McKinley: Lifting Burdensome Regulations will Help Main Street

Washington, D.C. - Today the House acted to reduce barriers holding back small businesses and limiting consumer choice by passing the Financial CHOICE Act (H.R. 10). The CHOICE Act reforms many of the financial regulations and policies imposed under the 2010 Dodd-Frank Act."In the aftermath of the 2008 financial crisis, Congress passed Dodd-Frank based on promises to rein in Wall Street and protect consumers," said McKinley. "Yet these promises have not come true."

Today the House acted to reduce barriers holding back small businesses and limiting consumer choice by passing the Financial CHOICE Act (H.R. 10). The CHOICE Act reforms many of the financial regulations and policies imposed under the 2010 Dodd-Frank Act.

“In the aftermath of the 2008 financial crisis, Congress passed Dodd-Frank based on promises to rein in Wall Street and protect consumers,” said McKinley. “Yet these promises have not come true.”

“Unfortunately, under Dodd-Frank the big banks have only grown bigger, while small community banks and credit unions are closing at an alarming rate of one per day,” said McKinley.

“Instead of helping consumers, the Dodd-Frank system has limited access to credit for small businesses and hard-working families across West Virginia,” McKinley added.

“While the intentions behind Dodd-Frank may have been good, the heaviest burdens of its expansive regulations and rules fell on Main Street, not big banks on Wall Street,” said McKinley. “Small businesses eager to expand can’t get credit and first-time homebuyers are denied access to affordable mortgages.”  

“This bill will provide relief for millions of Americans who have been hurt by the unintended consequences of these regulations,” said McKinley. “We are taking a step to create jobs and expand investment in communities across America.”       

Background

The Financial CHOICE Act contains a number of reforms including:

·         Preventing taxpayers from being on the hook for bank bailouts and ending “Too Big to Fail;”

·         Increased penalties for fraud to hold Wall Street accountable;

·         Regulatory relief for small community banks and credit unions;

·         Improving access to capital for small businesses and entrepreneurs; and

·         Making the Consumer Finance Protection Bureau (CFPB) more transparent and accountable to protect consumers and taxpayers.

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