https://i1.wp.com/genderpolicyreport.umn.edu/wp-content/uploads/2017/06/creditscore2-edit.jpg?fit=575%2C250 250 575 Debra Fitzpatrick http://genderpolicyreport.umn.edu/wp-content/uploads/2016/12/gendereport.png Debra Fitzpatrick2017-06-20 14:52:442017-06-20 14:52:44Impacts of the Financial CHOICE Act on Transgender People
On June 8, 2017, the House of Representatives passed the Financial CHOICE Act. If signed into law, this Act will roll back numerous regulations set in place by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. News reporting about this Act has centered on the government’s role in Wall Street bail-outs and the risks and benefits of regulating how financial advisors invest consumers’ money. Analysis of its gendered and racialized impacts by contrast have been markedly absent. Beyond eliminating regulations for financial institutions, the Financial Choice Act also threatens to dismantle the Consumer Financial Protection Bureau (CFPB), an independent government agency that investigates exploitative financial practices on the behalf of U.S. consumers. If signed into law, the Financial Choice Act would dramatically reduce the resources individuals have to challenge incorrect, outdated or damaging information about them in their credit reports, a change that holds significant consequences for people of color and transgender individuals.