Jun 08, 2017
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 Postnotes, "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.
\u201cBREAKING: House Republicans vote to roll back #DoddFrank & gut the CFPB, giving bankers everything they want. #WrongChoiceAct #FightFor15\u201d— Fight For 15 (@Fight For 15) 1496954841
\u201c#WrongChoiceAct passed by the House would gut commonsense rules that made sure Wall St. works for, rather than preys on, American families. https://t.co/dvZ3KCy3uw\u201d— Senator Jeff Merkley (@Senator Jeff Merkley) 1496955816
\u201cFresh off #ComeyTestimony, @HouseGOP passed #WrongCHOICEAct to repeal #DoddFrank and weaken consumer protections. #VoteThemOut\u201d— Justice Democrats (@Justice Democrats) 1496958397
\u201cAll who lost their homes & savings to #WallStreet seem to matter little to the GOPers who just voted to gut #DoddFrank. #WrongChoiceAct https://t.co/6hmeF08YLb\u201d— Public Citizen Democracy Campaign (@Public Citizen Democracy Campaign) 1496956806
\u201cWe call it the #WrongChoiceAct. It's good for Wall Street, but bad for consumers, Main Street, and the rest of us. Strongly opposed. https://t.co/jds4wGSMWZ\u201d— Rep. Pramila Jayapal (@Rep. Pramila Jayapal) 1496950527
\u201cCHOICE Act would make future financial crises more likely https://t.co/KIkAVPhLap #WrongCHOICEAct\u201d— Economic Policy Institute (@Economic Policy Institute) 1496956048
\u201cTrump's allies in House passed the #WrongCHOICEAct, which will benefit their billionaire friends at the expense of every day Americans. https://t.co/CnuQRXQ1fr\u201d— Demos (@Demos) 1496954619
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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