marchfortruth here’s the link- see you there!
marchfortruth here’s the link- see you there!
More from the Indivisible Guide …
WHAT IS THE FINANCIAL CHOICE ACT (HR 10)?
Explainers | May 9, 2017
The so-called “Financial CHOICE Act,” introduced in April 2017 by Rep. Jeb Hensarling (R-Texas), is a bill currently being considered by the House of Representatives. Although the Act’s sponsors tout it as being focused on financial reform and Wall Street accountability, in reality it eliminates major consumer safeguards created in the wake of the disastrous financial crisis of 2008. The bill would weaken regulatory powers that pre-date the 2010 Dodd-Frank Act, and eliminate long-standing rights of shareholders to hold companies accountable for corporate misbehavior.
In essence, the Financial CHOICE Act would:
Destroy the Consumer Financial Protection Bureau (CFPB) and obliterate consumer protections as we currently know them, including allowing banks to gouge consumers with debit card fees;
Deregulate the banks and financial institutions whose greed brought on the 2008 financial crisis and resulting economic downturn;
Eliminate opportunities for ordinary shareholders to formally engage with the companies in which they are invested.
House Republicans are hoping to sneak this bill through without Americans knowing. The Financial CHOICE Act allows for risky corporate behavior and practices that benefit Wall Street, and would take away power from regulators that should be able to protect us from corporate greed.
THE ACT WOULD DESTROY THE BUREAU CHARGED WITH PROTECTING CONSUMERS
The CFPB was created for a simple reason: we can’t trust Wall Street to put the interests of average American families over financial gain. Following the Great Recession, the largest economic downturn since the Great Depression, Congress created the CFPB to ensure that big banks wouldn’t be able to so easily wreck our economy again. The CFPB is charged with protecting American consumers from the greed and abuses of Wall Street.
Despite what its sponsors may say, the Financial CHOICE Act would destroy the CFPB, making it impossible for the CFPB to act forcefully against unlawful practices in consumer markets. As a result, it would make it easier for predatory lenders, big banks, and other financial companies to rip people off. The CFPB is working to stop tricks and traps that cost billions of dollars a year. The CHOICE Act takes away key tools the CFPB needs to fulfill its mission, including its authority to:
Supervise and bring enforcement actions against big banks;
Prevent unfair, deceptive, and abusive practices;
Enforce against lawbreaking by payday and car title lenders that charge sky-high interest rates;
Maintain a public database of consumer complaints about financial firms.
BUT WAIT, THE BILL SAYS IT WOULD HOLD WALL STREET ACCOUNTABLE
Unfortunately, the CHOICE Act would tie the hands of bank regulators and make it easier for banks to again take risks that endanger our economy. The bill would repeal the Volcker Rule, which prohibits banks from gambling with customer money; the fiduciary rule which requires retirement investment advisors to act in the best interest of clients; and repeal the Durbin Amendment which would allow big banks to rake in higher fees while doing nothing for community banks that are not covered by the provision. The legislation sharply limits the ability of regulators to ensure that banks are managed in a safe and sound manner, and have adequate funds available to absorb potential losses without turning to the taxpayer for a bailout. It would give Wall Street a slew of new tools to overturn rules and make it harder for regulators to enforce the rules that remain. In short, the bill is a gift to Wall Street wolves that seek to prey on honest citizens trying to make a living.
History has shown us that companies often make decisions in favor of profit over community health and safety: oil spills, slashing employee benefits, sourcing goods made with child or forced labor, and much more. But it doesn’t have to be this way. If you own stock in a company through an investment or retirement account, you have a right to engage with that company (and much of corporate good citizenship can be linked to shareholder engagement). The Financial CHOICE Act would require shareholders to own 1 percent of company stock in order to formally engage through the shareholder proposal process. For Fortune 100 companies, this means you would need to own an average of $1.2 billion in stock, with a range of $6 million to $7.7 billion. Without shareholders who care and are willing to do the hard work of engaging with companies, local and international communities would suffer under unchecked corporate greed.
TELL YOUR MOC YOU OPPOSE FINANCIAL DEREGULATION THAT BENEFITS CORPORATIONS AND PUTS YOUR MONEY AT RISK
Republican Representatives seem to think it’s acceptable to undermine the safeguards put in place that have stabilized our financial system and protected consumers effectively. We must act quickly to make Congress understand that it is NOT OKAY to charge us more for no reason, put our money at risk, and take away the rights we have as shareholders in a company.
Our MoCs must strongly oppose any plan that destroys the CFPB and steals our rights as shareholders. Specifically, they should oppose:
The Financial CHOICE Act in its entirety
Any bill that would dismantle the Consumer Financial Protection Bureau
Any bill that reduces much-needed regulation on Wall Street and financial firms
Any part of the bill that would undermine the right to file shareholder proposals.
SAMPLE TOWN HALL QUESTIONS:
The Financial CHOICE Act would return Wall Street to the power it had before the financial crisis. Will you oppose any bill that dismantles the Consumer Financial Protection Bureau?
I am an owner of stock in U.S. publicly-traded companies in my retirement account. Every year, I am allowed to weigh in on the behavior of the companies I own. The Financial CHOICE Act would eliminate the rights of small investors like me. Will you commit to me that you will oppose any change to the Shareholder Proposal Rule?
I am responsible for investing my clients’ money in their best interest. As an ethical investment manager, the Financial CHOICE Act would take away my ability to engage with companies on my behalf of my clients, and their investments could suffer. Will you commit to me that you will oppose any change to the Shareholder Proposal Rule that would take away my ability as a trusted advisor to engage with the companies in my clients’ accounts?
The 2008 financial crisis and the recent Wells Fargo disaster both came from Wall Street greed and lack of regulation. The Financial CHOICE Act would repeal laws like the Volcker Rule and the fiduciary rule which are put in place to protect my assets and our financial system. Will you commit to me that you will oppose deregulation of the financial system?
Action Network Email
As we always knew he would, Donald Trump is trying to rip apart our country and our democracy. No matter what issue matters to you most – whether it’s health care, immigration, the environment, civil rights, or something else – it is under attack by Trump and his cronies in Congress.
And that’s their plan. They’re hoping that by attacking every value this country cherishes, we won’t have the energy or the fortitude to fight him on multiple fronts. But we are going to prove them wrong.
Before a busy weekend of town halls, we wanted to make sure you had all the tools to get the job done. This week, we’re focusing on Comey’s firing and health care.
In a blow to democracy, Trump fires the person investigating his administration
Trump himself admitted today that his administration cooked up a reason to fire Comey, telling NBC he was “going to fire him anyway” regardless of what his own Justice Department recommended. We need an independent, resourced investigation into the ties between Trump, his people, and Russia’s interference in our election. Read our latest policy brief here.
What you should do: Tell your Senator we need an independent law enforcement investigation, like a special prosecutor, to make sure we get the bottom of this. Do it at town halls, office visits, phone calls, the works.
Payback for TrumpCare votes
Last week, 217 representatives voted to gut protections for millions of Americans with preexisting conditions, defund Planned Parenthood, and cut $880 billion from Medicaid for children, the sick, and persons with disabilities. We’ve launched The Payback Project, a website showcasing your amazing work across the country to remind these representatives of the cost of voting for TrumpCare. Check it out.
What you should do: Register your events that target the 217 here. Use the toolkit to plan a die-in in your district. Tweet and post your photos and events for our accountability wall.
Can’t get your Member of Congress to meet with you?
Members of Congress are hiding from their constituents, and we’ve got new resources to help you out. We have developed a new Adopt-A-District Toolkit to help you out. If your MoC won’t face you, a neighboring MoC will. Check out the toolkit to see how.
There is an election, coming in 2018. Who knows where this bill will be by then. But this vote, the first part of a long process, is over.
They wouldn’t have voted for the bill if they thought that they would lose their job if they did.
show them how you feel about their uncaring, unAmerican attitude towards the people they work for. Fire them.
There were 20 Republicans who didn’t vote for the bill, not many, just a few who didn’t follow the party line.
This means that the list of Yes votes is long. Many of these congressmen and women believe if you can’t afford your healthcare you shouldn’t have any. Pre-existing condition? Too bad! Over 50? Get ready for much higher premiums and much much smaller subsidies.
Ok, there is good news. If you make over $200,000.00 a year you get a tax cut. Woo Hoo!
WHO: Kathleen Senzell, Northern California Oil Painter
Kathy’s work is clean and bold, with strong colors and contrasts of light. She paints beautiful animal & bird portraits, both wild and domesticated, stunning landscapes featuring iconic places, commissioned portraits, and a category I like to call “storytelling”. Her painting, Game for the Deed, (shown below) is a perfect example.
Her great love of all animals, support of animal rights all over the world, as well as her accomplishments as a horsewoman provide many of her painting subjects; she is also deeply interested in historical aspects of the American Southwest, reflected in works such as Chief Joseph (below).
A California native, Kathy studied art in Southern California schools and colleges before moving to Oregon where she immediately fell in love with the wilderness and the animals that inhabit it. As word spread about her ability to capture the “look” of the animals in her paintings, she began doing commissioned work.
She can be contacted through her website http://senzell.com/contact . Drop her an email if you are interested in the purchase of an original oil painting, limited edition prints, or commissioning an original work. And don’t forget to stop by her website to see more of her unique works of art.