Tag: CHOICE Act

House passes sweeping legislation to roll back banking rules

NOTE:  Rep. Erik Paulsen voted for this bill, which impacts bank financial health and consumer protections from banks (as Wells-Fargo did with their bogus accounts).

The following article by Renae Merle was posted on the Washington Post website June 9, 2017:

The Republican-led House on Thursday voted to free Wall Street from many of the constraints put in place after the 2008 financial crisis, the opening salvo in what is likely to be a protracted battle over deregulation of the powerful banking industry.

Big banks, from Goldman Sachs to Bank of America, would face less scrutiny, and other large financial institutions, such as insurance giant MetLife, could escape tougher rules all altogether under the legislation approved largely along party lines. Continue reading “House passes sweeping legislation to roll back banking rules”

How the Financial Choice Act Hurts Americans

NOTE:  Minnesota CD3 Representative Erik Paulsen voted to enact this bill June 8, 2017.

The following article by Aaron Klein was posted on the Fortune Magazine website June 7, 2017:

Shoppers peruse supermarket aisle. Photograph by Tim Boyle—Getty Images

Congress this week is considering the Choice Act, which would roll back regulations enacted after the 2007 financial crisis, particularly those designed by the Consumer Financial Protection Bureau (CFPB). Yet, the legislation goes even further and limits consumer access to information that could help them make better choices.

One of the hallmarks of conservative regulatory philosophy is that educated and empowered consumers are preferable to government bureaucrats, regulations, and prohibitions. Yet, the conservatives in the House of Representatives appears ready to pass the CHOICE Act this week and in the process legally prohibit publishing data the government collects on consumer complaints on financial services. This is a mistake and would cost consumers and businesses. It would also go against the universal values of fair markets and informed consumers. Continue reading “How the Financial Choice Act Hurts Americans”

Paulsen Vote Tracker H.R. 10 Financial Choice Act of 2017 #badvotes

Status:  Passed in the House of Representatives

SUMMARY:  Rolls back the Dodd-Frank regulatory protections that were implemented following the 2008 economic crash.  The bill weakens the Consumer Financial Protection Bureau (CFPB).  The CFPB would be restructured as an executive branch agency with a single director who could be removed at will by the President.  The bill would remove the CFPB’s authority to police abusive acts and practices, including removing oversight of payday loans and arbitration agreements.

The bill removes the authority that provides regulators with a process for winding down large financial institutions in distress.  It would eliminate the ability of regulators to designate large non-banking financial institutions as systematically important, a label that comes with heightened oversight. Continue reading “Paulsen Vote Tracker H.R. 10 Financial Choice Act of 2017 #badvotes”