Join Occupy the SEC in Opposing Deregulatory Riders to the Omnibus Government Spending Bill
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As your constituent, I am requesting that you OPPOSE current efforts to roll back protections for ordinary investors, consumers and debtors. Specifically, I am calling for you to oppose riders to the proposed Omnibus spending bill.
The Holidays are a time for giving. Unfortunately, for some members of Congress, December seems to be time for bestowing lavish presents on Wall Street bigwigs and debt collectors. Just like in prior years, these legislators are attempting to attach dangerous riders to the must-pass budget bill, in an effort to force Congress to adopt dangerous corporate giveaways that would have had little or no chance of passing under the normal legislative process. The most troubling of these corporate giveaways would hurt ordinary investors, indebted college students and consumers.
One proposed rider would gut and delay the Department of Labor's fiduciary rule for investment advisors working on 401(k) accounts. If passed, the bill would threaten retirement security for millions of ordinary Americans. The passage of this rider would allow investment advisors to continue with business as usual despite dangerous conflicts of interest, and would rob savers of their hard-earned money.
Other proposals would reorganize the CFPB in a way that would undermine its effectiveness and prevent it from resolving lending discrimination by car dealers. The CFPB has been one of the most effective government agencies in fighting against the exploitative practices that currently plague consumer finance.
Certain other riders would hamper the ability of the FSOC and the Federal Reserve to regulate the kind of Too Big to Fail institutions that nearly brought down the whole economy during the 2008 recession.
I ask you to seriously oppose these riders to the Omnibus bill. December is a time for a number of holidays traditions. The hijacking of the year-end budget process simply to enrich corporate America should not be one of those traditions.
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