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.