House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement after the house passed the Financial CHOICE Act. Introduced by Chairman Jeb Hensarling (R-TX) and his colleagues on the Financial Services Committee, the bill repeals the job-crushing regulations brought on by the Dodd-Frank Act. For more on this bill, click here.
“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.”
NOTE: Chair McMorris Rodgers led yesterday’s leadership stakeout press conference and shared feedback she received from small business owners in her Eastern Washington district about how Dodd-Frank is making growth more difficult. Click here to view her remarks. The Financial CHOICE Act is the product of a long, open, and transparent process that included several hearings in the Financial Services Committee regarding the impact of Dodd-Frank. Click here for more background on the Committee’s work on this bill.