Predictably Congressman Goodlatte joined virtually every other House Republican Thursday to approve the Financial CHOICE Act and send it to the Senate.
According to GovTrack.us:
This bill would make sweeping changes to the financial regulatory system by revising the changes that were put in place after the 2008-2009 economic crash. The bill would weaken the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and regulations that prevent commercial banks from trading for their own gain, among other changes.
The New York Times reported:
The bill would also eliminate the Labor Department’s fiduciary rule, which requires brokers to act in the best interest of their clients when providing investment advice about retirement.
Perhaps Goodlatte would like to explain to Sixth District retirees depending on investment income how this will benefit them.
Goodlatte, who likes to present himself as a champion of service members and veterans, apparently chose to ignore a memorandum from Robert E. Wallace, Adjutant General of the Veterans of Foreign Wars, who pleaded with House members to oppose the Financial CHOICE Act because it could weaken the ability of the CFPB to protect service members and veterans from predatory financial practices.
In a statement posted on his website, Goodlatte claimed:
The Financial CHOICE Act puts Main Street first. This legislation levels the playing field by eliminating the onerous regulations [of the Dodd-Frank Act] that are holding back job creators and stifling access to credit and capital.
But as CNBC reported, Dodd-Frank has not stifled access to credit or capital. In fact, “Since the law took effect in July 2010, bank lending to businesses and consumers has continued to hit new highs.”