Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee, center, speaks to members of the media after unveiling the Financial Choice Act with Representative Scott Garrett, a Republican from New Jersey, center left, and Representative Bill Huizenga, a Republican from Michigan, at the Economic Club of New York in New York, U.S., on Tuesday, June 7, 2016. Hensarling today proposed the idea of raising several hundred billions of dollars in additional capital and Washington letting you break free from a litany of burdensome rules, a key provision of his long-shot proposal for scrapping the Dodd-Frank Act. Photographer: Michael Nagle/Bloomberg via Getty Images

Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee, center, speaks to members of the media after unveiling the Financial Choice Act with Representative Scott Garrett, a Republican from New Jersey, center left, and Representative Bill Huizenga, a Republican from Michigan, at the Economic Club of New York in New York, U.S., on Tuesday, June 7, 2016. Hensarling today proposed the idea of raising several hundred billions of dollars in additional capital and Washington letting you break free from a litany of burdensome rules, a key provision of his long-shot proposal for scrapping the Dodd-Frank Act. Photographer: Michael Nagle/Bloomberg via Getty Images

This Bill Could Allow Another Fraud Like Wells Fargo’s

 

This is a fortune.com article.

 

It recently cleared a key House committee.

The Financial CHOICE Act, a bill that would essentially repeal key protections within the Dodd-Frank Act, was approved by the House Financial Services Committee on Sept. 13. While it’s unlikely the bill will ever become law, it is nevertheless a stunning example of Congress’ inability to understand the implications of failures in corporate governance.

It recently cleared a key House committee.

The Financial CHOICE Act, a bill that would essentially repeal key protections within the Dodd-Frank Act, was approved by the House Financial Services Committee on Sept. 13. While it’s unlikely the bill will ever become law, it is nevertheless a stunning example of Congress’ inability to understand the implications of failures in corporate governance.

It’s even more stunning when considering the recent news that Wells Fargo employees created millions of fake accounts for the bank’s customers in an effort to meet unreasonable internal sales targets and boost the low-level employees’ compensation. Dodd-Frank was created in 2010 precisely because of such predatory banking practices. Since its enactment, it has served as a watchdog for large financial institutions in an attempt to prevent the reemergence of “too big to fail” corporations that led our country into a recession. However, the banking industry has spent considerable resources lobbying for its repeal. They claim the law hinders economic growth through overly burdensome regulations.

Continue reading article.

PiggyBankBlog Bailiff: “All rise! The honorable Congresswoman Marcy Kaptur has entered the Courtroom of Public Opinion!”