Do Not Eliminate Banking Rules That Protect Our Economy From Another Collapse

Target: Mitch McConnell, Senate Majority Leader

Goal: Do not pass bill undoing financial regulations that protect our economy from a repeat of the 2008 financial crisis.

A bill that rolls back important Wall Street regulations–threatening the stability of our economy and placing the interests of big banks above the interests of the people–was passed by the House of Representatives and will move on to the Senate. The bill is called the Financial Choice Act, and it repeals some of the most important elements of Dodd-Frank, the rules President Obama signed into law following the financial crisis of 2008.

One of the most ominous ways that the Financial Choice Act de-fangs Dodd-Frank is by undoing the rule that restricts federally insured banks from making very risky bets with investments. It will also allow retirement advisers to put their own interests ahead of their clients’. Possibly most threatening of all, the bill will scale back the authority of the Consumer Financial Protection Bureau, the independent watchdog that regulates large banks and payday lenders (who are notorious for springing debt-traps on consumers). This bill will leave the U.S. economy vulnerable to a repeat of the 2008 financial crisis. Demand that this dangerous bill be rejected.

PETITION LETTER:

Dear Senator McConnell,

The Financial Choice Act is extremely dangerous to the stability of the U.S. economy. A mere 8 years ago we were in the midst of a financial crisis, and the Dodd-Frank regulations are what allowed the economy to recover.

To undo these regulations is to put the desires of big banks before the needs and safety of the people of this country. It opens up our economy to a repeat of the 2008 crisis by allowing government-insured banks to place risky bets with investments, and allowing payday and car title lenders to spring debt traps without regulation. This bill is a threat to our country. I urge you to consider the needs and safety of the America’s economy and its people, and reject the Financial Choice Act.

Sincerely,

[Your Name Here]

Photo Credit: Predrag Kezic

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One Comment

  1. The Financial Choice Act – as the petitioner says – is definitely dangerous to America.
    We have to understand that the big banks want NO RESTRICTIONS on how much they are allowed to basically RAPE and PILLAGE the people. They want free reign to be able to suck everyone dry of their money, and to get even richer and more powerful themselves. The Dodd-Frank regulations hold them back from doing so.
    The Financial Choice Act is an act to benefit big banks at your expense. It should never be passed.

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