There are plenty of distractions out there, but one thing is for certain: House Republicans are hard at work offering relief from Obama-era regulations that have been hurting families and killing jobs across this country.
We’ve used the Congressional Review Act to cut the red tape — and a historic 14 of these were signed into law. And yesterday, we took a sledgehammer to Dodd-Frank.
So, what we’re saying is, what we did was a really big deal.
When we passed the Financial CHOICE Act, we made a CHOICE to help families, small businesses, farmers, and community credit unions and banks get ahead. We’re proud of our work to dismantle regulations — and we have no plans to stop.
We’re so excited about this bill, we were EVERYWHERE! TV, social media, radio, and print — we did it all! Check it out:
“It has been seven years since the Dodd-Frank Act was passed, a monumental triumph of ideology over compassion and common sense. All of the promises of Dodd-Frank were broken. It promised us it would lift the economy, but we were stymied in the weakest and slowest recovery in the post-war era. It has codified too big to fail into law and backed it up with a taxpayer bailout fund. It promised us that it would lead to a more stable economy. But instead, the big banks are bigger, the small banks are fewer. …They promised us, Mr. Chairman, that it would help the consumer, but instead we see free checking cut in half at banks, banks’ fees are up. Every promise of Dodd-Frank was broken.”
“There is a better, smarter way. It’s called the Financial CHOICE Act and it’s going to create hope and opportunity for investors and consumers and entrepreneurs and stands for economic growth for all, but bank bailouts for none.”
“I was the director of a small community bank for 12 years…I was a director before Dodd-Frank and after Dodd-Frank, and I could see the differences and the unintended consequences. Dodd-Frank went too far. It put an unnecessary burden on our small community banks.”
“Something as simple as free checking has become burdensome under the dominion of Dodd-Frank, as 75 percent of banks offered this product before the law was passed, and just two years later only 39 percent of banks offered free checking. But our Republican-led Congress has a better way – The Financial CHOICE Act, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. And that’s exactly what we’re going to do: provide you with the financial opportunities you deserve.”
“Dodd-Frank has effectively closed off the world’s most powerful economy to entrepreneurs and small business owners. Dodd-Frank prohibits the small guy who can’t afford to comply with these massive regulations from accessing the financing he needs. Today, Congress is working on legislation that will reverse this process and, once again, sow the seeds of prosperity on Main Street, not just Wall Street.”
Rep. Claudia Tenney (R-NY) in Real Clear Markets: Thanks to Dodd-Frank, The Dreamers Are Being Suffocated
“Every successful company in our nation started as a small enterprise on a Main Street somewhere in America. …The key to driving their success was the ability to start small and scale big. Under Dodd-Frank, too many Americans with the drive and passion to create and innovate haven’t had the opportunity to turn the outlines of their dreams into concrete realities.”
Rep. Trey Hollingsworth (R-IN) in The Daily Signal: This Bill Would Free Main Street From the Grip of Washington
“The CHOICE Act will hold Washington accountable. For too long, faceless and unelected bureaucrats have maintained a sense of privilege and arrogance that stems from their belief that they know not only what is best for themselves, but what is best for the American people. In Washington, part of the obligation for those of us who are sent here to represent our communities is to protect economic liberty for those back home. The American dream is still alive and yet, it has not thrived as it should due to the environment created by the disaster that is Dodd-Frank.”
“Everyone deserves a chance to realize their version of the American dream. The CHOICE Act is a bold step toward achieving the American priority of faster economic growth and job creation, and expanded economic opportunity for Every American.”
“House Republicans want every American to have the opportunity for a better life. For business owners, farmers, and families who want to buy a home, that opportunity can start by getting a loan. Dodd-Frank has been devastating for our smaller financial institutions and the communities they serve. Thousands upon thousands of pages of regulations dried up lending choices, forced many on Main Street out of business, and put taxpayers on the hook for bad decisions made by Wall Street.
“Our Financial CHOICE Act protects consumers and finally ends ‘too big to fail’ and big bank bailouts — something Dodd-Frank didn’t achieve. With the Financial CHOICE Act, we’re giving the little guy a fighting chance. I’m proud of Chairman Hensarling and the Financial Services Committee for their hard work on this bill, and I encourage the Senate to swiftly consider it.”
“It’s time to hold Wall Street accountable and offer opportunity to the Middle Class. That’s why I’m voting for the Financial CHOICE Act. …we end taxpayer bailouts of Wall Street, we slap some of the toughest penalties in history against financial fraud and insider trading, we encourage big banks to be even more careful with their balance sheets, we rein in the CFPB…we make credit more accessible for the average American.”
“There are 2,000 fewer banks in this country. We see free checking cut in half. We see fewer and more expensive credit cards. We see lack of access to products like home equity loans. We see overdraft protection going away. Financial services and products that help consumers are being taken out of the financial services market. That doesn’t help consumers — that hurts consumers.
“The question to my friends across the aisle: have big banks because of Dodd-Frank gotten smaller or have big banks gotten bigger because of Dodd-Frank? The answer: big banks have gotten bigger. In Wisconsin, the small community banks and credit unions that help provide capital to our families — they are going out of business and big Wall Street banks don’t set up shop in rural Wisconsin. The little guy is getting hurt. …look at who supports the Financial CHOICE Act: independent community bankers, National Association of Credit Unions, Credit Union National Association. Credit unions and small banks support this bill. …big banks hate this bill.”
[The Financial CHOICE Act] is a much-needed tune up in terms of giving people, small businesses…some relief to get the financial system back to normal. It’s going to help credit unions, it’s going to help community banks. In my district, there’s only two left.”
“Today, we take a step forward. We take a step forward to putting people back in power, to letting our community and our credit union banks get back to doing what they do best and that’s treating their community and their people with respect, finding loans, opening up possibilities…The Republican majority is moving forward. We have a new Supreme Court Justice. We have passed 14 CRAs, rolling back almost $18 billion in compliance costs,…we began the process of…replacing a failed health care system…We believe that the Spirit of America is found in the individual hometowns and the in the individual spirits that live there, not in a government that’s controlled completely from Washington, D.C. …the CHOICE Act is a fulfillment of a promise, and there are many more to come.”
“Before Dodd-Frank was passed, the five largest banks had 22 percent of total deposits in this country. Now they have about 45 percent. Dodd-Frank has helped the big giants…it’s been a very bad thing for the small towns and the rural areas and the smaller cities because it’s closed up some of the smaller community banks that were really out there helping the small businesses that are struggling in this country.”
“Despite the rhetoric and whatever its intentions, since Dodd-Frank’s passage, home ownership is down, way down. Lowest level seen in 20 years. Car loans and small business loans are much harder to get, too. Simply put, Dodd-Frank has been great for federal regulators and even big banks, but very bad for Hoosier consumers. The Financial CHOICE Act changes that.”
“The Dodd-Frank Act has really been a great hardship on small banks, community banks, mid-sized banks not just in my home state of Mississippi, but all over the country. …the big banks were [involved in the crisis] but it put everybody into the same pot….you lose so much flexibility under Dodd-Frank.”
“Dodd-Frank has had a crushing impact on the ability of families and small businesses to access loans and the financial products they need and deserve. Half of what community banks did prior to Dodd-Frank was lending to small businesses. Now it’s down to 20 percent of what they do. That’s as a result of massive regulation that came about as a result of Dodd-Frank.”
“Nearly seven years ago the American people were promised that the Dodd-Frank Act would end Washington bailouts, protect consumers, and lead to a more prosperous economy. Instead, the big banks and the influence of the federal government have continued to get bigger while smaller, local community banks and credit unions are closing up shop…[the Financial CHOICE Act] gives us an opportunity to return the power to the little guy or gal who wants to create a better life for themselves.”
“As I held roundtables across West Virginia, I heard from small business owners and job creators that Obama-era regulations make it harder for community banks to make loans to small businesses and first time home buyers.”
“A few months ago, in Texas alone, 3,358 state or federally charted banks have either closed or merged since 2010 when Dodd-Frank became law. …to my friends on the other side of the aisle, I will leave you with this: If you support crushing regulations that have hurt our community banks, our credit unions; if you support taxpayer-funded bailouts; if you support an agency that is accountable to none; and if you support less accountability for both Washington and Wall Street, then would you please vote against [the Financial CHOICE Act].”
“At the peak of a financial crisis, Democrats passed legislation aimed at helping consumers and small businesses. Seven years later, we learned the truth: Dodd-Frank didn’t help them; it destroyed the community banks small businesses owners depend on. In fact, 56 local banks in Florida have either closed or merged since 2010. [Yesterday], House Republicans voted to change that, supporting the community banks and credit unions that help our local communities. By making it easier for entrepreneurs to gain access to capital and removing bureaucratic red tape that hinders innovation, the Financial CHOICE Act encourages and incentivizes job growth.”
“I am proud to have supported and helped pass the CHOICE Act, critical legislation which is so important to grow our economy, roll back many of the harmful regulations seen in Dodd-Frank, and strengthen our community banks and credit unions.”
“The Dodd-Frank Act was an overreaction to historic crisis within our financial industry that never actually addressed the problem. Instead, it overcorrected and relied too heavily on government to solve what only the free market can. The Financial CHOICE Act strays from the “Washington-knows-best” attitude and rightly bets on the American consumer and the free market. That is why I will be voting yes on this legislation.”
“I want to thank Chairman Hensarling and the entire Financial Services Committee for their leadership on this important legislation. The Financial CHOICE Act answers a need at the very heart of our economy. We have heard about this need time and time again from our constituents back home. I sure have. Small businesses are struggling. They have been unable to hire, invest or get the loans they need to get off the ground. Families looking to keep their money safe are hit with fees they can’t afford. And why? Our community banks are in trouble….The CHOICE Act reins in Dodd-Frank and delivers the regulatory relief these banks so desperately need. This will change our communities because these small banks are the lifeblood of our Main Streets.”
“The Dodd-Frank Law is an example of over-regulation costing jobs. Forty-two community banks in New Jersey have been put out of business since the enactment of Dodd-Frank. Despite having nothing to do with the financial crisis, community banks, their hundreds of employees and thousands of customers have felt the brunt of this law. The Choice Act repeals onerous provisions of the law and ends ‘too big to fail,’ putting big banks on notice that they – not taxpayers – will be on the hook for risky investments.”
“Talking to bankers about the CHOICE ACT. Seems big banks aren’t too wild about it. Local/Community banks and credit unions love it.”
“The Financial CHOICE Act benefits everyday Americans by reining in Washington bureaucrats and freeing up money to invest in hometown projects. Wall Street banks that benefited during the Obama Administration oppose today’s bill because they enjoy advantages the status quo provides them over Michigan community banks and credit unions.”
“Under Dodd-Frank, the only winners are big Wall Street banks, while our Main Street businesses and community banks suffocate under the mountain of red-tape and confusing, costly regulations, resulting in, on average, one community bank closing per day….I’m thankful to House Financial Services Committee Chairman Jeb Hensarling, and the entire committee for their tireless work on moving this bill forward, and encourage the Senate to act swiftly to pass this critical legislation and send it to President Trump’s desk so he can sign it into law.”
“It should be no surprise that Washington regulators overreached in response to the real estate meltdown and resulting recession. They should have targeted for closer supervision a dozen or so huge Wall Street banks and financial companies with tentacles extending throughout our economy. Instead, the bureaucrats cast their nets far and wide and caught our small Maine financial institutions in their suffocating regulations.”
“When I talk to the people of North Carolina, a common sentiment I hear is the American Dream is fading. This concern becomes reality driving on Front St. in Burlington or Steele St. in Sanford, observing the vanished local banks that used to serve as the epicenter of growth for our community. Burdening regulations have diminished the backbone of our local economy and the true cost can only be measured in small businesses not started, workers not hired and dreams not filled. With our vote on the Financial CHOICE Act, we can start to reverse course and upend the country’s historically slow economic recovery, while placing the stiffest penalties in history on Wall Street abuse.”
“For the past few years, small business owners could no longer go to their friend from church that also worked at the community bank to apply for a small loan for their business. Dodd-Frank really tied the hands of our local banks and how we do business in East Alabama. The Obama Administration treated small banks like they were responsible for the financial crisis of 2008 instead of Wall Street. This bill makes sure no company can be designated as ‘too big to fail’ and should help level the playing field as well as rein in the CFPB.”
“For far too long, consumers and small businesses have been forced to comply with costly and burdensome regulations stemming from the Dodd-Frank Act. In fact, more than 150 community banks have closed in North Carolina because of the law. Under a unified Republican government, Congress is working to reverse the mentality of ‘government knows best’ with policies that will jumpstart our economy, provide much-needed regulatory relief for small, community banks and create more opportunities for consumers, investors and entrepreneurs.”
“Over the last five months, I have worked with my colleagues in the House to provide regulatory relief to small businesses and families across Pennsylvania and the nation in order to get our economy moving again after years of stagnation. We have put Main Street – not Wall Street – at the center of our efforts. The Financial CHOICE Act will make it easier for community banks to provide capital to entrepreneurs who want to innovate and small business owners who are ready to grow and hire more workers. It ends taxpayer bailouts of Wall Street firms, cuts the deficit by $24 billion, and reins in unelected, unaccountable bureaucrats in Washington. It’s the type of reform we need.”
“The Financial CHOICE Act provides real Wall Street accountability. It ends taxpayer funded bailouts for ‘too-big-to-fail’ Wall Street banks, creates the toughest penalties for Wall Street misdeeds in history, and ensures community-based financial institutions and small businesses can continue to serve Main Street and grow our local economies. The CHOICE Act is a good start and I look forward to seeing the U.S Senate pick up our work.”
“One of the most deceptive things that Congress does is regulate one part of another industry for the problems created by another part. The community banks have nothing to do with the collapse in 2008. It was Wall Street. The people in New York. Those big banks. And yet the Dodd-Frank regulation kind of let them scoot by while many of the Main Street businesses and many of the Main Street banks have closed down.”
“Recently I was told about an Army National Guard member from North Little Rock in my district who was informed he would not receive a loan to purchase a manufactured home that would have been twice as large and less expensive than the 60-year-old house he was renting for his family. Or a hairstylist that we got a note from from Nevada County and her husband, a welder, were denied a loan to purchase a new home despite having a verifiable income. That’s why we need to repeal and replace [Dodd-Frank] with the Financial CHOICE Act.”
“Families and small businesses have suffered more than enough due to costly regulations and decisions from on high. Whether planning for retirement, opening a business, buying a home, or investing in the next big idea, the more than 27,600 regulations enacted by Dodd-Frank have affected our daily lives. This is unacceptable. So, we did something about it.”
“Whether in financial matters, health care, or more, consumer choice is crucial to a healthy economy. Irrespective of intent, the Dodd-Frank Act debilitated Main Street rather than defend it, and it resulted in fewer financial choices for American workers and businesses. It made the federal government larger and the small business owner smaller. To the tune of one per business day – including some right here at home – Dodd-Frank has driven far too many local lenders to close their doors, taking with them an irreplaceable commitment to the men and women with which they share their community. We can do better, and this bill is an enormous step in that direction.”
“If a rising tide lifts all boats, we need to make sure every American is in the boat. Repealing Dodd-Frank with the CHOICE Act lifts people back in so they can participate in America’s economy. It will reestablish the severed ties that link communities to the money they need to start businesses and hire employees. Bringing back the community banks that Dodd-Frank destroyed means that more people, not just the wealthy, will have access to credit.”