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

Media Contacts
Emily Rusch

Vice President and Senior Director of State Offices, The Public Interest Network

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


The following statement can be attributed to CALPIRG Executive Director Emily Rusch:

“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 especially commend House Minority Leader Nancy Pelosi and Rep. Maxine Waters, Ranking Member on the House Financial Services Committee, for their leadership against the bill.

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