Upton, House Advance Financial CHOICE Act
Straightforward legislation would replace Dodd-Frank overreach, end taxpayer funded Wall Street bailouts, hold big banks more accountable
U.S. Rep. Fred Upton, R-St. Joseph, today joined colleagues in the U.S. House of Representatives in advancing H.R. 10, the Financial CHOICE Act, by a vote of 233 to 186.
“We all remember the devastating consequences of the Great Recession. Many folks here in Southwest Michigan lost their jobs, their homes, and their sense of financial security. In response, Congress attempted to crack down on Wall Street with the Dodd-Frank Act. Unfortunately, the act also cracked down on small, community-based financial institutions and the job creators that rely on them.
“As a result, smaller community banks are being driven out of the market. Approximately 1,900 banks, many of which were community-based, have disappeared since Dodd-Frank become law. That is unacceptable as these institutions are invested in our communities and are often run by our friends and neighbors. Small businesses also suffered from excessive costs and confusion from overlapping regulations, making it harder for them to hire more workers and grow.
“The Financial CHOICE Act provides real Wall Street accountability. It ends taxpayer funded bailouts for ‘too-big-to-fail’ Wall Street banks, creates the toughest penalties for Wall Street misdeeds in history, and ensures community-based financial institutions and small businesses can continue to serve Main Street and grow our local economies. The CHOICE Act is a good start and I look forward to seeing the U.S Senate pick up our work.”
In 2010, Upton voted against Dodd-Frank – a 2,300-page rewrite of America’s financial laws. This sweeping law, which passed the House strictly along party lines, imposed significant costs on the economy, consumers, investors, small businesses, and jobs. Upton has since advocated for common-sense, bipartisan policies that would reel in Wall Street while also providing much needed regulatory relief for community banks and small businesses.
The CHOICE Act is supported by more than 50 groups including the Michigan Bankers Association, the American Civil Rights Union, the American Financial Services Association, the Chamber of Commerce, the Credit Union National Association, the Independent Community Bankers Association of America, the Mid-Size Bank Coalition of America, the National Federation of Independent Business, and the Small Business and Entrepreneurship Council.