Babin Votes to Repeal Dodd-Frank, End "Too Big To Fail" Bailouts & Strengthen Financial Accountability
Press Release
U.S. Rep. Brian Babin (R-TX) voted this week to pass the Financial CHOICE Act (H.R. 10), which creates a more reliable and accountable financial system by repealing the most onerous provisions of Dodd-Frank that have hampered economic growth and job creation.
"Under Dodd-Frank, community banks have collapsed while big banks in New York and those with strong DC connections have only become larger and more powerful than ever," said Rep. Babin. "Dodd-Frank allows the largest hand full of banks to have a competitive advantage over smaller community banks and credit unions. This bureaucratic nightmare imposes a confusing and costly burden for Americans seeking a home mortgage and small businesses who want to expand and create new jobs.
"The House passed the CHOICE Act to replace Dodd-Frank with policies that will provide Americans with more financial choices and freedom while growing jobs and a healthy economy. The CHOICE Act strengthens financial accountability, imposes tougher penalties for financial fraud, ends taxpayer bailouts of the big banks and ensures that consumers have more choices. I am hopeful that the Senate will follow suit and send this critical piece of legislation to the President's desk."
The CHOICE Act includes important provisions that:
End taxpayer bailouts for large financial institutions by repealing Dodd-Franks' "Too Big to Fail" policies
Create more accountability for regulators
Ease burdens so that small businesses -- America's #1 job creators -- have greater access to loans from community financial institutions
Put in place policies that will enhance job creation and economic growth
Ensure that consumers have more choices, rather than have their choices limited by unelected government bureaucrats
Create greater financial certainty and better opportunities for Americans to save for their future
Hold the Federal Reserve accountable through greater transparency and audits
Impose stronger penalties for those who engage in insider trading or corruption
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