And of course, misleading the American people while doing it:
The House on Thursday passed the Financial CHOICE Act, legislation to overhaul and replace the failed Dodd-Frank Act that has contributed to the worst economic recovery of the last 70 years.
“Every promise of Dodd-Frank has been broken,” said Financial Services Committee Chairman Jeb Hensarling (R-TX), as he read letters from Americans about how they were declined home, automobile and small business loans due to Dodd-Frank’s burdensome regulations. “Fortunately there is a better, smarter way. It’s called the Financial CHOICE Act. It stands for economic growth for all, but bank bailouts for none. We will end bank bailouts once and for all. We will replace bailouts with bankruptcy. We will replace economic stagnation with a growing, healthy economy,” he said.
Okay, first of all: The reason many of those folks are having trouble securing loans is because Dodd-Frank didn't go far enough. Banks are still allowed to do many of the things that brought about the Recession in the first place, like investing capital in money management schemes instead of point-of-use/point-of-sale businesses and product manufacturing and such. What the GOP is doing with this bill will put that on steroids, just like the early 2000's. And it will also expose you and I to major financial risks by sidelining the Consumer Finance Protection Bureau:
An important part of our mission is to make rules governing consumer finance markets more effective and to create new rules when warranted. Find out the progress of a rule, view related information, and access resources to help you understand and comply with the CFPB’s rules.
Compliance and guidance
We’ve created a variety of regulatory implementation resources and tools to help you understand and comply with federal consumer financial laws. We also provide guidance on statutory and regulatory compliance, as well as the CFPB supervision and examination process.
A central part of the CFPB’s mission is to stand up for consumers and make sure they are treated fairly in the financial marketplace. One way we do this is by enforcing federal consumer financial law and holding financial service providers accountable for their actions.
There are a lot of reasons the GOP wants to tie the hands of this bureau, but one of the biggest has to do with loan interest rates. There's a lot of money to be made by roping people into extremely high rate loans, and the overlapping penalties than can be assessed for late or partial payments. Republicans don't really care if you fall into that deep well, they only care about how much the one-percenters can bleed out of you.
The only hope right now is the Senate, which (for the most part) is not very amicable to this bill. But just the fact it made it out of the House is bad news.