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Rep. Brat Supports Passage of Financial CHOICE Act

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Washington, June 9, 2017 | Juliana Heerschap (202-225-2815) | comments
WASHINGTON - Rep. Dave Brat (R-Va.) issued the following statement after the House of Representatives passed H.R. 10, the Financial CHOICE Act by a vote of 233-186. The Financial CHOICE bill repeals the job-killing regulations put in place by the Dodd-Frank Act.

“The first step any farmer, small business owner, entrepreneur, or family must take to transform their dreams into reality is accessing a loan. Unfortunately, the compliance and regulatory burdens enacted by Dodd-Frank severely limit lending and credit options for too many Americans. Dodd-Frank wrongly placed the cost of Wall Street’s irresponsible lending practices on the backs of local businesses and taxpayers.

Small local financial institutions never caused the financial crisis yet they were forced to shoulder the weight of Dodd-Frank’s regulations while big banks easily hired compliance officers to analyze the thousands of pages of regulations coming from bureaucrats in Washington.

The Financial CHOICE Act rolls back Dodd-Frank regulations that are making access to capital and credit nearly impossible for too many responsible Americans. It repeals the Department of Labor’s Fiduciary Rule, puts a halt to taxpayer-funded bailouts of Wall Street, and ensures no company is ‘too big to fail.’ Additionally it enacts the toughest penalties in history on financial institutions engaged in fraud and deception while requiring more oversight and transparency at the Federal Reserve to ensure all aspects of their operations can be audited."
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