Walorski Votes for Relief for Main Street and Small Businesses

Thursday, June 8, 2017

Walorski Votes for Relief for Main Street and Small Businesses

Financial CHOICE Act Reins in Washington Bureaucrats, Holds Wall Street Accountable, Protects Consumers

WASHINGTON – U.S. Rep. Jackie Walorski (R-Ind.) today voted for legislation to undo the most damaging parts of the Dodd-Frank Act, which placed burdensome regulations on community financial institutions, limited job creators’ access to capital, and left taxpayers on the hook for Wall Street bailouts. The House passed H.R. 10, the Financial CHOICE Act, by a vote of 233 to 186.

“Dodd-Frank was supposed to protect consumers and hold Wall Street accountable, but instead it left taxpayers on the hook for big bank bailouts, squeezed Main Street, and made it harder for small businesses to create jobs,” Congresswoman Walorski said. “This commonsense bill will help reinvigorate our economy, free our community banks and credit unions from crushing regulations, and ensure Hoosiers can access the tools they need for financial independence.”

BACKGROUND

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010, imposed costly and complex regulations that many community banks and credit unions were unable to navigate or afford. These and other Dodd-Frank regulations have made many financial products and services more expensive and left consumers with fewer options. Small businesses and entrepreneurs have also faced greater difficulty accessing loans and other forms of capital. Meanwhile, taxpayers are still on the hook for bailing out “too big to fail” Wall Street firms if they collapse.

To protect consumers and taxpayers, boost economic growth and job creation, and provide relief to community financial institutions, the Financial CHOICE Act would:

Boost small businesses, innovators, and job creators.

  • The bill would increase access to investment and lending for America’s small businesses and entrepreneurs so job creators have the capital to expand and hire more workers.

Provide relief for Main Street.

  • It would roll back burdensome regulations that have harmed America’s community banks and credit unions, which play a critical role in economic growth and financial independence.

End taxpayer-funded Wall Street bailouts.

  • The CHOICE Act would repeal the authority under Dodd-Frank for taxpayer-funded bailouts of “too big to fail” banks and establish a new form of bankruptcy for large, complex financial institutions.

Rein in Washington bureaucrats.

  • This legislation would subject all financial regulators to the REINS Act, giving the people’s representatives in Congress an up-or-down vote on new regulations with a major economic impact. And it would require an economic cost-benefit analysis of all new financial regulations to ensure they don’t do more harm than good.

Hold Wall Street accountable for wrongdoing.

  • It would increase penalties the Securities and Exchange Commission (SEC) can seek for violations of securities laws, and it would give the SEC new authority to penalize fraud, deceit, and other financial crime that harm investors.

Protect consumers and increase financial choice.

  • The CHOICE Act would repeal the Department of Labor’s Fiduciary Rule, an Obama administration regulation that would impose burdensome restrictions on financial advisors and limit access to quality retirement planning advice, especially for low- and middle-income families. The bill would also reform the Consumer Financial Protection Bureau, rename it the Consumer Law Enforcement Agency, and make it accountable to both the executive branch and Congress.

Increase transparency of the Fed.

  • This legislation would modernize oversight of the Federal Reserve and direct the Government Accountability Office (GAO) to conduct an audit of the Fed.

Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.

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