Beatty Statement on Financial CHOICE Act

Beatty Statement on Financial CHOICE Act

FSC Republicans pass latest effort to rollback the Wall Street Reform and Consumer Protection Act

WASHINGTON, DC – At today’s Financial Services Committee (FSC) markup hearing of the Financial CHOICE Act, H.R. 5983, U.S. Congresswoman Joyce Beatty (OH-03) helped to lead the FSC Democratic Members’ push to cut off debate on the bill, forcing Republicans to go on record as supporting a measure that would put our country back on a path toward economic instability.

“As currently written, the Financial CHOICE Act is the most vigorous attempt to undermine the Wall Street Reform and Consumer Protection Act (Dodd-Frank),” Beatty said. “The bill encourages Wall Street to engage in the same type of behavior that led to the 2008 Financial Crisis, by enabling the use of Americans’ hard-earned savings to gamble on speculative and risky trading that benefits their own company’s bottom line. I believe this Committee should be focusing on how to improve the economy through common-sense proposals that build upon Dodd-Frank’s successes and correct its shortcomings.” Beatty concluded, “The Financial CHOICE Act is the ‘wrong choice’ for American businesses and consumers.”

# # #