Patrick McHenryChairman

Washington, April 26, 2017 - Financial Services Committee Chairman Jeb Hensarling (R-TX) today formally introduced the Financial CHOICE Act, the Republican alternative to the failed Dodd-Frank Act which has contributed to the slowest economic recovery since World War II.

The Financial CHOICE Act, H.R. 10, will end taxpayer-funded bailouts of large financial institutions; impose tougher penalties on those who commit financial fraud and insider trading; demand greater accountability from Washington regulators, and relieve well-capitalized banks from growth-strangling regulations that slow the economy and harms consumers.

“The Financial CHOICE Act guarantees that the era of big bank bailouts and “too big to fail” is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling. “In order to qualify for much-needed regulatory relief, financial institutions will have to be so well-capitalized that they pose no threat to hardworking taxpayers or to our economy.

“Our plan lifts bureaucratic red tape intended for big banks on Wall Street off of community banks and credit unions on Main Street. It expands access to capital for small businesses and innovative companies so that they can grow and create jobs. This will foster economic growth for all Americans, not just those at the top.

“The Financial CHOICE Act also brings greater accountability to both Wall Street and Washington. It imposes the toughest penalties in history for those who commit financial fraud, deception and insider trading, and it provides much-needed oversight and accountability to Washington bureaucrats’ regulatory overreach that imposes immense costs to job creation and the economy.

“Under Dodd-Frank, consumers are paying more and getting less. Their costs have gone up, and they have fewer choices, more hassles and less access to credit. True consumer protection comes from competitive, transparent and innovative markets that are vigorously policed for fraud and deception. This is precisely what the Financial CHOICE Act will do.”

To read an executive summary of the Financial CHOICE Act, click here.

More information about the Financial CHOICE Act is available at www.financialchoice.gop. 

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