CHOICE Act passes committee
This week the Financial Choice Act, which I introduced, passed the Financial Services Committee. This legislation will end bank bailouts, toughen penalties for wrongdoing on Wall Street, promote economic growth, and provide desperately needed regulatory relief for small community banks and credit unions.
The Financial CHOICE Act ends the Dodd-Frank Act’s taxpayer-funded bailouts of large financial institutions and imposes the toughest penalties in history on those who commit fraud and insider trading. The bill also demands greater accountability from Washington regulators and relieves well-capitalized banks from growth-strangling regulations that slow the economy and harm consumers.
The Financial CHOICE Act ends bailouts so Washington can never again pick taxpayers’ pockets and hand the money over to big banks. With the Financial CHOICE Act, the era of big bank bailouts and ‘too big to fail’ will be over. There will be bankruptcy for failed banks, not bailouts. And banks that qualify for much-needed regulatory relief will be so well-capitalized that they pose no threat to taxpayers or the economy. Our plan replaces Dodd-Frank’s growth-strangling regulations on small banks and credit unions with reforms that expand access to capital so small businesses on Main Street can grow and create jobs.
CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, received strong support from community banks and credit unions. Large financial institutions did not offer their support for the Financial CHOICE Act. Instead, Wall Street CEOs have said they do not support repealing Dodd-Frank.
