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Washington Examiner: Big banks wouldn't want GOP offer for fewer rules, CBO finds

By Joseph Lawler Megabanks would not be interested in the deal that House Republicans are offering them, Congress' in-house budget experts concluded in a report issued Thursday evening. House Republicans have advanced a bill, the Financial Choice Act, that would offer banks the option to get out of many of the new rules implemented in the wake of the 2008 financial crisis on the condition that they maintained a much higher level of capital. The premise behind the legislation, which the Financial...

Cordray Appearance Shows Democrats Use CFPB as 'Political War Machine'

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement about CFPB Director Richard Cordray’s decision to attend House Democrats’ weekly caucus meeting today: “Everyone knows Mr. Cordray will likely leave the CFPB soon and pursue political office in Ohio again, but his attendance at what amounts to nothing more than a Democrat pep rally shows just how partisan and politicized he and his supposed ‘independent’ agency truly are. Liberal elites in Washington...

The Article the New York Times Doesn't Want You to Read: The Financial CHOICE Act Ends Bank Bailouts

*Note: This was written in response to a column that appeared recently in the New York Times. The Chairman's response was submitted to the newspaper, which refuses to publish it. By Jeb Hensarling Far from ending bailouts, the Dodd-Frank Act institutionalized them and made them a permanent fixture of the regulatory toolkit. Dodd-Frank’s “Orderly Liquidation Authority” enables government officials, operating in secrecy, to decide which financial firms will “fail” and which of those firms’ credito...

Committee Approves Financial CHOICE Act to End Bank Bailouts, Promote Economic Growth

Legislation to end bank bailouts, toughen penalties for wrongdoing on Wall Street, promote economic growth, and provide desperately needed regulatory relief for small community banks and credit unions passed the House Financial Services Committee 34-26 today. The legislation – the Financial CHOICE Act – ends the Dodd-Frank Act’s taxpayer-funded bailouts of large financial institutions and imposes the toughest penalties in history on those who commit fraud and insider trading. The bill also deman...