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Thursday, May 4, 2017

Committee Approves Financial CHOICE Act to End Bank Bailouts, Promote Economic Growth

Legislation to 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 passed the House Financial Services Committee 34-26 today.

The legislation – 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.

Housing and Insurance Subcommittee Chairman Sean Duffy (R-WI) said, "Millions of Americans are still suffering from President Obama’s economic policies, and the disastrous Dodd-Frank Act. Since it was shoved through Congress, bank fees have gone up, free checking is all but gone, and small community banks have been choked out of existence. Dodd-Frank’s regulations have made it harder to achieve the American Dream. Thankfully, under Chairman Hensarling’s leadership, there is a better way. The Financial CHOICE Act is an off-ramp from Dodd-Frank’s rules and regulations, will help restore our small community banks and credit unions to their important role in our communities, and will jumpstart economic growth. I am pleased that several of my ideas are incorporated into the bill, including reining in the CFPB by prohibiting them from soliciting information on non-public personal information without your permission, putting a stop to the CFPB's wasteful use of taxpayer dollars, and making significant changes to the SEC on the registration of proxy advisory firms that prohibit unfair, coercive, and deceptive practices."

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