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Congresswoman Claudia Tenney Applauds the Passage of the Financial CHOICE Act

CHOICE Act Passes House of Representatives

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Washington, DC, June 8, 2017 | comments

Today, Congresswoman Claudia Tenney (NY-22) released the following statement after voting in favor of the Financial CHOICE Act of 2017, H.R. 10:

“In the aftermath of the 2008 financial crisis, Washington liberals passed the Dodd-Frank Act with the promise that this sweeping legislation would provide a stronger, healthier economy. Instead, Americans have seen the worst economic recovery in 70 years. Hardworking taxpayers have seen their paychecks stagnate, mortgages have grown increasingly expensive and small business owners are unable to access the capital they need to grow their businesses and create jobs. For too long, Main Street America and hardworking families have suffered under the burdens of Dodd-Frank’s complex, onerous regulations.

Under Dodd-Frank, $36 million in regulatory fees have been imposed on our economy, forcing community banks and small businesses to hire armies of costly compliance officers to keep up with the increasing, overlapping regulations. These regulations have increased costs for both banks and consumers, driving community banks to near extinction while making big banks even bigger. On average, America loses one community banks per day.

Dodd-Frank has failed to grow our economy or protect consumers.

The Financial CHOICE Act will grow our economy from Main Street up, not Wall Street down. It will require financial institutions to be strongly capitalized to lay the groundwork for a stable resilient financial system that can support a robust economy. The Financial CHOICE Act will end ‘too big to fail’ and taxpayer funded big bank bailouts, saving the taxpayers nearly $30 billion. It holds both Washington and Wall Street accountable by imposing toughest penalties on those who commit financial fraud in history.

Passing the Financial CHOICE Act is the first step in unleashing our economy, promoting growth in rural areas like the 22nd District and empowering all Americans to achieve financial independence.”

Today, Rep. Tenney authored an op-ed for RealClearMarkets.com. Read the article online here.

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Tags: Economy

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