Patrick McHenryChairman

Washington, April 26, 2017 -

Under the Obama Administration we saw the rise of imperial Washington, D.C., with the crushing weight of regulations from healthcare to energy to financial services harming small businesses and families from the coasts to the heartland. I hear it from my constituents each and every time I am in the grocery store in St. Louis or at Mass on Sundays – they're hurting, and they're hurting because of unelected, unaccountable bureaucrats in Washington who are dictating their financial decisions and have no connection to the lives led by everyday Americans.

The Obama-era behemoth known as The Dodd–Frank Wall Street Reform and Consumer Protection Act has targeted Main Street pocketbooks and stripped families of real opportunities for financial success and independence. For nearly 10 years following our country's financial crisis, our country witnessed one of the weakest recoveries of our lifetimes, as Dodd-Frank held small businesses and families hostage and prevented our economy from growing. We've also watched as bureaucrats at the Consumer Financial Protection Bureau (CFPB) have spent years removing choices and making access to financial products more difficult to obtain. Under the well-messaged guise of "consumer protection," the Bureau has continuously failed to properly monitor actual instances of consumer fraud, just as we saw with the opening of more than a million unauthorized accounts at Wells Fargo.

Plain and simple, since the CFPB's creation under Dodd-Frank we have seen egregious regulations put in place that make it harder for families to qualify for a mortgage, obtain an auto loan and access other forms of credit that they depend on every day. Something as simple as free checking has become burdensome under the dominion of Dodd-Frank, as 75 percent of banks offered this product before the law was passed, and just two years later only 39 percent of banks offered free checking.

But our Republican-led Congress has a better way – The Financial CHOICE Act, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. And that's exactly what we're going to do: provide you with the financial opportunities you deserve.

As a member of the House Financial Services Committee, I know the Financial CHOICE Act will help reverse years of mismanagement and unaccountability, while fueling our economy to provide Missourians and all Americans with more jobs, higher wages and faster growth. The Financial CHOICE Act will also allow us to impose the toughest penalties onto Wall Street executives who engage in fraud, deception and self-dealing. Unlike before, executives who commit financial crimes will be held accountable, rather than innocent taxpayers and shareholders.

Through the Financial CHOICE Act, Congress has a profound opportunity to replace Dodd-Frank, increase lending in our communities, open up our economy, end taxpayer-funded bank bailouts and hold Wall Street and Washington accountable. Plain and simple, Americans should be excited about the Financial CHOICE Act. Through this legislation, we're going to reverse years of misconduct and finally get our economy back on track.

In November, Americans spoke loud and clear in favor of a government that would be less-intrusive and offer more opportunities for success. As Congress works with the Trump Administration to pass the Financial CHOICE Act, I am keeping you in mind. You deserve greater access to consumer products and advice, you deserve more transparency and accountability, and most of all you deserve a stronger economy that boasts a level playing field and spurs job growth and creation. We will deliver on these promises.

Congresswoman Ann Wagner (R-MO) represents the Second District of Missouri and serves as chairman of the House Financial Services Oversight and Investigations Subcommittee. Prior to being elected to Congress in 2012, she served as U.S. Ambassador to Luxembourg under President George W. Bush.