There’s new legislation moving through Congress that NTEU is calling the “Wrong Choice Act.” It’s not too early to be thinking about next year’s pay raise—and taking action.
The so-called Financial CHOICE Act, approved by the House Financial Services Committee, now moves on to the full House. NTEU has come out swinging against the sweeping bill that would weaken financial regulatory agencies where NTEU-represented employees protect American investors and depositors.
Here are four reasons why this bill is bad for taxpayers and our nonpartisan federal watchdogs:
1. The bill guts the Consumer Financial Protection Bureau (CFPB), taking away its independence and supervisory authority. Since CFPB’s creation after the 2008 financial crisis, this independent agency has returned nearly $12 billion to consumers who were cheated by banks and other financial institutions.
2. The bill weakens the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration, undercutting the government’s network of financial cops. By subjecting these agencies to the congressional appropriations process, they would be less independent and prone to politicization.
3. Federal employees at these agencies would be subjected to the Holman Rule, allowing lawmakers to slash their salaries $1, effectively firing them at will.
4. The Securities and Exchange Commission Reserve Fund would be eliminated, resulting in a $50 million reduction in spending for critical technology priorities to protect financial markets from cyberattacks and other abuses. Additionally, the legislation includes the possibility of closures of regional office at the Securities and Exchange Commission.
Ready to take action? Take a few minutes to ask your representatives to say NO to this bill.