Bishop Applauds House Passage of Financial CHOICE Act
WASHINGTON – The House passed the Financial CHOICE Act (H.R. 10) on Thursday, repealing Dodd-Frank provisions that hurt community banks and hold taxpayers responsible for Wall Street bailouts. In response, Congressman Mike Bishop issued the following statement:
“The Financial CHOICE Act is about undoing some of the biggest regulatory burdens of the last administration and unleashing our economy’s true potential. Dodd-Frank has been an inadequate response to the recession, allowing big banks to get bigger under the slowest recovery in the last 70 years.
“Instead, the Financial CHOICE Act puts hardworking taxpayers first. It ends big bank bailouts, supports our community banks and credit unions, and imposes the harshest penalties ever for deception and fraud on Wall Street. Our legislation will help Main Street grow and families get ahead, and that’s how it always should be.”
Key points of the Financial CHOICE Act include:
Ending “too big to fail” and bank bailouts;
Demanding Wall Street accountability through enhanced penalties;
Demanding accountability from financial regulators and devolving power away from Washington;
Providing for election to be a strongly capitalized, well managed financial institution;
Unleashing opportunities for small businesses, innovators, and job creators by facilitating capital formation;
Providing regulatory relief for Main Street and community financial institutions;
Empowering Americans to achieve financial independence by fundamentally reforming the CFPB and protecting investors and retirement savings.
More information from the House Financial Services Committee can be found here.