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Congressman Bobby Scott

Representing the 3rd District of Virginia

FINANCIAL CHOICE ACT OF 2017

June 8, 2017
Floor Statements

Mr. SCOTT of Virginia. Mr. Chairman, I rise in opposition to the ``Wrong'' CHOICE Act. In addition to what else is wrong with the bill, there are two significant problems with it impacting the jurisdiction of the Education and the Workforce Committee, where I serve as the ranking Democratic member.

   First, the bill essentially eliminates the Consumer Financial Protection Bureau. The Bureau has played a crucial role in making sure student loan borrowers are treated fairly and receive the protections that they deserve. It has shut down fraudulent student loan debt relief scams, resolved countless consumer complaints, and secured hundreds of millions of dollars in loan forgiveness for borrowers tricked into taking out costly private loans.

   The bill also repeals the Department of Labor's fiduciary rule, which simply ensures that financial advisers put their retirement clients' interests first.

   Workers getting ready to retire often seek assistance in making what would be the biggest financial decision in their life. Let's be clear: many of these just set aside a few hundred dollars a month throughout their career, and now have hundreds of thousands of dollars to invest. They are counting on their financial adviser to do right by them and their families. This rule simply says that they have to do right for the families and the workers, not what may generate the highest fees.

   Mr. Chairman, this bill undermines key policy priorities impacting student loans and retirement savings. We should stand up for students and retirees and reject this bill.