“H.R. 10, the ‘Financial CHOICE Act’… would be better dubbed ‘Wall Street’s CHOICE Act,’ as it would have a devastating effect on the ability of regulators to protect consumers and investors from Wall Street exploitation and the economy from financial risks created by too-big-to-fail megabanks. It would expose consumers, investors, and the public to greatly heightened risk of abuse in their regular dealings with the financial system, and our economy as a whole to a far greater risk of instability and crisis.”
AFR submitted an additional set of economic growth policy ideas to the Senate Banking Committee, in addition to previous submissions responding to the Committee’s call for ideas. The submitted document is linked below. AFR Additional Economic Growth Submission To Senate Banking Committee
In the face of supporting evidence described above, in addition to harming retirement savers, the Department would be exposing itself to significant legal risk to change course and further delay the Rule now.
“…These bills would further complicate, confuse, and delay the regulatory process; further advantage regulated industries over the public interest; and make it impossible for regulators to act effectively against Wall Street recklessness and abuse of consumers.”
The full letter is linked below: Americans for Financial Reform Comment Swaps Entity Capital and Liquidity Requirements
On behalf of the undersigned 63 organizations, we are writing to express our strong opposition to S. 951, the “Regulatory Accountability Act”, and to urge you to oppose this bill. The Regulatory Accountability Act (RAA) would have a crippling effect on regulation across the Federal Government, including environmental, health, and safety regulation of all
