Press Releases

What They're Saying About the Financial CHOICE Act

Washington, September 9, 2016 -

Morning Consult: Hensarling’s Dodd-Frank Replacement Includes Tougher Fines for Wall Street

“House Financial Services Committee Chairman Jeb Hensarling said his forthcoming proposal to replace the 2010 Dodd-Frank law would double or triple certain fines for financial misconduct.”

Bloomberg: Hensarling says ‘emerging consensus’ for overturning Dodd-Frank

“There is a Washington, Wall-Street axis; some want to rely on the taxpayers in order for there to be a bailout fund,” House Financial Services Committee Chairman Jeb Hensarling says on Bloomberg Television.

USA Today:Republicans say more than ‘no’ on bank rules

“Far from being a ‘wet kiss’ for Wall Street, as Warren has suggested, the new legislation, the Republican committee countered, actually faces opposition from the banks, as reported by the New York Times last month. It is certainly the most serious effort yet by the Republicans to go beyond being the party of ‘No’ in this important policy sector.”

The Hill: Wall Street in 2016 crosshairs

“Meanwhile, the Independent Community Bankers of America heaped praise on the package, which included significant regulatory relief for smaller banks.”

New York Post: Editorial

“Cheers to Hensarling for standing up for typical Main Street Americans and promoting growth for the US economy.”

Fortune: Dodd-Frank Doesn’t Work, But This Plan Could

The Financial CHOICE Act “rightly focuses on the need to foster greater accountability. Such accountability must focus on Wall Street, of course, so that wrongdoing and consumer fraud are punished. But it must also focus on Washington, where Dodd-Frank has weakened regulatory transparency and accountability to Congress both in budget and in trading off costs and benefits of alternative regulatory approaches.”

Daily Signal: The GOP Plan to End Wall Street Bailouts

“The Hensarling plan takes steps to more aggressively enforce laws against fraud, self-dealing, and insider trading by instituting new penalties, like doubling and tripling fines in some cases… Increased regulation has hurt smaller banks in particular, he said, andthe left is ‘very happy to let community-centered banks wither on the vine.’”

Washington Post: Editorial

“Smaller community banks, meanwhile, generally hold 10 percent capital already. They have been clamoring for regulatory relief and Mr. Hensarling seems determined to give them what they want…”

Wall Street Journal: Republican Alternative to Dodd-Frank Calls for Banks to Boost Capital

“Unlike their behemoth counterparts, the majority of smaller-size institutions already meet the 10% threshold.”

The Hill: GOP unveils Dodd-Frank alternative

“…the broadest, most ambitious effort yet by the GOP to change how Wall Street and Washington interact…Hensarling’s bill also would take steps to boost the government’s ability to go after and punish illegal activity on Wall Street.”

Bankrate: Dodd-Frank replacement bets on ’16 election

“Republicans in the House Financial Services committee have introduced a replacement for Dodd-Frank they say will simplify banking regulation and make it easier and cheaper for financial services companies to comply, while still preventing a future banking crisis.”

Fox Business: Retail Investors - Not Just Big Institutions - Could Benefit From Dodd-Frank Repeal

“Michael Block, chief strategist at Rhino Trading Partners, said he agrees with the effort, and sees Hensarling’s proposals benefitting the smaller institutions in the long run. ‘There can be better liquidity in these markets to help all investors…”

The Hill: House GOP plan ditches 'too big to fail' label for banks

“The House Republican plan to replace sweeping post-recession financial sector regulation would kill the ‘too big to fail’ label for banks…”

Daily Caller: Top GOP Congressman Pushes to Repeal And Replace Dodd-Frank

“Under theFinancial CHOICE Act – short for Creating Hope and Opportunity for Investors Consumers and Entrepreneurs – regulation would have to passa cost-benefit test. Community banks would also be held to a different standard than larger institutions…‘So our plan requires financial regulators to tailor regulations so they fit a bank or credit union’s business model and risk profile.’”

New York Times: Republicans to Unveil Plan to Revamp Dodd-Frank

“The legislative outline calls for imposing stronger penalties for financial fraud and for greater transparency in the enforcement process, which policy makers on both sides of the aisle have advocated since the financial crisis, albeit with little to show so far. It also gives a nod to community banks, teeing up provisions that would loosen standards for smaller financial institutions. But even some of those proposals have faced resistance from Democrats in Congress.”

CRN: CRN Applauds Chairman Hensarling’s, Financial Services Committee’s CHOICE Act

“The Financial CHOICE Act is a comprehensive alternative to the current regulatory regime, and if enacted, it would reduce Washington’s overreach and boost economic growth, job creation, and wages across America. The Conservative Reform Network applauds Chairman Hensarling and the House Financial Services Committee for producing the kind of policies necessary to restore the promise of the American dream.”

PoliticoPro: Hensarling’s Dodd-Frank Overhaul Draws Skepticism from Some Banks

“While Democrats and financial reform advocates cast Hensarling’s plan as a giveaway to Wall Street, there were signs that the nation’s biggest banks would not be willing to accept the tradeoff he proposed…Small banks, however, did not hesitate to get behind the plan.”

American Action Forum: Incentive-Based Regulation

“It is a sensible approach to produce safety and soundness, as well as a smaller and more nimble government.”

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