Will Rep. Poliquin vote with his financial industry donors to deregulate Wall Street?

Will Rep. Poliquin vote with his financial industry donors to deregulate Wall Street?

Regulations targeting Wall Street bankers and predatory lenders could be on the chopping block this week if Republicans in Congress get their way. The House of Representatives is expected to vote later this week on HR10, known as the CHOICE Act, which would repeal regulations created in the wake of the great recession in 2008 as well as gut the agency responsible for protecting consumers.

The Consumer Financial Protection Bureau (CFPB) has handled over a million complaints and secured nearly $12 billion in relief to consumers by enforcing federal regulations against fraudulent lenders and servicers. A year ago, the CFPB released a draft rule that would regulate high interest, small dollar payday loans and the predatory practices that often accompany them.

The CHOICE act (dubbed the Wrong Choice act by consumer advocates) would strip power from the CFPB and block the bureau from finalizing a rule to prohibit credit card, bank account, and other financial contracts from having fine print forced arbitration clauses with class action bans. Forced arbitration clauses allow Wall Street banks and other corporations to escape accountability by blocking people from bringing claims in court and forcing them into a secretive, lawless, and biased private arbitration.

On Tuesday, the Portland Press Herald editorialized against the legislation calling it “a guided missile” aimed at Wall Street regulations and urged Representative Poliquin to vote against the bill.

As a member of the House Financial Services Committee, Maine Representative Bruce Poliquin has oversight of the Consumer Financial Protection Bureau (CFBP). Despite the work that the CFPB has done to protect consumers from unscrupulous practices, Poliquin has been a fierce critic of the Bureau.

Poliquin’s opposition to Dodd-Frank and the CFPB isn’t a surprise given the Congressman’s ties to Wall Street from his time as an investment banker. Poliquin has been the recipient of hundreds of thousands of dollars from Bank of America and Goldman Sachs as well as payday loan companies like Advance America.

Whether he votes for or against the bill, Poliquin is likely to continue to come under scrutiny around this issue as the midterm elections tick closer.

Sign the petition – Ask Rep. Poliquin to vote no on Wall Street deregulation

 

 

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