Congressman Williams Statement on Passage of the Financial CHOICE Act
WASHINGTON, DC – Congressman Roger Williams (R – Austin), a member of the House Committee on Financial Services and Vice Chair of the Subcommittee on Monetary Policy and Trade, released the following statement Thursday after the U.S. House of Representatives passed the Financial CHOICE Act, H.R. 10.
“When Dodd-Frank was first passed in 2010, President Obama and Congress promised to crack down on Wall Street while protecting the American people and small businesses from unfair, deceptive practices. Instead, what we got was 2,000 pages of yet another Washington gimmick that did little to fix the problems that crippled our economy. Back home in Texas, community banks floundered, and consumers were met with the creation of one of the most unaccountable government agencies in the history of the United States, the Consumer Financial Protection Bureau (CFPB).
“I am proud to have cast my vote in favor of a bill that not only provides small community banks and credit unions with much needed relief, but also holds unelected Washington bureaucrats accountable. The CHOICE Act, ends “too big to fail,” while providing hardworking Americans access to consumer credit products they want and need.
“Over the last 12 years, 55 billion dollars in unnecessary regulatory costs have been levied by our financial regulators. That is why this bill incorporates a provision I introduced last year that will require congressional authorization for all regulations causing an economic impact of 100 million dollars or greater.
“Ultimately, the CHOICE Act will strengthen our financial system and grow the American economy, all while reducing our national deficit. Main Street America deserves better, and I am proud to support its passage."
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