This story appeared in Bank Digest.
Several Congress members have made statements related to the Financial CHOICE Act (H.R. 10), a Republican alternative to the Dodd-Frank Act that the House of Representatives will vote on this week. Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) said, "This partisan, dangerous legislation would once again leave families, seniors, and servicemembers at the mercy of predatory lenders, and put taxpayers back on the hook to pay for Wall Street's greed and recklessness."
In contrast, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said the bill "imposes the toughest penalties in history for those who commit financial fraud. It re-establishes the CFPB as a civil enforcement agency so it is fully focused on enforcing the consumer financial protection laws written by Congress, especially those designed to protect our veterans, service members, their family members and dependents, and other consumers." But Committee Ranking Member Maxine Waters (D-Calif) said the bill "is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street."