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Financial CHOICE Faces Further Opposition

Following several heated hearings within the Financial Services Committee, the Financial CHOICE Act (H.R. 10) has faced further opposition from the Ranking Members of several House Committees.

Ranking Member Elijah Cummings (D-Maryland) of the House Committee on Oversight and Government Reform, Ranking Member Bobby Scott (D-Virginia) of the House Committee on Education and the Workforce, and Ranking Member John Conyers Jr. (D-Michigan) of the House Committee on the Judiciary all wrote to their respective Chairmen requesting further review of the Financial CHOICE Act.

“H.R. 10 would gut the progress we have made and place our economy at greater risk of another crisis,” said Cummings in his letter. Conyers expressed a similiar opinion his letter, saying “H.R. 10 is a sprawling piece of legislation that would destroy key financial regulations and consumer protections put in place by Dodd-Frank.”

Financial Services Committee Chairman and H.R. 10 author Jeb Hensarling (R-Texas) has defended the CHOICE Act, stating that Dodd-Frank was a mistake and Wall Street and Washington must be held accountable. The Financial CHOICE Act "ends taxpayer-funded bank bailouts, and unleashes America’s economic potential," said Hensarling. “We want economic opportunity for all, bailouts for none. We want real consumer protections that will give you more choices. Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

“Under Dodd-Frank,” he said, “consumers are paying more and getting less. Wall Street banks have been some of the biggest beneficiaries of Dodd-Frank regulation.”

The House Financial Services Committee recently voted to advance the Financial CHOICE Act to a full House vote . The CHOICE Act, which was proposed by Rep. Jeb Hensarling (R-Texas) as a replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act. The vote followed party lines, with the final vote coming down to 34 to 26.

Financial Services Committee Ranking Member Maxine Waters (D-California) called the Act "an invitation for another Great Recession or worse," titling the Act the "Wrong Choice Act."

But Hensarling rebutted, saying Dodd-Frank has been giving Wall Street a leg up all along.

The full list of markups the the Financial CHOICE Act can be found here.

About Author: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.

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