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house Bill H.R. 10

Financial CHOICE Act: Ending “Too Big to Fail” Bailouts, Reforming Dodd-Frank and the CFPB

Argument in favor

This bill would end “Too Big to Fail” bailouts of financial institutions and undo the excesses of the Dodd-Frank Act’s regulations to help banks facilitate economic growth. It also reforms and refocuses the Consumer Financial Protection Bureau on protecting consumers and ensuring competitive markets rather than overseeing banks.

Chase's Opinion
···
06/08/2017
Banks make money by investing your deposits. You can't dictate their business model without effectively nationalizing the banking industry (which we definitely shouldn't do). But as a result, there should be no bailouts. With regard to "consumer protection," be a grown up for goodness sake. Take calculated risked and accept the boons and busts of those risks. Losses should NEVER be socialized less we lose incentives to invest wisely.
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···
06/05/2017
This bill corrects, rather than creates, market distortions. It is a distortion, not a feature, of free enterprise to bailout banks, to guarantee deposits, to do the types of things that this bill repeals. This puts the onus of responsible behavior back on the banks by giving them enough rope to hang themselves if they should be so reckless. It also puts the responsibility of personal risk analysis back on the consumer by restoring what is a natural fact - banks, as they operate today under the federal reserve system, are investments, not guarantees. Consumers should treat them as such and evaluate the risk of investing with one bank over investing with another or with some other type of financial vehicle. This bill increases freedom to try to solve problems. The ultimate consumer protection against banks engaging in reckless behavior is that they could now go out of business again, no matter how big they are. So in order to attract consumer dollars in the free market they would now need to evaluate and establish their own risk profiles more responsibly because there isn't a bailout they can rely on.
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Loraki's Opinion
···
05/31/2017
Heritage Action Supports Chairman Hensarling’s Financial CHOICE Act (H.R. 10) Text of bill: https://www.congress.gov/115/bills/hr10/BILLS-115hr10rh.pdf In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act under the guise of “consumer protection.” But instead of addressing the root causes of the financial crisis, such as the government’s reckless efforts to expand housing affordability and implied guarantees to bail out large financial institutions, Dodd-Frank empowers the very regulatory establishment which created the environment that led to the financial crisis in the first place. Heritage Foundation Financial Regulations expert Norbert Michel writes: “The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately named laws ever enacted in the U.S. It neither reformed Wall Street nor protected consumers, and it imposed massive new regulations on banks far away from Wall Street.” http://dailysignal.com/2016/06/08/7-key-provisions-to-dodd-frank-reform-bill/ Along with imposing 3,500-plus pages of new rules and regulations on the financial industry, Dodd-Frank codifies “too big to fail” policy, runs local community banks out of business, restricts access to credit for investors and homebuyers, raises lending costs, reduces access to capital for small businesses, and created one of the most powerful and unaccountable federal agencies — the Consumer Financial Protection Bureau (CFPB). Evidence shows Dodd-Frank is one of the major factors responsible for the country’s historically slow economic recovery. http://www.heritage.org/research/reports/2013/12/doddfrank-mortgage-rules-unleash-predatory-regulators http://www.wsj.com/articles/white-house-says-dodd-frank-not-to-blame-for-decrease-in-community-banks-1470823208 http://thf-reports.s3.amazonaws.com/2016/The%20Case%20Against%20Dodd-Frank.pdf On June 6, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled his plan to repeal most of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. His legislation, entitled the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act, was a significant, positive step toward repealing Dodd-Frank and restoring economic stability and growth to the financial markets. But after the election of President Donald Trump and with Republicans maintaining control of both branches of government, Chairman Hensarling took advantage of the opportunity to strengthen and reintroduce his bill. According to the Financial Services Committee website, the Financial CHOICE Act of 2017 would: “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.” http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=401819 The newly introduced Financial CHOICE Act would do the following: 1. Mitigate “too big to fail” and bank bailouts by repealing most of Title I and all of Title VIII of Dodd-Frank. 2. Stop the government from seizing troubled financial firms through orderly liquidation and returns to a time-tested bankruptcy system by repealing Title II of Dodd-Frank. 3. Fundamentally reform the CFPB: • Rename it as the “Consumer Financial Opportunity Agency” • Governed by a single director removable at will by the president along with a deputy director appointed by the president • Restructure into an enforcement agency only, with no supervisory authority • Subject it to congressional oversight and the appropriations process 4. Rein in the Federal Reserve’s emergency lending authority by making it more difficult for the Fed to conduct bailout-style loans to insolvent firms. 5. Unleash small business creation, innovation and entrepreneurship by eliminating the misguided Volcker rule which has limited capital formation over the past few years. 6. Repeal the “Durbin Amendment” that allows the Federal Reserve to price-fix interchange fees from debit card purchases. 7. Subject all new major rules imposed by financial regulatory agencies to congressional approval under the Regulations from the Executive in Need of Scrutiny (REINS) Act. 8. Strengthen penalties on Wall Street for those who engage in fraud, insider trading and other corrupt practices. Summarizing the core principle of the bill, Norbert Michel issued this statement: “Dodd-Frank enshrined too big to fail with several key changes that make future taxpayer bailouts likely. The Financial CHOICE Act of 2017 repeals those key provisions and reduces the likelihood of future bailouts by providing regulatory relief for firms that absorb their own losses. Specifically, The CHOICE Act provides relief to banks that choose to fund themselves with more equity, thus lowering the probability of failure and taxpayer bailouts. Thus, the Financial CHOICE Act emphasizes the key principle that should drive any financial regulatory reform effort: there’s no justification for heavily regulating companies that bear their own losses.” The Financial CHOICE Act is a significant, positive step toward full repeal of Dodd-Frank. This bill provides regulatory relief essential to restoring economic growth, significantly reins in the unaccountable CFPB, and pushes the government out of the business of enacting price controls by repealing the Durbin Amendment. Republican members of Congress have repeatedly promised to get rid of Dodd-Frank and stop taxpayer funded bailouts. Now they have the opportunity to fulfill that promise by bringing the Financial CHOICE Act (H.R. 10) to a vote in the House and Senate, and sending the bill to the president’s desk. http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Economy-PolicyPaper.pdf ***Heritage Action supports the legislation, encourages Representatives and Senators to support it, and reserves the right to key vote in the future.*** http://heritageaction.com/2017/05/heritage-action-supports-chairman-hensarlings-financial-choice-act-h-r-10/?mkt_tok=eyJpIjoiTVRNME5XTXlNbVpoTm1FMSIsInQiOiJKS2ZjbjFVRFRrYVE5NmkxWVpxNzZ4MEJDQVwvUE5WOU5UMjJYdDZjODlZcnlpcnJmSXN2T1lVT202TUlmc0ZnWndBSEd2RlhVdThuTHFZK3B0cHpRVUVOdVk1ZEswOFwvSVJrQzhlKytrYVJodVM2dHc4Y2s1YU80akdDR2tZVnhTMUNyVnJBbFBcL3E5bW1HR25YeHhzYUlVR3M4eXg5bWtLQXdBT1d4ZmxJXC8wPSJ9 Cosponsors: Rep. McHenry, Patrick T. [R-NC-10]* Rep. Huizenga, Bill [R-MI-2]* Rep. Luetkemeyer, Blaine [R-MO-3]* Rep. Duffy, Sean P. [R-WI-7]* Rep. Barr, Andy [R-KY-6]* Rep. Wagner, Ann [R-MO-2]* Rep. Pearce, Stevan [R-NM-2]* Rep. Banks, Jim [R-IN-3] Rep. Loudermilk, Barry [R-GA-11] Rep. Meadows, Mark [R-NC-11] Rep. Kustoff, David [R-TN-8] Rep. Williams, Roger [R-TX-25] Rep. Hill, J. French [R-AR-2] Rep. Hollingsworth, Trey [R-IN-9] Rep. Walker, Mark [R-NC-6] Rep. Pittenger, Robert [R-NC-9] Rep. Rothfus, Keith J. [R-PA-12] Rep. Davidson, Warren [R-OH-8] Rep. Arrington, Jodey C. [R-TX-19] Rep. McClintock, Tom [R-CA-4] Rep. Franks, Trent [R-AZ-8] Rep. Budd, Ted [R-NC-13] Rep. Wittman, Robert J. [R-VA-1] Rep. Flores, Bill [R-TX-17] Rep. Palmer, Gary J. [R-AL-6] Rep. Trott, David A. [R-MI-11] Rep. Love, Mia B. [R-UT-4] Rep. Tipton, Scott R. [R-CO-3] Rep. Mooney, Alexander X. [R-WV-2] Rep. Posey, Bill [R-FL-8] Rep. Zeldin, Lee M. [R-NY-1] Rep. Thornberry, Mac [R-TX-13] Rep. Stivers, Steve [R-OH-15] Rep. MacArthur, Thomas [R-NJ-3] Rep. Tenney, Claudia [R-NY-22] Rep. Smith, Adrian [R-NE-3] Rep. Estes, Ron [R-KS-4] Rep. Emmer, Tom [R-MN-6] Rep. King, Peter T. [R-NY-2] Rep. Royce, Edward R. [R-CA-39]
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Argument opposed

This bill would end too many vital consumer protections that were created by the Dodd-Frank Act after the financial industry meltdown of 2008 triggered the Great Recession, leaving Americans open to fraudulent financial advice. It would let Wall Street firms engage in more of the risky behavior that caused the financial crisis in the first place.

Robin's Opinion
···
06/05/2017
Consumers need more protection from Wall St, not less. Keep the CFPB strong and independent and away from bank lobbyists.
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CPMonroe's Opinion
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06/05/2017
Do higher debit card fees sound nice? How about decreasing consumer protections? What about taxpayers bailing out banks that trade in risky investments? If you want all of this for your family, friends & fellow Americans, vote yes. This is NOT the way for a free nation to act! Listen to your voters!
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Barbara's Opinion
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06/05/2017
We must,never again, allow the financial environment that existed before the crash. It is evident that financial organizations do not have the moral compass to self regulate.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed June 8th, 2017
    Roll Call Vote 233 Yea / 186 Nay
      house Committees
      Committee on Agriculture
      Commodity Exchanges, Energy, and Credit
      Committee on Education and Labor
      Committee on Financial Services
      Committee on the Budget
      Committee on Oversight and Reform
      Committee on Rules
      Committee on the Judiciary
      Committee on Transportation and Infrastructure
      Economic Development, Public Buildings, and Emergency Management
      Committee on Ways and Means
    IntroducedApril 26th, 2017

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What is House Bill H.R. 10?

This bill — known as the Financial CHOICE Act — would implement a number of reforms to the laws and regulations of the financial industry, including the Dodd-Frank Act. In general, it seeks to end “Too Big to Fail” bailouts of financial institutions, expand small businesses’ access to capital, enhance punishments for financial crimes, and reform the Consumer Financial Protection Bureau (CFPB).

Ending “Too Big to Fail” and Bank Bailouts

The bill would reform the bankruptcy process for large financial institutions by repealing the FDIC’s Orderly Liquidation Authority under Dodd-Frank and replacing it with a new chapter of the Bankruptcy code that’s designed to accommodate the liquidation of complex financial firms. It would also retroactively eliminate the ability of the Financial Stability Oversight Council (FSOC) to designate firms as systemically important financial institutions, or payment and clearing organizations as systemically important “financial market utilities.”

The Treasury Dept.’s Exchange Stabilization Fund would be prohibited from being used to bailout financial firms or creditors. The Federal Reserve’s discount window lending would be restricted to when Bagehot’s dictum applies, which is that to avoid panic central banks (like the Fed) should lend without limit to solvent firms against good collateral at sufficient rates.

There would be an “off-ramp” from the post-Dodd-Frank supervisory regime and the Basel III capital and liquidity requirements for banks that maintain high levels of capital. Banks that choose to make a qualifying capital election, meaning they choose to pursue the off-ramp by keeping more cash on hand, but fail to maintain the proper non-risk weighted leverage ratio lose that regulatory relief. Exempted banks would be free from federal laws and regulations related to mergers or acquisitions, limitations on capital or liquidity standards, or federal regulators considering their risk to the financial system’s stability when reviewing their application to consummate a transaction or commence an activity.

Accountability For Wall Street

The Securities and Exchange Commission (SEC) would be allowed to triple the monetary fines it seeks in administrative or civil actions where the penalties are tied to the defendant’s illegal profits. In circumstances involving “fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement” the SEC would be granted the new authority to impose penalties equal to investor losses where the loss or risk of loss is significant and punish repeat offenders more harshly.

The maximum criminal fines for individuals and firms engaging in insider trading and other corruption would be increased, and penalties for financial fraud and self-dealing would be enhanced. In general, the minimum and maximum penalties for these crimes are doubled by this legislation. All fines collected would be provided to the Treasury for deficit reduction.

Accountability for Financial Regulators & Devolving Power From Washington

All financial regulatory agencies would have their major regulations subject to Congress’s approval under the REINS Act, and their funding would be subject to appropriations. An across-the-board requirement would be put in place for financial regulators to conduct a detailed economic analysis of all proposed and final regulations to ensure the costs imposed are outweighed by the benefits.

The SEC would be reauthorized, along with funding, structural, due process, and entitlement reforms. Financial regulators and the Dept. of Justice (DOJ) would be prohibited from requiring that donations be made to non-victims in settlement agreements.

Helping Small Businesses and Job Creators Access Capital

Some sections and titles of the Dodd-Frank Act, such as the Volcker Rule which prohibits banks from conducting certain investment activities with their own accounts or owning private equity funds or hedge funds, would be repealed by this bill. It also contains a number of provisions that have also been introduced as standalone bills in this Congress or the last, including bills aimed at the following:

Regulatory Relief for Main Street and Community Financial Institutions

This section of the bill contains a number of individual pieces of legislation aimed at providing regulatory relief to community banks and credit unions, including:

  • Requiring regulators to consider the risk profiles and business models of financial institutions when proposing regulations;

  • Prohibiting federal banking agencies from terminating the accounts of customers or groups of customers unless there is a material reason to do so, rather than because of their reputation risk as occurred during Operation Choke Point which targeted gun shops, payday lenders, pawn stores, and cigar shops.

  • Creating a safe harbor for mortgage lenders that keep mortgages on their balance sheets.

Consumer Financial Protection Bureau Reform

The name of the Consumer Financial Protection Bureau (CFPB) would be changed to the Consumer Law Enforcement Agency (CLEA), and it’d be tasked with the dual mission of consumer protection and competitive markets. Cost benefit analyses of rules would be performed by the newly-formed Office of Economic Analysis.

The CLEA would be structured as an agency of the executive branch, rather than an independent agency as the CFPB was, thereby subjecting it to Congressional oversight and the appropriations process. Its supervisory function would be eliminated, and it’d be required to enforce enumerated consumer protection laws. The CFPB’s market-monitoring function would be eliminated, and CLEA would have to obtain permission before collecting consumers’ personally identifiable information. The CFPB’s “unfair, deceptive, or abusive acts and practices” authority would be removed, and the Dept. of Labor’s fiduciary rule would be repealed.

Impact

Consumers of financial services; banks, credit unions, venture capital firms, and investment firms; financial regulators such as the SEC and CFPB; and the Treasury Dept.

Cost of House Bill H.R. 10

The CBO estimates that enacting this bill would reduce federal spending by $30.1 billion and revenues by $5.9 billion over the 2017-2027 period, thereby reducing federal deficits by $24.1 billion.

More Information

In-Depth: Sponsoring Rep. Jeb Hensarling (R-TX) introduced this bill to end bank bailouts, promote economic growth, and provide regulatory relief for community banks and credit unions:

“The Financial CHOICE Act offers economic opportunity for all and bank bailouts for none.  The era of ‘too big to fail’ will end and we will replace Dodd-Frank’s growth-strangling regulations on community banks and credit unions with reforms that expand access to capital so small businesses can create jobs and consumers have more choices and options when it comes to credit. With the Financial CHOICE Act, we will unleash America’s economic potential and give Main Street job creators desperately needed help so more Americans can find work, have good careers and give their families a better life.”

Democrats have expressed opposition to bill, which they’ve taken to calling the “Wrong Choice Act” for a number of reasons. In the bill’s committee report, Democrats said it would eliminate the most important aspects of the Dodd-Frank Act’s Wall Street Reforms. They say it “effectively guts” the CFPB and exposes consumers to “unfair, deceptive, or abusive acts” perpetrated by “shoddy financial actors.” Democratic members of the committee also feel that it “would encourage large banks to take the same kinds of risks that crashed the economy in 2008.”

This legislation passed the House Financial Services Committee on a 34-26 vote and has the support of 40 cosponsors in the House, all of whom are Republicans.

  

Media:

Summary by Eric Revell

(Photo Credit: dflorian1980 via Flickr / Creative Commons)

AKA

Financial CHOICE Act of 2017

Official Title

To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.

    Banks make money by investing your deposits. You can't dictate their business model without effectively nationalizing the banking industry (which we definitely shouldn't do). But as a result, there should be no bailouts. With regard to "consumer protection," be a grown up for goodness sake. Take calculated risked and accept the boons and busts of those risks. Losses should NEVER be socialized less we lose incentives to invest wisely.
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    Consumers need more protection from Wall St, not less. Keep the CFPB strong and independent and away from bank lobbyists.
    Like (174)
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    Do higher debit card fees sound nice? How about decreasing consumer protections? What about taxpayers bailing out banks that trade in risky investments? If you want all of this for your family, friends & fellow Americans, vote yes. This is NOT the way for a free nation to act! Listen to your voters!
    Like (113)
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    We must,never again, allow the financial environment that existed before the crash. It is evident that financial organizations do not have the moral compass to self regulate.
    Like (66)
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    This bill corrects, rather than creates, market distortions. It is a distortion, not a feature, of free enterprise to bailout banks, to guarantee deposits, to do the types of things that this bill repeals. This puts the onus of responsible behavior back on the banks by giving them enough rope to hang themselves if they should be so reckless. It also puts the responsibility of personal risk analysis back on the consumer by restoring what is a natural fact - banks, as they operate today under the federal reserve system, are investments, not guarantees. Consumers should treat them as such and evaluate the risk of investing with one bank over investing with another or with some other type of financial vehicle. This bill increases freedom to try to solve problems. The ultimate consumer protection against banks engaging in reckless behavior is that they could now go out of business again, no matter how big they are. So in order to attract consumer dollars in the free market they would now need to evaluate and establish their own risk profiles more responsibly because there isn't a bailout they can rely on.
    Like (38)
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    Heritage Action Supports Chairman Hensarling’s Financial CHOICE Act (H.R. 10) Text of bill: https://www.congress.gov/115/bills/hr10/BILLS-115hr10rh.pdf In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act under the guise of “consumer protection.” But instead of addressing the root causes of the financial crisis, such as the government’s reckless efforts to expand housing affordability and implied guarantees to bail out large financial institutions, Dodd-Frank empowers the very regulatory establishment which created the environment that led to the financial crisis in the first place. Heritage Foundation Financial Regulations expert Norbert Michel writes: “The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately named laws ever enacted in the U.S. It neither reformed Wall Street nor protected consumers, and it imposed massive new regulations on banks far away from Wall Street.” http://dailysignal.com/2016/06/08/7-key-provisions-to-dodd-frank-reform-bill/ Along with imposing 3,500-plus pages of new rules and regulations on the financial industry, Dodd-Frank codifies “too big to fail” policy, runs local community banks out of business, restricts access to credit for investors and homebuyers, raises lending costs, reduces access to capital for small businesses, and created one of the most powerful and unaccountable federal agencies — the Consumer Financial Protection Bureau (CFPB). Evidence shows Dodd-Frank is one of the major factors responsible for the country’s historically slow economic recovery. http://www.heritage.org/research/reports/2013/12/doddfrank-mortgage-rules-unleash-predatory-regulators http://www.wsj.com/articles/white-house-says-dodd-frank-not-to-blame-for-decrease-in-community-banks-1470823208 http://thf-reports.s3.amazonaws.com/2016/The%20Case%20Against%20Dodd-Frank.pdf On June 6, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled his plan to repeal most of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. His legislation, entitled the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act, was a significant, positive step toward repealing Dodd-Frank and restoring economic stability and growth to the financial markets. But after the election of President Donald Trump and with Republicans maintaining control of both branches of government, Chairman Hensarling took advantage of the opportunity to strengthen and reintroduce his bill. According to the Financial Services Committee website, the Financial CHOICE Act of 2017 would: “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.” http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=401819 The newly introduced Financial CHOICE Act would do the following: 1. Mitigate “too big to fail” and bank bailouts by repealing most of Title I and all of Title VIII of Dodd-Frank. 2. Stop the government from seizing troubled financial firms through orderly liquidation and returns to a time-tested bankruptcy system by repealing Title II of Dodd-Frank. 3. Fundamentally reform the CFPB: • Rename it as the “Consumer Financial Opportunity Agency” • Governed by a single director removable at will by the president along with a deputy director appointed by the president • Restructure into an enforcement agency only, with no supervisory authority • Subject it to congressional oversight and the appropriations process 4. Rein in the Federal Reserve’s emergency lending authority by making it more difficult for the Fed to conduct bailout-style loans to insolvent firms. 5. Unleash small business creation, innovation and entrepreneurship by eliminating the misguided Volcker rule which has limited capital formation over the past few years. 6. Repeal the “Durbin Amendment” that allows the Federal Reserve to price-fix interchange fees from debit card purchases. 7. Subject all new major rules imposed by financial regulatory agencies to congressional approval under the Regulations from the Executive in Need of Scrutiny (REINS) Act. 8. Strengthen penalties on Wall Street for those who engage in fraud, insider trading and other corrupt practices. Summarizing the core principle of the bill, Norbert Michel issued this statement: “Dodd-Frank enshrined too big to fail with several key changes that make future taxpayer bailouts likely. The Financial CHOICE Act of 2017 repeals those key provisions and reduces the likelihood of future bailouts by providing regulatory relief for firms that absorb their own losses. Specifically, The CHOICE Act provides relief to banks that choose to fund themselves with more equity, thus lowering the probability of failure and taxpayer bailouts. Thus, the Financial CHOICE Act emphasizes the key principle that should drive any financial regulatory reform effort: there’s no justification for heavily regulating companies that bear their own losses.” The Financial CHOICE Act is a significant, positive step toward full repeal of Dodd-Frank. This bill provides regulatory relief essential to restoring economic growth, significantly reins in the unaccountable CFPB, and pushes the government out of the business of enacting price controls by repealing the Durbin Amendment. Republican members of Congress have repeatedly promised to get rid of Dodd-Frank and stop taxpayer funded bailouts. Now they have the opportunity to fulfill that promise by bringing the Financial CHOICE Act (H.R. 10) to a vote in the House and Senate, and sending the bill to the president’s desk. http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Economy-PolicyPaper.pdf ***Heritage Action supports the legislation, encourages Representatives and Senators to support it, and reserves the right to key vote in the future.*** http://heritageaction.com/2017/05/heritage-action-supports-chairman-hensarlings-financial-choice-act-h-r-10/?mkt_tok=eyJpIjoiTVRNME5XTXlNbVpoTm1FMSIsInQiOiJKS2ZjbjFVRFRrYVE5NmkxWVpxNzZ4MEJDQVwvUE5WOU5UMjJYdDZjODlZcnlpcnJmSXN2T1lVT202TUlmc0ZnWndBSEd2RlhVdThuTHFZK3B0cHpRVUVOdVk1ZEswOFwvSVJrQzhlKytrYVJodVM2dHc4Y2s1YU80akdDR2tZVnhTMUNyVnJBbFBcL3E5bW1HR25YeHhzYUlVR3M4eXg5bWtLQXdBT1d4ZmxJXC8wPSJ9 Cosponsors: Rep. McHenry, Patrick T. [R-NC-10]* Rep. Huizenga, Bill [R-MI-2]* Rep. Luetkemeyer, Blaine [R-MO-3]* Rep. Duffy, Sean P. [R-WI-7]* Rep. Barr, Andy [R-KY-6]* Rep. Wagner, Ann [R-MO-2]* Rep. Pearce, Stevan [R-NM-2]* Rep. Banks, Jim [R-IN-3] Rep. Loudermilk, Barry [R-GA-11] Rep. Meadows, Mark [R-NC-11] Rep. Kustoff, David [R-TN-8] Rep. Williams, Roger [R-TX-25] Rep. Hill, J. French [R-AR-2] Rep. Hollingsworth, Trey [R-IN-9] Rep. Walker, Mark [R-NC-6] Rep. Pittenger, Robert [R-NC-9] Rep. Rothfus, Keith J. [R-PA-12] Rep. Davidson, Warren [R-OH-8] Rep. Arrington, Jodey C. [R-TX-19] Rep. McClintock, Tom [R-CA-4] Rep. Franks, Trent [R-AZ-8] Rep. Budd, Ted [R-NC-13] Rep. Wittman, Robert J. [R-VA-1] Rep. Flores, Bill [R-TX-17] Rep. Palmer, Gary J. [R-AL-6] Rep. Trott, David A. [R-MI-11] Rep. Love, Mia B. [R-UT-4] Rep. Tipton, Scott R. [R-CO-3] Rep. Mooney, Alexander X. [R-WV-2] Rep. Posey, Bill [R-FL-8] Rep. Zeldin, Lee M. [R-NY-1] Rep. Thornberry, Mac [R-TX-13] Rep. Stivers, Steve [R-OH-15] Rep. MacArthur, Thomas [R-NJ-3] Rep. Tenney, Claudia [R-NY-22] Rep. Smith, Adrian [R-NE-3] Rep. Estes, Ron [R-KS-4] Rep. Emmer, Tom [R-MN-6] Rep. King, Peter T. [R-NY-2] Rep. Royce, Edward R. [R-CA-39]
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    Let the markets decide who fails and who succeeds. AS IT SHOULD.
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    A lot of this bill is well meaning, such as increasing increasing fines for breaking the law, and ending the "too big to fail" bailouts. However, eliminating the Volker Rule, as proposed here, could send us into another market crash. From my understanding of it, this rule keeps banks from making speculative trades with consumer capital - i.e. the money that you expect to be readily available in your bank account. Sure, the banks stand to profit from doing this, and in return can offer better services, but if the market sustains losses, consumer money evaporates, and everyone is vulnerable. In addition, we should take care to guard the CFPB against intrusions on its independence and its ability to function.
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    Please protect us, the public, from predatory lenders. We need Dodd-Frank on either it's present form or more strict form. Thank you.
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    I am your constituent from 15677. Vote no on HR 10. This bill would end too many vital consumer protections that were created by the Dodd-Frank Act after the financial industry meltdown of 2008 triggered the Great Recession, leaving Americans open to fraudulent financial advice. It would let Wall Street firms engage in more of the risky behavior that caused the financial crisis in the first place.
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    Let's open the market up, no business is "too big to fail" Let the consumer decide what businesses thrive. We need a freer market without government interference. You say that this will hurt the consumers, no it won't! You're voice is stronger than ever in the economy! We're getting closer and closer to economic darwinism dictated by the people, not government bailouts.
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    These banks need to know there will be a natural consequence to the misconduct that leads to a financial crisis. The tax payers shouldn't pay for their misdeeds.
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    Duh? Why is this a question? It should be emphatic statement!
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    Too big to fail means too big to exist
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    Now, having voted Yea I would want to make sure that the bill does what it says it's going to do. No more bailouts for large corporations like GM, who made billions off the deal. No more Wall Street cronyism.
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    This is such an awful bill. Once again, GOP members are sponsoring a plan that will deregulate greedy big banks while decreasing financial protections for the majority of Americans. Shocking. This plan to dismantle Dodd-Frank, in particular the elimination of the Volker Rule, will once again allow banks to frivolously gamble with customers' hard earned money. Hmm... I wonder what will happen then? (Hint: the answer starts with Great and ends with Depression.) Then, when it all goes to hell as history teaches us it almost certainly will and the nation's economy is spiraling downward at neck breaking speed because of the selfish, gluttonous behavior of unregulated big banks and Wall Street this bill would also tie the government's hands in dealing with the crisis as it was able to do in 2008. I realize the financial bailout left us with a bitter taste in our mouths, but most economists agree it was the best option available and that the most likely alternative was a financial crash similar to that of 1929. And how did we end up where we were in 2007? Could it be because the regulations put in place in 1933 by the Glass-Steagall Act specifically to prevent another crash like what occurred in 1929 were largely gutted by a Republican majority Congress in 1999? Yep, that what happened. Hmmm...I believe I'm sensing a pattern here. Representative Cole, in 2008 you described the bailout as "the right thing to do". (I think maybe that was before you'd completely lost your way to partisan politics.) The right thing to do now is protect your constituents and the financial stability of this nation as much as possible from the kind of reoccurring financial crisis inherent to unregulated greed and unscrupulous financial practices by opposing this horrible bill. Vote no.
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    'CHOICE act is a disaster. Don't do it.
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    This Dodd Frank mess has caused large inflation, devaluation of our currency and huge loans never repaid by gigantic corporations and big banks. It also removed competition between financial institutions which increases cost and increases profit to "the insiders". Yes repeal Dodd Frank!
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    The Dodd-Frank bill is another Obamanation that should be gutted or totally repealed. Anything Obama, Pelosi, Wyden, Reid, Warren, Merkley, Sanders, and Schumer, support is a disaster and should be unceremoniously scrapped❗️One sure way to end the influence of these dedicated Alinskiaites and others of their ilk is to boot them from office the next time you vote and put an end to their socialist agenda once and for all👏👍❗️
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    Capitalism - Not Favoritism.
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