Politics

The One Call People Are Making During the Comey Hearing

June 8th 2017

By:
Kyle Jaeger

While the country turns its attention to the testimony of fired FBI Director James Comey, who is testifying before Congress about his interactions with President Donald Trump regarding alleged Russian intervention in the U.S. election, members of the House are preparing to vote on a contentious bill that threatens to roll back financial regulations.

Wall Street Charging Bull

Opponents of the Financial Choice Act are leading a call to action on social media, urging citizens to contact their representatives and tell them to vote against the bill.

The bill would grant the president authority to fire the heads of two financial oversight departments—the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA)—that were created under the 2010 Dodd-Frank Act, a law that imposed financial regulations designed to reign in Wall Street and prevent economic crises. It would also let Congress set the budget for the CFPB.

Republican supporters of the bill argue that financial regulations included in the Dodd-Frank Act hinder economic growth and provide an avantage to Wall Street insiders "because complexity can be gamed by the well-connected and abused by the Washington powerful."

But Democrats, who've dubbed the bill the "Wrong Choice Act," contend that the bill would enable Wall Street abuses that could create economic instability. The bill is expected to pass the House, CNN reported. If it does pass, it would advance to the Senate.