While we have been focused on Trumpcare and the Trump/Russia investigation, the House has quietly moved their latest disaster for working people and the poor through committees.
The Financial CHOICE ACT, H.R. 10
Repeal and Replace Dodd-Frank could come before the House as early as NEXT Week! This bill called the Financial CHOICE Act, H.R. 10, is a complete misnomer.
The bill is long and complicated. Something that even the Congressmen who will ultimately be voting on it probably won’t read. There is so much to hate and fear about this complete rollback of most of the safeguards put in place to assure the world that a financial catastrophe like The Great Recession won’t happen again.
The following is what we have gleaned by reading analyses presented by trusted news sources: NOTE: We will add new information about additional parts of the bill as we suggest more CALL ACTIONS.
The Consumer Financial Protection Bureau will be destroyed
H.R. 10 would gut the authority of the Consumer Financial Protection Bureau that was organized under Didd-Frank to protect average people from outrageous financial practices in the mortgage and lending industry.
- The CFPB would lose its independent funding, placing it under the politicized Congressional appropriations authority.
- The CFPB Director could be fired at will by the President.
- Read more of the consequences here: U.S. PIRG news release
The Consumer Financial Protection Bureau has been instrumental in helping protect students from predatory student loan practices. and has returned billions to consumers caught up in illegal financial practices.
Here are several articles outlining its importance:
Money Magazine, July 20, 2016, The CFPB Turns 5 Today. Here’s What It’s Done (and What It Hasn’t)
Washington Post, July 30, 2016, The CFPB has fought banks and debt collectors