A dangerous bill just passed in the House, and we need to make sure that’s where it stops.
Like so many GOP-sponsored bills, the CHOICE Act masquerades as a way to improve the health of America’s economy. But the main intent of the bill is to destroy the Consumer Financial Protection Bureau -- an important watchdog that protects consumers from predatory lending and other unfair financial practices.
Senator Elizabeth Warren puts it this way:
“I read this bill and I think — why? Why, just eight years after the worst financial crisis in more than 70 years, are Republicans lining up to roll back the rules on Wall Street and make it easier for financial firms to cheat people?”
And that’s just part of the problem.
Currently, if you’re a shareholder of a company, you have the right to propose resolutions to improve that company. This tactic has been widely used by activists to push mega-corporations to improve their environmental footprint and social justice practices. Just last month Exxon shareholders successfully forced that company to take preliminary action against climate change.
Under the CHOICE Act, all but the very wealthiest investors would be blocked from using their shareholder rights to advance proposals, making it almost impossible to use this mechanism to address sustainability, climate, risk, equity, justice, and good governance issues. An essential tool for making positive change happen will disappear if we can’t stop this bill.
The CHOICE Act is heading to the Senate for a vote. Contact your Senator today and ask them to vote against the CHOICE Act!