Congressman Peter Roskam voted in lockstep with the Trump Administration again putting Big Business ahead of the average American. He joined fellow Republicans in gutting the financial protections put in place in 2010 to rein in risky Wall Street banking practices that led to the 2008 financial collapse that started during the Bush administration.
The House bill, called the Financial Choice Act, attempts to scale back much of Dodd-Frank Wall Street Reform Act rules protecting the U.S. from risky banking practices that almost destroyed the American economy.
The Act also guts the Consumer Protection Bureau that protects consumers from predatory lenders and has provided Americans about $12 billion in refunds, mortgage principal reductions and other relief since 2011. The new bill also specifically prohibits the bureau from trying to regulate the payday and car-title loans industry.
The Consumer Protection Bureau also played a key role in exposing and punishing Wells Fargo Bank for its fraudulent creation of about 2.1 million unauthorized accounts.
The new Act allows the president to fire the previously independent bureau director for any reason. The agency’s independent funding would also be eliminated meaning that Congress could effectively defund the entire program at any time if it chooses.
This new bill also would repeal a Labor Department regulation that requires investment brokers who handle retirement funds to put their clients’ interests ahead of their own compensation, company profits or other factors.
The Financial Choice Act, supported by Congressman Roskam, also provides a pathway that would allow any bank to avoid federal regulatory oversight.
Republicans cited a need to make lending easier for mortgages and remove laws that hurt bank profits. Democrats countered saying that bank profits are up and lending has increased since Dodd-Frank was enacted. Bank profits hit a record $171 billion in 2016, according to the Federal Deposit Insurance Corp. In the first quarter of 2017, profits were up 13% from a year earlier, the FDIC said.
If you disagree with this blatant attempt to cater to big money and Wall Street billionaires by Roskam and other pro-Wall Street Republicans, you should contract your Senator to stop this bill in the Senate before Big Money wins again.