Beatty Opposes Financial Choice Act

Beatty Opposes Financial Choice Act

FSC Republicans introduce latest bill to roll back Wall Street Reform and Consumer Protection Act

WASHINGTON, DC – At today’s Financial Services Committee (FSC) hearing entitled, “Making a Financial Choice: More Capital or More Government Control?,” U.S. Congresswoman Joyce Beatty (OH-03) expressed her disapproval of draft legislation introduced by FSC Chairman Jeb Hensarling (TX-05), the Financial Choice Act, by issuing the following statement:

“The Financial Choice Act is the wrong choice for American consumers. As currently written, the Financial Choice Act is the most vigorous attempt to undermine the Wall Street Reform and Consumer Protection Act (Dodd-Frank). The bill encourages Wall Street to engage in the same type of behavior that led to the 2008 Financial Crisis, by enabling them to use Americans’ hard-earned savings to gamble on speculative and risky trading that benefits their own company’s bottom line. In addition, the draft legislation rolls back consumer protections by halting the work of the Consumer Financial Protection Bureau—an agency that has recouped more than $11 billion for over 25 million Americans since 2011.”

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