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

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

The following statement can be attributed to WashPIRG Director Bruce Speight

“Yesterday, 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 Rep. Denny Heck for his leadership against the bill.

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

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WashPIRG, the Washington Public Interest Research Group, is a non-profit, non-partisan public interest advocacy organization that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. www.washpirg.org.

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