1. From 5calls.org: Yesterday, the House has passed HR 10. It now heads to the Senate for consideration.The Dodd-Frank Act is a financial reform law that was passed in 2010 as a response to the Great Recession. It includes a set of regulations intended to prevent “too-big-to-fail” banks from causing another economic crisis. One critical piece of legislation under Dodd-Frank is the Volcker rule, which prohibits banks from making certain kinds of speculative investments, such as those that led to the housing market crash in 2008. The Volcker rule also limits banks in their relationships with hedge funds and private equity funds. Dodd-Frank also created the Consumer Financial Protection Bureau (CFPB), which ensures that banks, lenders, credit card corporations, and other financial companies treat their customers fairly and protect consumers from practices like predatory payday lending.
House Republicans have introduced legislation known as the Financial CHOICE Act of 2017 (H.R. 10) that would repeal the Volcker rule and strip the CFPB of key enforcement powers, including the ability to fine institutions for unfair lending practices (which the CFPB recently used to fine Wells Fargo $100 million for opening 2 million accounts that their customers didn’t know about). The repeal of the Volcker rule alone would increase big banks’ profits by hundreds of millions of dollars a year while putting the American public at risk for another recession driven by irresponsible banking practices. Contact our senators and tell them to vote down HR 10.
- Kaine: Washington DC: 202–224–4024, Manasses 703–361–3192, Roanoke 540–682–5693, Virginia Beach 757–518–1674, Richmond 804–771–2221, Abingdon 276–525–4790, Danville 434-792–0976, and his contact form is here.
- Warner: Washington DC 202-224-2023, Roanoke 540-857-2676, Abingdon 276-628-8158, Norfolk 757-441-3079, Richmond 804-775-2314, Vienna 703-442-0670. His “Submit Comment” form is here.
- Suggested script: “Hello, my name is ______ and my zip code is _____. I’m contacting the senator to express my opposition to H.R. 10, the Financial CHOICE Act of 2017, which would undermine the crucial consumer protections provided by the Dodd-Frank Act. As the 2008 recession illustrated, the banking industry must be carefully regulated to protect consumers from risky lending practices and corporate greed. Thank you.”
2. Predictably, Representative Goodlatte voted for HR 10, once again voting for special interests against the interests of his constituents. Contact Goodlatte to let him know that putting the banking industry above Virginians is unacceptable.
- Goodlatte: Staunton (540) 885-3861, Harrisonburg (540) 432-2391, Lynchburg (434) 845-8306, Roanoke (540) 857-2672, Washington DC 202-225-5431 and email form is here.
- Suggested script: “Hello, my name is ______ and my zip code is _____. I’m contacting Representative Goodlatte to express my deep opposition to H.R. 10, the Financial CHOICE Act of 2017. The fact that the representative voted for this bill is appalling to me as it would undermine the crucial consumer protections provided by the Dodd-Frank Act. As the 2008 recession illustrated, the banking industry must be carefully regulated to protect consumers from risky lending practices and corporate greed. I am deeply disappointed and worried due to this vote, though not particularly surprised. Goodlatte needs to stop putting special interests like the banking industry above the good of his constituents. Thank you.”
3. EVENT — Do Your Job, Bob! Rally outside of Representative Goodlatte office, today from 2 to 5 PM. 117 South Lewis Street, right across from Redbeard Brewing Company. Bring a sign, bring a friend! This will be a weekly event from now on as we want to up the pressure on Goodlatte to listen to us.
4. EVENT — Voter Registration Training (and pizza!). From 12:30 – 2:00 at the Staunton Public Library this Saturday, June 10th. We’ll be showing the video and other materials required to register voters and talking a bit about canvassing. We hope to see you there, and we will provide pizza for a lunch/snack!