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CBO: Financial CHOICE Act Reduces Deficit, Benefits Community Banks But Not Wall Street

Washington, May 19 -

WASHINGTON – The non-partisan, independent Congressional Budget Office (CBO) reports that the Financial CHOICE Act (H.R. 10) will slash the federal budget deficit by $24.1 billion over the next 10 years. 

In addition, the CBO estimates that community banks and credit unions will be the overwhelming beneficiaries of the Financial CHOICE Act as few, if any, of the nation’s biggest banks will meet the bill’s capital requirements to qualify for the greatest regulatory relief.

“The Financial CHOICE Act ends bank bailouts forever, holds Wall Street and Washington accountable, unleashes America’s economic potential and reduces the deficit by billions,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “The Financial CHOICE Act is not what Wall Street wants, but it is what Main Street and hardworking taxpayers need. Wall Street CEOs and Democrats are the ones saying ‘don’t repeal Dodd-Frank.’ They know Dodd-Frank gives big banks a competitive advantage, and the big banks have gotten even bigger since Dodd-Frank became law. The Financial CHOICE Act will help struggling community banks and credit unions, as the CBO affirms.”

The Financial CHOICE Act was introduced by Chairman Hensarling on April 26 and passed the Financial Services Committee on May 4. CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, would:

• End taxpayer-funded bank bailouts and ensure no company remains "too big to fail."
• Hold Wall Street accountable with the toughest penalties in history for fraud and insider trading.
• Enhance financial stability by offering well-capitalized financial institutions an "off ramp" from Dodd-Frank's suffocating regulatory complexity.
• Hold Washington financial regulators accountable to Congress and the American people.
• Unleash opportunities for Main Street small businesses, innovators, and job creators by eliminating onerous Washington regulations that are stifling access to credit and capital. 
  
  

To learn more about the Financial CHOICE Act, visit FinancialCHOICE.gop.


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