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Critics of the Republican-approved measure howled their disapproval and offered stark warnings to those members of congress who voted in its favor on Thursday. (Image: Working Family Party/TwitPic)

233 House Republicans Just Set Course for Next Financial Collapse

#WrongChoiceAct passed by the House "would gut common sense rules that made sure Wall St. works for, rather than preys on, American families."

Jon Queally

The Republican-controlled House of Representatives passed the Financial CHOICE Act on Thursday afternoon in a move critics—who call it the #WrongChoiceAct—say puts the U.S. economy on a path towards the next large-scale financial meltdown.

"If it were to be passed by the Senate and become law, this bill would make future financial crises more likely and more damaging." —Josh Bivens, Economic Policy InstituteWith a final vote of 233 to 186, only one Republican joined with Democrats in voting "nay." The final roll call is here.

As the Washington Post notes, "Democrats and progressive groups, who argue banks need more oversight, not less, are preparing to use the issue to animate supporters still angry that Wall Street banks have not paid a bigger price for the financial crisis. Many have expressed particular concern over a provision that would curtail the powers of the Consumer Financial Protection Bureau, and reduce its independence by having its director report to the president."

The bill now goes to the Senate and though its passage is anything but assured, critics of the Republican measure howled their disapproval and offered stark warnings to those members of congress who voted in its favor on Thursday.

Josh Bivens, research director at the Economic Policy Institute, called the passage a "terrible decision" by the House Republicans. "If it were to be passed by the Senate and become law, this bill would make future financial crises more likely and more damaging," Bivens said. "It would strip away protections against American households being swindled again by the worst actors in the financial sector."

According to Bivens, "It's hard to imagine a bill that could do more broad-based damage to the future economic security of America’s working families."


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Rosenworcel FCC Confirmation Hailed as a Step Toward a 'Just and Democratic Media System'

"We're immensely pleased that the agency is being led by such a great champion of an open internet and of bringing affordable broadband to everyone in the United States."

Jake Johnson ·


'I'm Asking You To Help': Amazon Employee Describes 'Sheer Brutality' of Work to Senators

"Amazon's high-tech sweatshop caused me to develop plantar fasciitis... I take what little time I have to run to the bathroom just to cry."

Jessica Corbett ·


Potential 'Major Breakthrough' as French Arrest Suspect in Jamal Khashoggi Killing

A former U.N. expert said the suspect may know where the Washington Post journalist's body is located.

Julia Conley ·


Kshama Sawant v. 'Real Estate Tycoons and Developers' on Final Day of Seattle Recall Vote

"Once again, the wealthy and special interests are making a power grab for Kshama Sawant's seat because she has the guts to stand up for working people," Sen. Bernie Sanders recently said in support of the socialist council member.

Brett Wilkins ·


Greenpeace Activists to Canadian Banks: 'Stop Funding Climate Chaos and Injustice'

"We are not going to let bank CEOs ignore the deadly consequences of their actions."

Kenny Stancil ·

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