President’s Executive Action Mirrors Financial CHOICE Act
February 3, 2017 -
House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Oversight and Investigations Subcommittee Chairman Ann Wagner (R-MO) made the following comments about President Trump’s core principles for regulating the financial system, which were detailed today in an Executive Order:
Chairman Hensarling: “I’m very pleased that President Trump signed this executive action, which closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end ‘too big to fail,’ and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence. When Dodd-Frank was passed, Americans were promised a healthier economy, an end to bailouts and better consumer protections. Instead, we have the weakest recovery in history, a guarantee of more Wall Street bailouts, and consumer costs have gone up while their choices have gone down. Today the big banks are bigger and the small banks are fewer. Everything from mortgages to credit cards to monthly checking fees costs more because of Dodd-Frank’s red tape, if consumers can even get access to them.
“Dodd-Frank failed to keep its promises, but President Trump is following through on his promise to the American people to dismantle Dodd-Frank. That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthy economy with more opportunities so they can achieve financial independence. Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with legislation that holds Wall Street and Washington accountable, ends taxpayer-funded bailouts forever, and unleashes America’s economic potential.”
Chairman Wagner: “I applaud President Trump for signing this executive order to comprehensively review our financial system’s regulatory framework and identify rules and regulations that are impeding economic growth and opportunities for consumers, investors, and entrepreneurs. President Trump’s order is consistent with our vision in Congress to end the ‘Washington-knows-best’ mentality, as we move forward with the Financial CHOICE Act to kick-start our economy and provide hardworking Americans with clear opportunities for a successful future.”
For more information on the Financial CHOICE Act please visit financialservices.house.gov/choice/.