Rep. Sewell Statement on Passage of Wrong CHOICE Act

Statement

On Thursday, the House of Representatives voted to pass H.R. 10, the Financial CHOICE Act, a bill that would eliminate consumer protections designed to deter abuse by predatory lenders and large financial institutions. Rep. Terri Sewell releases the following statement:

"I voted against the Wrong CHOICE Act because it erases financial protections for American families and eliminates the safeguards enacted to protect against another financial crisis," said Rep. Sewell. "In Alabama, we all remember the devastating impact the recession had on families in our communities. Between the home foreclosures, rising unemployment, and the families whose dreams were stripped away to pay for Wall Street's mistakes, it is hard to forget. It is unacceptable that only a decade later, Congress is rolling back key financial reforms enacted under the Obama Administration. We cannot go back to a time when predatory lenders and other bad actors abused consumers and brought our economy to the brink of collapse."

H.R. 10 would dismantle consumer protections for seniors, service members and people saving for their retirement and also endanger market stability and undercut financial regulators' ability to police threats to the financial system. Rather than protecting consumers, the Financial CHOICE Act would gut the Consumer Financial Protection Bureau, an agency which has returned nearly $12 billion worth of compensation to 29 million wronged Americans.

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