Republicans in the House of Representatives just voted to pass on a bill that essentially repeals President Obama’s Dodd-Frank Wall Street Reform and Consumer Protection Act, a series of Wall Street regulations designed to prevent another financial crisis like the one that left the nation reeling in 2008.
The Republicans CHOICE Act would drastically roll back much of the Dodd-Frank regulations, restraining government oversight into improper Wass Street practices and getting rid of regulations designed to discourage the kind of risky investments that caused the 2008 financial crisis.
The CHOICE Act especially guts the power of the Consumer Financial Protection Bureau, which has recovered nearly $12 billion for 29 million people who otherwise would have fallen victim to improper bank practices.
“It’s shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy,” said Rep. Maxine Waters (D-Calif.), ranking Democrat on the Financial Services Committee. “They are setting the stage for Wall Street to run amok and cause another financial crisis. I urge my colleagues in the Senate not to move on this deeply harmful bill.”
Just like the House’s Trumpcare bill, most political experts estimate that the legislation will not pass the Senate. Even Senate Majority Leader Mitch McConnell said he is “not optimistic” about the bill’s chances in its current form. Depending on how their constituents react to various elements of the bill, however, some parts of this bill could be further pursued in a more concentrated manner as early as 2018.
Nathan Wellman is a Los Angeles-based journalist, author, and playwright. His less-political Youtube channel can be found here. Follow him on Twitter: @LightningWOW