Join Occupy the SEC in Opposing the Repeal of the Dodd-Frank ActMessages Sent So Far
If passed, the Financial Choice Act would serve as little more than an outright gift from Congress to Wall Street bigwigs. Unfortunately, every-day Americans would be left paying the price for that gift.
Among other dangerous provisions, the Financial Choice Act would:
* roll back government regulations in the financial and banking sectors
* repeal the Volcker Rule, thereby allowing banks to resume speculative trading using taxpayer-insured deposits and free money from the Federal Reserve
* effectively neuter the Consumer Financial Protection Bureau, which is currently the only reliable government watchdog for consumer interests
* impose burdensome Cost-Benefit requirements that would restrict the ability of financial regulators to write regulations
* make it easier for banks to challenge inconvenient financial regulations in court
* deprive financial regulators of much-needed funding
* repeal the authority of regulators to protect the economy from systemically important (i.e. Too Big to Fail) institutions
* loosen capital requirements, thereby freeing banks to engage in the risky activities that produced the last crisis
Rep. Hensarling thinks that the American public has forgotten that financial malfeasance helped cause the Great Recession of 2008. Indeed, the BI-PARTISAN Financial Crisis Inquiry Commission found that speculative mortgage-backed securities bought and sold on Wall Street helped cause the 2008 crisis.
According to the Federal Reserve, from 2007 to 2010, typical families lost a whopping 39 PERCENT of their wealth. Since 2010, Dodd-Frank has imposed numerous restrictions that make it harder for banks to once again decimate the American economy.
Unfortunately, Rep. Hensarling and his backers seem more interested in coddling rich bankers than looking out for the financial interests of the average American.
I ask you to strongly oppose the Financial CHOICE Act and similar attempts to enrich corporate America at the expense of the people.
Jun 7th, 2016Someone from Redondo Beach, CA signed.