On Wednesday, House Financial Services Committee Republicans brought in outside heavy hitters to lift up the Financial CHOICE Act.

Friday, it was the Democrats’ turn to have their experts knock it down in the Financial Services Committee room.

Luminaries from the American Enterprise Institute, the Heritage Foundation and other conservative think tanks gave way to notables from the Consumer Federation of America, Americans for Financial Reform and the alike.

“It makes a real difference to have a Democratic panel,” said New York City Representative Carolyn Maloney.

The bill aimed at undoing many of the provisions of the Dodd-Frank Act is expected to clear the House easily on a heavy Republican vote. However, it is doubtful the Senate would pass it whole hog with Senate Banking Committee Chair Mike Crapo indicating he wants bipartisan tweaking of the financial regulatory reform law rather than an overhaul.

Massachusetts Democratic Senator Elizabeth Warren kicked off the session by arguing what she and other party leaders are calling the “Wrong CHOICE Act” doesn’t solve a real problem with the economy and the financial system.

She accused Congressional Republicans of using the legislation to please Wall Street by throwing working families under the bus.

The bill would probably end Securities and Exchange Commission administrative enforcement since accused offenders could opt to go to court, which the vast majority would probably do, Columbia University Law Professor John Coffee said.

“Administrative proceedings permit the SEC to litigate at lower cost and more quickly. The slower the SEC must go, the more wrongdoers escape sanctions,” said Coffee, who has long been one of the Financial Service Committee Democrats’ favorite academics.

Consumer Federation of America Fellow Rohit Chopra said the legislation would destroy the Consumer Financial Protection Bureau.

Chopra, who was the CFPB’s first student loan ombudsman, claimed if the bill becomes law it would be a message from Congress it was turning its back on millions of student loan borrowers.

A warning the CHOICE Act would expose investors and the securities markets to significant, unnecessary risks came from the North American Securities Administrators Association’s contributor to the hearing, Maryland Securities Commissioner Melanie Lubin.

Lubin said the bill would needlessly expose unknowing investors to bad actors by allowing them to participate in private Regulation D offerings.

She added that the legislation’s requirement for coordination of regulation at all levels of government would impose Washington’s bureaucracy, red tape and priorities on state securities regulators.

In addition, Lubin attacked the bill for killing the Department of Labor’s fiduciary rule.

Council of Institutional Investors Executive Director Ken Bertsch said bill would weaken critical shareholder rights that investors need to hold management and boards of public companies accountable.

He cautioned the legislation would mean much higher costs for pension funds through making due diligence through proxy advisors more difficult.

While opposed to the bill as a whole, California Democratic Rep. Brad Sherman mentioned there are a number of provisions of the CHOICE Act that Democrats could support.

However, the lead Democrat on the Committee, fellow Californian Maxine Waters, said she couldn’t think of any.