The National Fair Housing Alliance (NFHA) has joined other advocacy groups in speaking out against the recent passage of the Financial CHOICE Act.
NFHA declared its strong condemnation of the bill and called for the Senate to reject its passage, saying the possible roll back of the Dodd-Frank would bring back the very causes of the recession in 2008.
“Borrowers and communities of color bore the brunt of the impact of the crash, which caused millions of families to lose their homes to foreclosure, and resulted in African Americans losing 53% of their household wealth and Latinos or Hispanics losing 66% of their household wealth, compared to a 16% loss of wealth by white households,” the NFHA said in a news release. “While banks have reported record profits in the years since the crash, many of the families and communities that were hardest hit by the crisis are still struggling to recover. Neither they nor the nation can afford a repeat of the crisis … action by the House opens up the door to just such a debacle.”
Aside from putting the Dodd-Frank Act in peril, the future of the Consumer Financial Protection Bureau is also uncertain, as the act proposes to reform the bureau by eliminating the immunity of its sole director from an at-will removal by the president, cutting its independent funding and prohibiting information from being posted on the consumer complaint database.
While housing advocacy groups have denounced the Financial CHOICE Act, the Congressional Budget Office recently reported that the legislation, if made law, could reduce the deficit by more than $33 billion over the next decade.
Consumer advocacy group slams Financial CHOICE Act
Financial CHOICE Act would slash deficit by billions – CBO