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Join Occupy the SEC in Safeguarding the Dodd-Frank Act

Dear Member of Congress:



As your constituent, I believe that it is of the utmost importance that we as Americans band together to prevent a repeat of Wall Street's 2008 Financial Crisis. Therefore, it is vital that we collectively OPPOSE the Financial Choice Act 2.0, sponsored by Jeb Hensarling (R-TX). This bill would effectively repeal the Dodd-Frank Act, which is the main barrier that stands between ordinary consumers and the profiteering giants of Wall Street. If allowed to pass, the Hensarling Financial Choice Act 2.0 would feed the corruption that is endemic to much of the banking industry.



The Choice Act 2.0 is even more appalling than the first version, which was proposed last year. Not only would it upend much of the financial regulations placed on banks, it would also encourage excessive pay among high-ranking Wall Street executives. President Trump thinks he can pressure financial regulators to allow the financial industry to snatch money out of the pockets of everyday Americans. If this bill is passed, his twisted strategy will be successful.



Among other dangerous provisions, the Financial Choice Act would:



* Allow banks to resume speculative trading using taxpayer-insured deposits and free money from the Federal Reserve

* Weaken the Consumer Financial Protection Bureau (CFPB), the only reliable government protector of consumer interests

* Make the passage of financial regulations more difficult

* Make it easier for banks to challenge inconvenient financial regulations in court

* Decrease the funding of financial regulators

* Repeal the authority of regulators to protect the economy from systemically important (ie Too Big to Fail) institutions

* Loosen capital requirements, thereby freeing banks to engage in the risky activities that produced the last crisis

* Allow companies to not disclose the ratio of pay between CEOs and median employees

* Decrease the power that shareholders have regarding the approval of shareholder compensation

* Allow companies to keep secret the relationship between executive compensation and the financial performance of a company



The amount of deregulation that the Choice Act warrants is truly startling. Sadly, the lack of media attention to this important issue is contributing to the likelihood of it passing. Nevertheless, we are counting on you to make the right choice and vote in opposition.



Let us not forget the consequences of the lack of regulation back in 2008. According to the Federal Reserve, 1.3 millions U.S. homes were lost, as was 39 percent of the typical American family's wealth. It was Dodd-Frank that prevented another crisis from happening. Do not let Hensarling's Choice Act repeal Dodd-Frank.



Once again, I ask you to strongly oppose the Financial CHOICE Act 2.0 and similar attempts to enrich corporate America at the expense of the people.

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