U.S. House approves major financial reform legislation co-sponsored by Congressman Pittenger
FOR IMMEDIATE RELEASE
OPPORTUNITY FOR ALL, BAILOUTS FOR NONE
U.S. HOUSE APPROVES MAJOR FINANCIAL REFORM LEGISLATION CO-SPONSORED BY CONGRESSMAN PITTENGER
WASHINGTON – The U.S. House of Representatives has approved major financial reform legislation, co-sponsored by Congressman Robert Pittenger (NC-09), to repeal and replace the failed Obama-era Dodd-Frank financial legislation.
The Financial CHOICE Act (H.R. 10):
- Imposes the toughest penalties in history for Wall Street fraud.
- Ends taxpayer-funded bailouts of Wall Street.
- Provides relief for community banks and credit unions. Under Dodd-Frank, North Carolina has lost 50% of its banks due to the cost and complexity of complying with regulations intended for Wall Street banks.
- Restructures the currently-unaccountable Consumer Financial Protection Bureau, which the D.C. Court of Appeals calls “unconstitutional” and a “threat to individual liberty.”
- Increases access to capital for small businesses, entrepreneurs, and start-ups through two dozen specific reforms.
- Allows local banks to focus more on serving local customers, instead of filling out needless paperwork for Washington bureaucrats.
“President Obama and Nancy Pelosi thought 27,669 new rules would lead to a financial utopia. Instead, Dodd-Frank made Wall Street banks even bigger and more powerful, guaranteed future taxpayer bailouts, and made it harder for ordinary Americans to access financial services,” said Congressman Pittenger. “Maintaining the status quo is not acceptable.
“Today, my colleagues in the U.S. House joined me in passing the Financial CHOICE Act. We’ve actually increased penalties on Wall Street and ended taxpayer bailouts. Our legislation will make it easier for small businesses to access the capital they need to grow and create jobs. We are protecting the consumer and helping the economy take off. This is a big win for the American people.”
The Financial CHOICE Act (H.R. 10) passed the U.S. House of Representatives this afternoon by a vote of 233-186.