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House Republicans Plan to Gut the Consumer Financial Protection Bureau and Roll Back Wall Street Regulations
The Consumer Financial Protection Bureau, born out of the financial crisis and intending to help even out the information gap between consumers and corporations, is under fire by the House Financial Services Committee led by Rep. Jeb Hensarling (R-TX). According to a memo obtained by the Washington Post:
A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities...
...The agency's rulemaking authority and enforcement powers would be limited, according to the memo, which also calls for an “elimination of consumer education functions.”
ACTION: Call your representative and tell them to protect American consumers and not to forget the lessons learned from the 2008 financial crisis.
If your representative is a member of the committee (link), it is especially important to call to both express your support for the CFPB and to encourage a long and detailed debate in committee. The committee chairman can be reached at 202-225-7502.