In a letter to members of the US Senate, CFA is calling for opposition to S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This bill rolls back important consumer protections and repeals or weakens a number of achievements in the Dodd-Frank Act and other critical laws designed to ensure consumers, investors, and honest market participants are appropriately protected from abuses in the marketplace.
In addition to the extensive substantive problems in the bill, CFA objects to the flawed process by which the bill is coming to the Senate floor. There was not sufficient opportunity for meaningful debate, nor serious consideration of all of the implications of the numerous provisions in the bill. Making matters worse, it is possible that the version of the bill that will be ultimately voted on by the Senate will include new or different provisions that neither the public nor members of the Senate have been able to consider thoughtfully.