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Pallone Statement on Wrong Choice Act

June 8, 2017
Press Release

Washington, D.C - Today, Congressman Frank Pallone, JR. (NJ-06) voted against the Wrong Choice Act, (H.R. 10) which would remove consumer protections and financial regulations put in place under the Dodd-Frank Wall Street Reform and Consumer Protection Act. H.R. 10 weakens safeguards put in place after the 2008 financial crisis and would allow institutions to circumvent regulation and oversight.

"It is deeply disturbing that House Republicans would vote for legislation that rips away consumer protections from hard working Americans,” said Pallone. “Dodd-Frank has increased transparency and oversight of the financial services industry in order to prevent another financial crisis and level the playing field for consumers. This legislation is a major step backwards. Congress should be fighting to protect American consumers rather than exposing them to financial uncertainty."

H.R. 10 reduces the ability of the Securities and Exchange Commission (SEC) to hold bad actors on Wall Street accountable, putting the American taxpayers at financial risk. It also severely undermines the ability of the Consumer Financial Protection Bureau (CFPB) to protect the American people from predatory and reckless financial actors. The CFPB is a consumer watchdog and enforcement agency which focuses on preventing the type of abusive financial practices that contributed to the mortgage crisis. Since its creation, the CFPB has returned over $11 billion to 29 million consumers through its enforcement actions.