2008 Financial Crisis, bail-out, banking, campaign finance, Choice 2.0, Consumer Financial Protection Bureau, Dodd-Frank, Financial choice act, financial crisis, financial fraud, financial safeguards, greenlighting new financial crisis, gutting Dodd frank, home ownership, housing foreclosures, national debt, payday lenders, predatory financial practices, Regulation, retirement savings, wall street casino. boom and bust, Wrong Choice Act
So it seems:
Securities & Investment
Total, approximately 4.5 million US $
“A well-known opponent of regulating the financial industry, Hensarling has extensive ties to Wall Street, having received campaign donations from every major Wall Street bank as well as various payday lenders.”https://en.wikipedia.org/wiki/Jeb_Hensarling
US Senator Martin Heinrich of NM:
“The Financial CHOICE Act: The Wrong Choice for America
Congressional Republicans seem to have already forgotten the wreckage left in the wake of the financial bubble of the late 2000s. During the 2008 financial crisis and related recession, 8.7 million Americans lost their jobs, 3.8 million homes were foreclosed on, and households lost $17 trillion in wealth. 1 As a result of Wall Street’s actions, the U.S. economy lost an estimated $7.6 trillion in goods and services from 2008 to 2018—lost output that Americans are still feeling today.2 Less than a decade later, though, House Republicans are hoping to overturn the financial safeguards put in place to prevent the next financial crisis and to protect consumers from the costs of reckless, abusive, and fraudulent behavior on Wall Street.
Republicans’ proposal, the Financial CHOICE Act (Choice 2.0), is a wrong choice for America.
The bill will: Green-light America’s next financial crisis Dismantle consumer protections Shift consequences onto working families Minimize small investors’ rights and money Provide freerides to Wall Street, CEOs, and white collar criminals
Most Americans, including consumers, small and first-time investor saving for retirement or other future expenses, small banks and credit unions, middle- and low-income workers, and taxpayers all stand to lose by the proposed undoing of financial safeguards… Federal taxpayers provided $457 billion in bank bailouts, nearly $831 billion on the American Recovery and Reinvestment Act that cushioned the economic downturn, and $500 billion more on increased safety net payments to help those who fell on hard times.13 Altogether, the federal deficit increased from less than $200 billion in 2007 to nearly $1.5 trillion by 2009.14 The recession also decreased revenue coming into the federal government. By 2019, the necessary policy responses to the recession and financial crisis will have added nearly $1.7 trillion to the national debt – a burden shifted onto the backs of middle- and low-income families.15
Choice 2.0 would make similar bailouts and payments more frequent, longer, and costlier, requiring more and larger stimulus packages, and higher levels of safety net payments to account for the high unemployment. In the end, American taxpayers will end up paying for the deregulation and destabilization that Choice 2.0 condones in one way or another…” Read the entire statement here: https://www.jec.senate.gov/public/_cache/files/0542c8ba-b02c-48e8-8615-f23d9ebac52c/financial-choice-act.pdf
(Red underline Emphasis our own.)
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