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Maryland PIRG Statement On Passage of the Wrong Choice Act By U.S. House

Bill Dismantles CFPB, Repeals Most Dodd-Frank Act Protections Against Another Financial Collapse
For Immediate Release

“What Could Possibly Go Wrong If Wall Street Banks and Predatory Payday Lenders Are Allowed to Run Amok Again?”

 The following statement can be attributed to Maryland PIRG Director Emily Scarr

 “Today, the U.S. House, on a nearly party-line vote, approved HR10, the Financial Choice Act, which is the Wrong Choice for all of us who aren’t Wall Street banks or predatory lenders and would gut the Consumer Financial Protection Bureau, or CFPB.

The bill would leave the successful CFPB as an unrecognizable husk incapable of doing its job to protect consumers, homeowners, older Americans, students, servicemembers and veterans. It would also repeal most Dodd-Frank protections enacted to prevent big Wall Street banks and other players from recklessly bringing on another financial collapse.

We are disappointed that Congressman Andy Harris voted for the Wrong Choice Act. We commend Congressman John Delaney, Congressman Jaimie Raskin, Congressman Sarbanes Congressman Anthony Brown, Congressman Steny Hoyer, and Congressman Dutch Ruppersberger for their leadership against the bill. Congressman Elijah Cummings missed the vote because he is recovering from surgery. We wish him a speedy recovery.

What could possibly go wrong if Wall Street banks and predatory payday lenders are allowed to run amok again?”

 

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