The movie is inspired by the 1970s housewives-turned- activists who are at the center of Will Battersby's upcoming documentary "The Canal", reported Deadline.
The story will follow a band of working class women from the titular New York neighbourhood who stood up to government power and the chemical industry, ultimately pressing President Jimmy Carter to approve relocating their families from houses built atop lots previously used as toxic chemical dumping grounds.
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Brad Desch has penned the screenplay.
Arquette is also producing the project with Safe House's Tory Tunnell and Battersby.
Arquette, 49, previously directed a pair of episodes from her NBC series "Medium" in 2009.