NTU urges all Representatives to vote “YES” on H.R. 10, the “Financial CHOICE Act of 2017.” This legislation repeals the arduous regulations of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, delivering relief for consumers, small businesses, and community banks.
The enactment of Dodd-Frank has caused the power and market share of Wall Street banks to grow at the expense of community banks. The “one-size-fits-all” regulatory burdens in Dodd-Frank have crushed community banks which just do not have the same manpower and resources as large banks. The CHOICE Act repeals these regulations and increases access to credit for millions of Americans who want to purchase a home or start a business. In addition, this bill officially ends Dodd-Frank’s “too-big-to-fail” provision through the replacement of bailouts with structured bankruptcy. The CHOICE Act also shutters the Financial Stability Oversight Council, which arbitrarily designates firms as a Systemically Important Financial Institution, a designation that mandates unique regulation by the Federal Reserve.
Significant changes are brought to the Consumer Financial Protection Bureau (CFPB), an independent agency created by Dodd-Frank that monitors financial institutions with little oversight by Congress. The CHOICE Act reverses the rule in Dodd-Frank which exempts the CFPB from the Congressional appropriation process. Additionally, the supervisory functions of the agency will be eliminated and will only be responsible for enforcing the enumerated consumer protection laws.
Roll call votes on H.R. 10 will be included in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Policy and Government Affairs Associate Thomas Aiello at (703) 683-5700