Congressional Republicans seem to have already forgotten the wreckage left in the wake of the financial bubble of the late 2000s. During the 2008 financial crisis and related recession, 8.7 million Americans lost their jobs, 3.8 million homes were foreclosed on, and households lost $17 trillion in wealth. As a result of Wall Street’s actions, the U.S. economy lost an estimated $7.6 trillion in goods and services from 2008 to 2018—lost output that Americans are still feeling today.
Less than a decade later, House Republicans are hoping to overturn the financial safeguards put in place to prevent the next financial crisis and to protect consumers from the costs of reckless, abusive, and fraudulent behavior on Wall Street.
Republicans’ Financial CHOICE Act, H.R. 10, is the wrong choice for America.
The bill will:
- Green-light America’s next financial crisis
- Dismantle consumer protections
- Shift consequences onto working families
- Minimize small investors’ rights and money
- Provide freerides to Wall Street, CEOs, and white collar criminals
Most Americans, including consumers, small and first-time investors saving for retirement or other future expenses, small banks and credit unions, middle- and low-income workers, and taxpayers all stand to lose by the proposed undoing of financial safeguards.
Click here for more on why the CHOICE Act is wrong for America.
