Wall Street darling Jeb Hensarling just unveiled a sweeping bill to torpedo the CFPB and the protections in the Dodd-Frank Wall Street reform law.

Step 1 of 3

Sign now: Stop Wall Street’s attack on the consumer protection bureau

    Not ? Click here.

    We do not share your email address without your permission. Rootstrikers and Demand Progress may send you updates on this and other important campaigns by email. If at any time you would like to unsubscribe from any of these email lists, you may do so.

    Privacy Policy

     

    Petition to Congress:
    "The Consumer Financial Protection Bureau is a critical watchdog against wrongdoing by big banks, as demonstrated by holding Wells Fargo accountable for fraudulently opening 2 million consumer accounts without customer permission. Please oppose any attempt to weaken the CFPB or undermine Wall Street reform."

    News just came out that Wells Fargo was fined a record $185 million for fraudulently opening over 2 million consumer accounts without permission – and then charging people fees on those accounts!

    The new Consumer Financial Protection Bureau is responsible for stepping in. In 6 years, it’s returned more than $11 billion from banks to consumers they’ve cheated.

    So it’s an amazingly tone deaf move that Jeb Hensarling, the House’s top-ranking Republican on banking issues, chose the very next day to introduce a bill to knee-cap the CFPB and fire a torpedo at Wall Street reforms holding big banks in check.

    Sign the petition to tell Congress: ABSOLUTELY NOT. Oppose Rep. Hensarling’s attack on the CFPB and Dodd-Frank Wall Street reforms – and any plan to undermine rules holding Wall Street accountable when it breaks the law.

    Hensarling’s bill would dramatically weaken the CFPB by changing from an effective single director to a gridlocked 5-person commission and taking away its funding source so it has to go hat-in-hand to Congress each year for funding.

    If Hensarling’s bill “just” gutted the CFPB it would be bad. But this terrible legislation goes much MUCH further.

    It reads like a wish list for big bank lobbyists. (Which is probably why the big bank lobbyists at the American Bankers Association sent out a memo praising it).

    This bill, the so-called “Financial CHOICE Act” (H.R. 5983) tears apart the vital Dodd-Frank Wall Street reforms passed after the 2008 meltdown – and more – by:

    • Revoking the authority to break up “too big to fail” banks
    • Repealing the important Volcker Rule, which blocks banks from making risky gambles with your deposit money solely to increase their profits
    • Stopping the Labor Department’s common-sense fiduciary rule, which requires retirement advisers to point you toward investments that serve your best interest, not ones that give them a kickback
    • And WAYYY more bad policies than there’s room to write (it’s 513 pages long)

    We need to raise a grassroots outcry to teach pro-Wall Street members of Congress to know better than to mess with strong rules on the big banks.

    Sign and share the petition: Tell Congress to oppose Rep. Hensarling’s attack on Dodd-Frank and any attempt to undermine Wall Street reform.