5/31: H.R. 10 Dismantles the Dodd-Frank Act


H.R. 10 would dismantle the 2010 Wall Street reform legislation, known as the Dodd-Frank Act. This law created the Consumer Financial Protection Bureau (CFPB), an agency committed to protecting consumers and making sure that banks, lenders, and other financial institutions treat you fairly. Dodd-Frank imposes important rules to rein in the kind of Wall Street speculation that crashed the economy and caused millions of people to lose their jobs, homes, and savings.

  • eliminates the authority of the Consumer Financial Protection Bureau (CFPB) to enact rules to preventing abusive practices
  • repeals provisions of the Dodd-Frank Act that seek to prevent the failure of a single major bank from setting off a chain reaction that brings down all interconnected banks
  • repeals the Volcker Rule, which prohibits banks from engaging in high-risk trading
  • repeals Title II of the Dodd-Frank Act, which permits regulators to place a major bank in receivership before it becomes bankrupt
  • repeals Durbin Amendment limitations on fees that may be charged to retailers for debit card processing
  • eliminates the Fiduciary Rule over retirement accounts, which requires asset managers act in their clients’ best interest above their own

HOUSE BILL #:

H.R. 10 – Financial Choice Act of 2017

SUGGESTED MEMBER SCRIPT:

“Hi, my name is …, I’m a constituent from “i.e., Durango” zip code 81***.   I urge you to vote “NO” on H.R. 10. This bill would make it easier for big banks and predatory lenders to rip people off, and it would increase the likelihood of another financial crisis.”

WHO TO CONTACT :

US HOUSE OF REPRESENTATIVES

Representative Scott Tipton

(970) 259-1490 (Durango) 202-225-4761 (DC Office)

https://tipton.house.gov/contact-me

WHEN TO CALL OR WRITE:

Starting 5/30/17

WHY THIS IS IMPORTANT:

We believe people must be treated fairly by our financial institutions.

For further information, click on link: https://www.indivisibleguide.com/resource/oppose-choice-act/