In the wake of the 2008 financial crisis, Democrats promised that passage of the Dodd-Frank Act would reinvigorate a sluggish economy, protect consumers, and end bailouts, but it accomplished just the opposite.
Dodd-Frank resulted in burdensome regulations, and left consumers with increased fees, fewer products and limited choices. The number of banks offering free checking has been cut in half, and consumers have 50 million fewer credit cards to choose from since Dodd-Frank came into effect. This legislation levied more regulations on companies than all other laws passed during the Obama Administration combined.
This week, the House passed a very important jobs bill. The CHOICE Act repeals Dodd-Frank, creates accountability for Wall Street, and will grow our economy.
Dodd-Frank turned “too big to fail” into “too small to succeed.” Due to the arduous regulations, community banks and credit unions cannot keep up. On average, the United States loses one community bank every day, all while Wall Street received taxpayer bailouts. The CHOICE Act ends bank bailouts once and for all, and levels the playing field for credit unions and smaller banks.
Dodd-Frank’s regulations stifled economic growth following the 2008 financial crisis, so the CHOICE Act will help reduce obstacles to credit and strengthen our financial system to promote a more resilient economy. The CHOICE Act reduces the red tape that is facing our community banks, and allows them to work with America’s small businesses to provide them with greater access to capital and opportunity. Small businesses are the backbone of the United States’ economy, and the CHOICE Act gives them the services they need to hire, innovate, and grow their companies. America’s strength comes from Main Street, not Wall Street.
The CHOICE Act also holds Wall Street accountable by imposing the toughest penalties in history for financial fraud. In fact, Wall Street banks do not support the CHOICE Act, but are in support of Dodd-Frank, because they were the biggest beneficiaries of it!
The CHOICE Act passed the House 233-186 and will go to the Senate for consideration.
As your representative, I strongly opposed the Dodd-Frank Act, because I understood the crushing burden it would impose on our economy. I am proud to vote in support of the CHOICE Act to fix the damage that occurred to our community banks, Americans’ pocketbooks, and the economy by Dodd-Frank.
It is an honor and privilege to represent you and Texas in the United States House.
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