The following is a message from Heritage Action the Financial CHOICE ACT (HB 10):
“Congressional Republicans consistently campaign on the principles of free markets and limited government, and now they have an opportunity to follow through with meaningful legislation.
Later this week, the House will vote on the Financial CHOICE Act (H.R. 10). This bill, introduced by Rep. Jeb Hensarling and based on the ideas of The Heritage Foundation, takes major steps toward repealing some of the most harmful parts of the Dodd-Frank financial overall.
President Obama and huge Democrat majorities in Congress forced Dodd-Frank on the American people in response to the housing collapse and financial crisis of 2007-08. This burdensome new regulatory regime imposed 3,500-plus pages of new rules and regulations on the financial industry, codified “too big to fail” policies, and put taxpayers on the hook for failed banks.
Dodd-Frank not only hurts community banks, small business and consumers, it also created one of the most powerful and unaccountable federal agencies — the Consumer Financial Protection Bureau (CFPB).
Passing CHOICE would protect taxpayers, provide regulatory relief, help restore economic growth, rein in the unaccountable CFPB, and push the government out of the business of enacting price controls.