: What is the problem President Trump and his allies in Congress are trying to solve? Lending is up. Bank profits are up. Consumer credit costs are down. The economy is steadily improving. Yes, much more needs to be done to make the economy work for hard-working Americans, but financial deregulation is not the path to that end. In fact, it is a path toward exactly the opposite: booms and busts that leave taxpayers holding the bag for Wall Street’s excesses, greater concentration of economic power and less accountability for wrongdoing that harms ordinary consumers and investors, and major changes to financial regulation and monetary policy that would damage the real economy. Now that is a problem.
Have your voices heard, America. Take Action Today!