The Financial Choice Act was passed by the House Wednesday while everyone watched a “confused” Comey blather about his “uncomfortable” feelings towards Trump, Fox Business reports.
The bill would chip away at about 40 provisions and regulations put in place via Dodd-Frank, including regulators’ authority to both wind down a financial institution perceived to be on the brink of failure and to identify an institution as a risk to the economy.
Dodd-Frank was supposed to prevent failure of banks that were “too big to fail.” Instead it’s killed off the smaller banks and created only too big to fail banks.
It also takes the unfettered authority away from the rogue Consumer Financial Protection Bureau which runs without any oversight at all. This bill would give the President the right to fire the head of the department and it gives Congress power over its budget. Right now, no one can fire the head of the agency and he approves his own endless budget — there’s no oversight.
This consumer bureau has been using private IRS refunds to get Americans’ personal information.
They should get rid of it. Two Texas Republicans tried to do exactly that but didn’t succeed.