Congressman Al Green's Statement on the Wrong CHOICE Act 2.0

Apr 26, 2017 Issues: Financial Services

Congressman Al Green's Statement on the Wrong CHOICE Act 2.0

Washington, D.C. – Today, April 26, 2017, at 10:00 a.m. in Room 2128 of the Rayburn House Office Building, the House Financial Services Committee will hold a full-committee hearing on the Wrong Choice Act 2.0.

Wall Street Reform (Dodd-Frank) is still the right choice for consumers, investors, and the economy. Financial reform was enacted in response to the worst financial crisis since the Great Depression, caused by years of lax regulation and predatory practices from financial institutions. It has been a remarkable success.

Wall Street Reform gives Americans the confidence that there is a system in place that works for and protects them. It also protects consumers, provides regulators with much-needed tools, creates transparency, provides shareholders with a stronger voice, and properly empowers financial regulators.

For the first time, American consumers have a regulator working solely on their behalf to protect their bank accounts. The Consumer Protection Bureau’s sole objective is to make sure hardworking Americans aren’t being ripped off by predatory lenders and greedy actors.  The Consumer Protection Bureau is the only agency that can identify and stop unfair, deceptive, or abusive practices by financial institutions.

The Congressional Republicans and President Trump are putting Wall Street first and Main Street last. Wall Street Reform has improved accountability in the financial system while protecting consumers, investors, and the economy from abusive practices. It must not be destroyed.