Written on: June 20, 2017
This came to us from Jubilee USA. We must look at this issue as an extension of our Corporate Stand of Debt Relief for Impoverished Nations to which we committed ourselves in 2000.
We encourage you to respond to this opportunity and act on behalf of America’s vulnerable population.
Sister Diane Bardol
This past Thursday, the House of Representatives voted to repeal responsible lending and transparency measures from the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Now that the Financial Choice Act passed the House, we must not let it pass the Senate.
Please e-mail your Senators now and tell them to protect critical oversight of big banks and payday lending. Tell them not to repeal anti-corruption measures that are put in place protect vulnerable communities both in the United States and abroad.
The Financial Choice Act erodes protections that prevent future financial crisis. One of the ways it does this is by encouraging risky speculative investment, a cause of financial crisis. It also weakens the regulatory power of the Consumer Financial Protection Bureau over big banks and predatory payday lending, which targets vulnerable communities.
The Financial Choice Act also repeals Section 1504 or the “Cardin-Lugar” measure from the 2010 Dodd-Frank Act. Section 1504 requires reporting by oil, gas and mining companies of payments they make to governments in countries where they operate. This measure helps address some of the $1 trillion lost each year to corruption and tax evasion in the developing world. Jubilee USA worked on this section of Dodd-Frank to protect vulnerable communities from corrupt governments and exploitive corporations.
Our voice is needed to make sure the Senate does not pass the Financial Choice Act. Your action makes a difference. Your partnership with Jubilee USA continues to build an economy that leaves no one behind.
Deputy Director, Jubilee USA