The “Financial CHOICE Act” is by and large a deregulatory wish-list from special interests that repeals many of the significant achievements in the Dodd-Frank Act and other critical laws designed to ensure consumers, investors, and honest market participants 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. This bill would put our financial marketplace in a weaker position than it was before the crisis, making American consumers more vulnerable and more at risk. Contrary to its name, this bill would not create better financial choices for consumers; rather, it would create a financial marketplace of no fair choices. For these reasons, CFA is urging members of Congress to oppose the “Financial CHOICE Act” as it offers no choice that any consumer would knowingly make.
