Getting Rid of Wall Street Accountability, Pt. 2

H.R. 10 quietly passed the house during the Comey hearings. Now it’s the Senate’s turn with S. 1117.

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H.R. 10 and S. 1117 — The Financial CHOICE Act Moves to the Senate

What’s in the Bill

  • Eliminates the enforcement tools used by the Consumer Financial Protection Bureau (CFPB) to act against unlawful practices in consumer markets, such as supervising and bringing enforcement actions against big bans, and enforcing lawbreaking by payday and car title lenders that charge sky-high interest rates.
  • Prohibits the publishing consumer complaints on financial services that the government collects.

Although there are other provisions in the bill, the long and short of it is that it rolls back regulation passed in the wake of the 2008 financial meltdown to prevent such a crash from happening again and removes the consumer protections that were also introduced at that time. Here’s the full text from Govtrack:

The For and Against

  • Sen. Robert Menendez (D-NJ)
  • Sen. Mike Rounds (R-SD)
  • Sen. Joe Manchin (D-WV)

Read more arguments from Business Insider:

And an opposing take from Indivisible:

Tell Congress what you think about this bill!

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