VIDEO: Pittenger on ending "too big to fail"
FOR IMMEDIATE RELEASE
CONGRESSMAN PITTENGER JOINS FINANCIAL SERVICES COMMITTEE TO APPROVE LEGISLATION ENDING BAILOUTS, PROMOTING SMALL BUSINESS AND MAIN STREET GROWTH
WASHINGTON – The Dodd-Frank financial reform legislation was supposed to end “too-big-to-fail”, help consumers, and protect the economy.
“To be blunt, the legislation has failed on every objective,” said Congressman Robert Pittenger (NC-09), who today joined his colleagues on the House Financial Services Committee to approve the Financial CHOICE Act, which will repeal and replace Dodd-Frank.
Click here for full video of Congressman Pittenger’s video update on the Financial CHOICE Act, which will end “too big to fail,” increase penalties for financial fraud, and provide better access to capital for small businesses and entrepreneurs.
“Under President Obama and the Dodd-Frank Act, the pendulum of regulation swung too far and severely impeded the economy. The Financial CHOICE Act cuts unnecessary red tape to allow entrepreneurs and small businesses access to credit and capital to grow and create jobs and enable hardworking Americans to build the life they choose in a growing economy,” explained Congressman Pittenger in a video update for constituents.
The Financial CHOICE Act (H.R. 5983):
- Eliminates Wall Street bailouts: Repeals the Dodd-Frank authority of the Financial Stability Oversight Council to designate firms as “systemically important financial institutions,” which virtually guaranteed future taxpayer bailouts. Creates a new chapter in the bankruptcy code to accommodate the failure of large financial institutions without taxpayer bailouts.
- Protects consumers by increasing penalties for financial fraud.
- Removes unnecessary regulations on small businesses and community banks: Dodd-Frank requires small businesses and community banks to be regulated to the same degree as massive Wall Street banks. This unnecessary regulation makes it hard for small businesses to grow and create jobs.
- Removes Dodd-Frank’s Soviet-style, centralized planning controls over the American economy, including a provision to replace the Consumer Financial Protection Bureau’s single, unaccountable “financial dictator” with a bipartisan, five-person commission.
The Financial CHOICE Act was approved by the House Committee on Financial Services by a 30-26 vote and will now be sent to the full U.S. House of Representatives for consideration.