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Hensarling's Plan to Deregulate Wall Street Would Bring Disaster
Statements from Public Citizen Experts
WASHINGTON
This morning, U.S. House Financial Services Committee Chair Jeb Hensarling (R-Texas) delivered the outline of a major financial deregulation plan, which he has misleadingly named the CHOICE Act.
"Hensarling's plan would be abysmal for the Main Street economy. Eviscerating the most important legacy of the Obama administration, namely U.S. Sen. Elizabeth Warren's Consumer Financial Protection Bureau, is but one of the elements that renders this proposal nothing more than a fundraising tool for lawmakers soliciting contributions from Wall Street."
- Lisa Gilbert, director of Public Citizen's Congress Watch division
"Apparently, Hensarling believes Wall Street needs more ways to block new reforms in the courts and in Congress. The truth is that regulators have been under siege by Wall Street at every turn, and the proof is in the glacially slow pace of rulemaking authorized, and in some cases ordered, by Dodd-Frank. But that appears to be too fast for Hensarling, whose bill would make the financial rulemaking process even longer and more prone to being gamed by Wall Street."
- Amit Narang, regulatory policy advocate for Public Citizen's Congress Watch division
"Hensarling's proposal requires banks to maintain a leverage requirement of more than 10 percent. That means the difference between assets and liabilities must be greater than 10 percent of assets. However, the problem revealed by the financial crash is that assets at the big banks were found to be almost 20 percent less than reported on their books. That cuts through a 10 percent leverage ratio with mathematical, painful precision. Asking Wall Street banks to raise more capital would help, but wouldn't eliminate the extraordinary danger these institutions pose to our economy. That's why Hensarling's plan isn't a real choice. It's a retreat from regulating the very firms that brought on the biggest economic crisis in generations."
- Bartlett Naylor, financial policy advocate for Public Citizen's Congress Watch division
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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Memorial Day Cookouts Will Be 13% More Expensive This Year on Average Thanks to Trump's Tariffs, Iran War
After the president made clear he doesn't "think about" Americans' financial struggles, a report highlights rising costs of beef, produce, and other supplies for backyard barbecues due to Trump's policies.
May 21, 2026
With the US-Israeli war on Iran pushing gas prices up past $4.50 per gallon and American households already having spent nearly $300 that they wouldn't have otherwise on fuel, some families may opt to stay home this coming Memorial Day weekend—but a new analysis released Thursday shows that even without travel expenses, celebrations are likely to be more costly than they were last year thanks to President Donald Trump's policies.
Both Trump's assault on Iran—and the predictable result of the Iranians closing the Strait of Hormuz, a key trade waterway, in retaliation—and his tariff and trade policies are likely to make the holiday more expensive, with prices for barbecue classics up 13% on average since last year, more than four times the inflation rate, according to two think tanks, Groundwork Collaborative and The Century Foundation (TCF).
Ground beef for hamburgers is up 20%, while Johnsonville bratwursts are up 28%, Kraft hot dogs are up 12%, and Martin's rolls are 19% more expensive than they were in 2025.
Those shopping for produce won't fare much better, with the average price of a head of iceberg lettuce up 19% over last year, seedless watermelon costing 17% more, and six ears of yellow corn costing a whopping 98% more than it did in 2025.
"Higher fresh-produce prices in particular reflect Trump’s mishandling of the economy," reads the report. "Last year, the number of farmers filing for bankruptcy rose 46%, as Trump’s tariffs unleashed chaos and uncertainty in the industry. Fertilizer is an essential component for growing every item of produce and tariffs in place for much of 2025 drove fertilizer prices ever higher; these prices have remained elevated even after the Trump administration was forced to roll them back due to backlash."
"From the ticket counter to the cookout, consumers are scaling back and going without in the face of Trump’s summer sticker shock."
Janelle Jones, senior fellow at TCF, emphasized that both the tariffs and the war are "two decisions the president made and can undo whenever he wants but by his own admission he doesn’t spend any time thinking about Americans’ financial situation."
"Families are getting squeezed on the price of everything, and leaders in Washington don’t seem to be paying attention," said Jones.
Higher tomato costs—which are up 22% over last year—come after Trump ended the US-Mexico tomato trade agreement that had been in place for decades. Instead, he imposed a 17% tariff on tomatoes that come from the country's southern neighbor.
Even the act of serving food and packing it up as leftovers will be more expensive this year, with heavy-duty aluminum foil costing 18% more—also thanks to the tariffs—and disposable plasticware up 20%.
"The Middle East is a major producer of oil and petrochemicals, which is used to produce plastic," reads the report. "Increases in the price of plastic will ripple across grocery bills for months to come as packaging gets more expensive as well."
Less than two weeks after the president—who campaigned on reducing the cost of living—proudly stated that he doesn't "think about Americans’ financial situation" when it comes to the unprovoked Iran conflict, Groundwork and TCF also highlighted the impact the war of choice has had on jet fuel prices, and in turn, air travel.
"Jet fuel has soared to record highs and companies are passing these costs on to consumers," the report states. "The average domestic airfare ticket is now 31% more expensive than in January, according to industry data. For a family of four, this equates to an extra $360 on plane tickets for a typical flight."
Fuel prices contributed to Spirit Airlines' decision to shut down entirely, leaving larger carriers with no budget airline to compete with.
“Trump’s senseless tariffs and illegal war are robbing American families of their relaxing summer vacation," said Breyon Williams, chief economist for Groundwork. "From the ticket counter to the cookout, consumers are scaling back and going without in the face of Trump’s summer sticker shock.”
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Trump's 'Board of Peace' Has Only Brought More Death and Suffering to Gaza, Says Rights Group
“The plan was supposed to bring relief. Instead, Palestinians in Gaza are still hungry, still cannot reach medical care, and civilians are still being killed."
May 20, 2026
Six months in, US President Donald Trump's so-called "Board of Peace" has failed to deliver on its promise of a "secure and prosperous future" for Palestinians in Gaza, who are still being killed, maimed, and deprived of food and other crucial supplies by Israel's ongoing genocide.
"The humanitarian infrastructure sustaining life in Gaza remains in peril over six months after the ceasefire agreement in October 2025," Human Rights Watch said on Tuesday.
"As the Board of Peace prepares to brief the United Nations Security Council on May 21 on its newly-issued six-month progress report, Israeli authorities are undermining humanitarian lifelines," HRW continued.
"Continuing Israeli attacks have killed at least 856 Palestinians and wounded 2,463 others, according to Gaza Health Ministry," the group said.
"Aid volumes remain far below required levels and critical humanitarian access routes have been repeatedly obstructed, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA)," HRW noted.
HRW continued:
In its May 15 report, the Board of Peace said that aid distributed by UN agencies and partners increased by over 70% during the reporting period compared to pre-ceasefire levels, and that "basic food needs have been stabilized for the first time since 2023." The Board's headline figures leave out that aid volumes have fallen since early 2026, have not recovered to where they were before the US and Israel-Iran war began in late February, and have never reached the minimum the UN says is needed. Four UN agencies warned in December 2025 that famine, pushed back only weeks earlier through the ceasefire, could rapidly return without sustained access and supplies.
“The plan was supposed to bring relief. Instead, Palestinians in Gaza are still hungry, still cannot reach medical care, and civilians are still being killed,” HRW Middle East deputy director Adam Coogle said in a statement. “Whatever the Board of Peace tells the Security Council, that is what life looks like six months in.”
HRW said that while "commercial trucks have started entering Gaza again in larger numbers," total aid deliveries—which were dramatically curtailed following the launch of the illegal US-Israeli war of choice on Iran—are "far short of what Gaza’s population needs."
Furthermore, "none of Gaza’s 37 hospitals were fully operational, and only 19 were even partially functioning, according to OCHA."
"Over 43,000 people have suffered life-changing injuries, 1 in 4 of them children, and more than 50,000 need long-term rehabilitation care, the World Health Organization (WHO) estimates," HRW said. "No rehabilitation facility is fully running. Israeli delays in approving specialized surgical equipment are limiting complex care, and at least 46% of essential medicines are out of stock, according to WHO."
"According to the Gaza Health Ministry, more than 1,400 patients have died waiting for medical evacuation since the Rafah crossing was seized in May 2024, and over 18,500 patients, including 4,000 children, still await evacuation," the publication reported.
"Israeli restrictions on bringing in generators, engine oil, and spare parts are causing breakdowns across healthcare, sanitation, debris removal, and humanitarian work," HRW said.
"Rodents and insects are spreading across displacement camps, and skin infections and other diseases are on the rise, OCHA reported," the publication noted. "UN agencies and aid groups working on water and sanitation warn that severe shortages of lubricant oil and spare parts are causing generators to fail."
Israeli forces are still killing and wounding humanitarian workers in Gaza.
"As of late April, OCHA had recorded the killing of at least 593 aid workers in Gaza since October 2023, including 8 since the ceasefire," HRW said.
Funding pledges have also fallen far short of what's needed.
"At the Board of Peace’s inaugural meeting in February, 10 Board member states and observers pledged a total of $17 billion for reconstruction against UN estimates of $70 billion needed," HRW said. "As of April, the Board had received less than $1 billion of the pledged amount, with only three contributors having delivered funds, according to Reuters."
“When the Board of Peace briefs the Security Council, members should weigh what they hear against what UN agencies are reporting from the ground,” Coogle said. “No spin can hide the fact that aid is not entering at the needed scale, patients do not have access to adequate medical care, and crossings to Gaza remain limited.”
The HRW report came a day after the UN Human Rights Office urged Israel to prevent further "acts of genocide" in Gaza, while raising concerns about escalating "ethnic cleansing" in the illegally occupied West Bank of Palestine.
A panel of UN human rights experts found last year that Israel was committing genocide in Gaza. South Africa filed a genocide case against Israel at the International Court of Justice that's now backed by nearly 20 nations.
Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant are wanted by the International Criminal Court for war crimes and crimes against humanity, including murder and forced starvation. The ICC is also reportedly seeking to arrest Israeli National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich over the illegal settler colonization and ethnic cleansing of the West Bank.
More than 250,000 Palestinians have been killed or wounded in Gaza since the Hamas-led attack of October 2023. Nearly all of the coastal strip's approximately 2.1 million people have also been forcibly displaced, starved, or sickened during that period. Through it all, the Biden and Trump administrations have provided Israel with more than $20 billion in armed aid and diplomatic cover, including vetoes of several UN Security Council ceasefire resolutions.
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'MAGA's Weird Obsession' Continues as House Passes Bill Forcing Schools to 'Out' Trans Kids
One Democratic lawmaker said the legislation "puts trans youth in harm's way and censors content that acknowledges trans people’s existence."
May 20, 2026
The Republican-controlled US House of Representatives on Wednesday passed legislation that critics warn would force public schools receiving federal funding to "out" transgender students to their parents without or without their consent, a policy that advocates warn could endanger many trans youth.
HR 2016, the Stopping Indoctrination and Protecting Kids Act—but dubbed the "Don't Say Trans" bill by some critics—was introduced by Reps. Tim Walberg (R-Mich.) and Burgess Owens (R-Utah) and passed by a vote of 217-198, with eight Democrats joining every Republican and one Independent present in voting for the legislation.
The bill—which faces an uncertain future in the Senate—requires federally funded elementary and middle schools to obtain parental consent before changing a student's gender markers, pronouns, or preferred names on school forms. It also mandates parental consent for a student's access to sex-based accommodations, such as locker rooms or bathrooms.
The legislation also prohibits federal elementary and secondary education funds from being used to advance concepts of so-called "gender ideology"—an inaccurate term that GLAAD says is "deployed by opponents to undermine and dehumanize transgender and nonbinary people"—in the classroom. The term features prominently in a day-one executive order signed by President Donald Trump in what critics say is an effort to effectively erase trans people from public existence.
"Too many schools are keeping parents in the dark about what’s happening in their own children’s classrooms, even going so far as to withhold critical information about their kids’ well-being and development," Walberg said.
"Families deserve honesty, not secrecy—especially when it comes to issues like gender identity," he continued. "Simply put, parents should never be the last to know—that’s not political, it’s common sense."
"Meanwhile, political and ideological agendas are being pushed through curriculum without parents’ knowledge or consent, sidelining the very people responsible for raising these children," Walberg added.
However, Rep. Pramila Jayapal (D-Wash.)—whose daughter is transgender—accused Republicans of "targeting trans kids with a bill that would require public schools to forcibly out students who want to use certain pronouns or accommodations, even if it would put them in danger."
"I'm a hell no," Jayapal said of the bill. "Trans kids deserve better."
Other House Democrats echoed Japayal's objections, with Rep. Robin Kelly of Illinois warning that the "Republicans’ extreme bill puts trans youth in harm's way and censors content that acknowledges trans people’s existence."
"I will always stand up for student safety, and I am voting NO," Kelly added.
Rep. Christian Menefee of Texas said that "instead of making sure America’s schools have the resources and support they need to ensure every student is given the same shot at success, Republicans are bringing a 'Don't Say Trans' bill to the floor today to forcibly out trans students, even if doing so would put students in immediate physical danger."
"Parents across the country want their children to learn in safe, affirming environments, without worrying about their kids being outed for their gender identity," he added. "I won’t vote to put those kids in danger."
Rep. Laura Friedman of California lamented: "This week, congressional Republicans could have spent their time working with us to help Americans afford groceries and pay their rent. Instead, they spent their time advancing a bill meant to demean trans youth."
"I voted no and urge them to focus on the real needs of Americans," Friedman added.
The eight Democrats who voted for the bill are: Reps. Vicente Gonzalez and Henry Cuellar of Texas, Don Davis of North Carolina, Cleo Fields of Louisiana, Laura Gillen of New York, Marcy Kaptur of Ohio, Marie Gluesenkamp Perez of Washington, and Eugene Vindman of Virginia.
The Human Rights Campaign (HRC) called HR 2616 part of "MAGA’s weird obsession with trans people."
"When the going gets tough for Republicans in Congress—when they have no answers to soaring gas prices from Trump’s illegal war with Iran, rampant corruption, or spiking health premiums—they can’t help but fall back on their favorite strategy: fearmongering," HRC's Jennifer Pike Bailey wrote on Tuesday. "And unfortunately, the transgender community is still the scapegoat du jour."
"Policies that denigrate trans youth don’t succeed in erasing these students, they just make their lives immeasurably harder," she continued. "It’s the job of schools to keep youth safe. And as we’ve seen, LGBTQ+ students are in physical danger when harmful policies are implemented. Recent FBI data shows that in states that have passed these types of laws, anti-LGBTQ+ hate crimes in schools have quadrupled."
"Opponents of LGBTQ+ equality are creating a lot of noise, and the only way to stop them is to be louder," Pike Bailey stressed. "We need phone calls, emails, letters to every member of Congress telling them to stop these attacks. And then we need to show up at the ballot box."
BREAKING: The House of Representatives just voted to require teachers to forcibly out transgender youth against their will.Censoring "gender ideology" does nothing to advance the basic promise that every child deserves the same opportunity to thrive, and that includes transgender students.
— ACLU (@aclu.org) May 20, 2026 at 2:32 PM
Tyler Hack, executive director of the trans political advocacy group Christopher Street Project, said in a statement that “HR 2616 is yet another escalation in Republicans’ sick obsession with criminalizing queer people and trans youth."
"This ‘Don’t Say Trans’ bill does not protect kids—it is government-mandated forced outing," Hack added. "Mandating that teachers act as agents of the state and out their own students is not protection; it’s cruelty."
According to the Trans Legislation Tracker, "an independent research organization tracking bills that impact trans and gender-diverse people across the United States," there are currently 778 state-level and 126 national bills under consideration "that would negatively impact" targeted people.
One of the most recently approved bills, signed into law Friday by Republican South Carolina Gov. Henry McMaster, forces trans and nonbinary students who need to use public school restrooms to go outside to porta-potties. LGBTQ Nation's Greg Owen slammed the law as a "latter-day 'separate but equal' attack on trans rights."
The Campaign for Southern Equality (CSE) said that “this bill will do nothing to make our schools safer."
"Rather," CSE added, "it will make using the bathroom a difficult and even dangerous experience for trans and nonbinary youth, who are extremely likely to be bullied and harassed when using the bathroom."
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