The Consumer Financial Protection Bureau is the first line of defense against financial scams for service members, veterans and consumers. Disappointingly, Rep. Jaime Herrera Beutler, R-Camas, voted for the Financial Choice Act, or what consumers call the Wrong Choice Act (H.R. 10), which dismantles the watchdog.
Even worse, the House Appropriations subcommittee she vice-chairs just approved a Financial Services and General Government appropriations bill that replicates much of the Wrong Choice Act into a must-pass bill to fund the government.
H.R. 10 is the latest attempt by Wall Street to cash in after spending more than $2 billion to peddle influence during the last election. The bill virtually stops the CFPB from taking action against banks and others, including payday lenders and debt collectors. The CFPB has already taken over 100 legal actions, returning $12 billion to over 29 million consumer-victims.
Why did Herrera Beutler back bills that leave service members and the general public in financial harm’s way? Why did she cast her votes for Wall Street instead of her constituents? If enough Washingtonians contact our Congressional delegation, we can make sure the CFPB continues to rein in Wall Street.
