Consumer Financial Protection Bureau

CFA Urges House Financial Services Committee to Oppose the “Financial CHOICE Act”

This week the House Financial Services Committee is scheduled to mark up the “Financial CHOICE Act” (H. R. 5983), which purports to offer a Republican alternative approach to reforming the financial system. Consumer Federation of America is writing to urge members of the committee to oppose this dangerous and misguided bill. It is by and large a deregulatory wish-list that repeals many of the significant achievements in the Dodd-Frank Act and other critical laws designed to ensure consumers and investors are appropriately protected from harm in the marketplace. Without such protections, consumers and investors will be exposed to greater risk of being harmed in concrete ways and the financial system will be exposed to greater risk of instability and crises.