[H.R. 10 has passed the House. John Faso voted “Yes”.]
Rep Faso: I’m calling to urge you to vote against the Financial Choice Act, HR10, which is currently in your Agriculture and Transportatation/Infrastructure Committees. This destructive bill would put the desires of big banks and predatory lenders above the needs of your constituents.
Background (edited from the Indivisible Guide):
The House of Representatives is considering a bill that would dismantle the 2010 Wall Street reform legislation, known as the Dodd-Frank Act. This law created the Consumer Financial Protection Bureau (CFPB), an agency committed to protecting consumers and making sure that banks, lenders, and other financial institutions treat you fairly. Dodd-Frank imposes important rules to rein in the kind of Wall Street speculation that crashed the economy and caused millions of people to lose their jobs, homes, and savings.
The bill would:
– Destroy the Consumer Financial Protection Bureau, which has cracked down on predatory lenders and big banks that break the law and obtained $11.8 billion in relief for over 29 million Americans.
– Give those predatory lenders and big banks a free hand to exploit American consumers. This lack of oversight led to the 2008 mortgage crisis and 2009 financial crisis during which [lend your personal story].