Oppose the Wall Street-Deregulating Financial CHOICE Act (H.R.10)


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The House of Representatives is scheduled to vote on a bill this June 8 that would dismantle the 2010 Wall Street reform legislation, known as the Dodd-Frank Act. This law created the Consumer Financial Protection Bureau (CFPB), an agency committed to protecting consumers and making sure that banks, lenders, and other financial institutions treat you fairly. Dodd-Frank imposes important rules to rein in the kind of Wall Street speculation that crashed the economy and caused millions of people to lose their jobs, homes, and savings. It also seeks to rewrite the Shareholder Proposal Rule, taking away crucial rights of shareholders to hold companies accountable for risky behavior that harms consumers, workers and the environment.  Make sure your member knows you oppose Rep. Hensarling’s Financial CHOICE Act. Call or visit your members’ district office to voice your opposition.

Sample Call Dialogue

Caller: Good morning/afternoon! Can you let me know Rep. Mary’s position on the Financial CHOICE Act (H.R. 10)?

OPTION 1: OPPOSES

Staffer: Thank you for calling. Rep. Mary opposes Rep. Hensarling’s bill.

Caller: That’s great! Please tell Rep. Mary thank you for opposing the bill. I’d like to hear her speak out on the House floor or in the media against repeal of the Dodd-Frank Act. She needs to make it clear that she wants to shield Americans from bad behavior by Wall Street and predatory lenders, and to keep the Consumer Financial Protection Bureau as an effective oversight and enforcement agency.

[If applicable to you:]  As an ordinary investor, I have shareholder rights that this bill will completely obliterate, and I would like to hear her stand up against any changes to the Shareholder Proposal Rule.

Staffer: I will certainly pass on your message to Rep. Mary.

Caller: Please do. This is extremely important to me and I will be watching closely for her public statements in opposition. Thank you for your time.

OPTION 2: SUPPORTS

Staffer: Thank you for calling. Rep. Mary supports the Rep. Hensarling legislation.

Caller: That is outrageous and I’m very disappointed to hear that. This bill would make it easier for big banks and predatory lenders to rip people off, and it would increase the likelihood of another financial crisis.

[If applicable to you:] It will take away my rights as a shareholder to engage with the companies in which I am a part-owner, and that puts my community and my investments at risk.

[I/my spouse/sibling] lost [my/his/their] house/job/retirement account due to the 2008 financial crisis which was caused by the reckless, unregulated behavior of big banks and lenders that this bill wants to reinstate.

The CFPB has won $11.8 billion in relief for over 29 million Americans by standing up to Wall Street and all sorts of predatory lenders. Is Rep. Mary interested in causing another financial crisis and recession? Because that’s what will happen if he/she sides with Wall Street and predatory lenders instead of with his/her constituents. After 2008, we watched 8 million Americans lose their jobs and 4 million more lose their homes [including myself/my spouse/my sibling].

Staffer: I will certainly pass on your concerns to Rep. Mary.

Caller: Please do. This is extremely important to me and I will be watching closely. Thank you for your time.

OPTION 3: DODGES / HAS NO POSITION

Staffer: Thank you for calling! I’m not sure if Rep. Mary supports or opposes the Hensarling bill, but I’m happy to take down your concerns.

Caller: I’m disappointed to hear that and would ask Rep. Mary to oppose this bill.

Here are my concerns. The bill would destroy the Consumer Financial Protection Bureau, which has cracked down on predatory lenders and big banks that break the law and obtained $11.8 billion in relief for over 29 million Americans. This bill would give those predatory lenders and big banks a free hand to exploit American consumers. This lack of oversight led to the 2008 mortgage crisis and 2009 financial crisis during which [I/my spouse/my sibling] lost [my/his/their] [job/house/retirement savings].

[If applicable to you:] I am [an ordinary investor/a retiree with my savings invested], which allows me rights as a shareholder that the Financial CHOICE Act would take away. For decades, shareholders have engaged with publicly-traded companies through filing of shareholder proposals  that have protected the environment from further degradation, employees from discrimination, children from slave labor, and much more. As a part-owner in the company, I need the formal mechanism to engage with companies and fellow shareholders that the Act seeks to eliminate.

I expect Rep. Mary to publicly state her opposition to this destructive bill and put the needs of her constituents above the desires of big banks and predatory lenders to profit.

Staffer: I will certainly pass on your concerns to Rep. Mary.

Caller: Please do, and please take down my contact information to let me know when Rep. Mary has made up his/her mind. I’m eager to hear what he/she decides.