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.

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    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.