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Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs

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WASHINGTON, D.C., June 8, 2017 | Andre Castro (202-225-6105) | comments

Today, the U.S. House of Representatives passed H.R. 10, the Financial CHOICE Act. Congressman Bill Flores (R-Texas) issued the following statement regarding passage of the bill:

“The Dodd-Frank Act has hurt hardworking American families, Main Street businesses and our community banks. It created more rules and regulations than all of the other Obama-era laws combined. These onerous regulations have limited consumer choice, restricted access to capital and increased the cost of credit for families and job creators. Dodd-Frank has imposed significant costs and regulatory burdens on small community banks and credit unions, while providing more protections for ‘too big to fail’ Wall Street institutions. Since the inception of Dodd-Frank, this overreach has caused a reduction in the number of community banks -- averaging a loss of one bank per day across the nation. It has been particularly hard on lower income families by reducing access to checking accounts, mortgages, auto loans and mobile home loans.

“One of our top priorities of this Congress has been to reform federal regulatory policies. The House-passage of the Financial CHOICE Act provides a big step forward to rein in federal bureaucracy and restore confidence on Main Street. It stops Dodd-Frank’s taxpayer-funded bailouts for big banks and holds Wall Street accountable by imposing stricter penalties for financial fraud and insider trading. The Financial CHOICE Act provides pro-growth relief from onerous regulations and restores due process protections. It also reins in the structurally unconstitutional Consumer Financial Protection Bureau (CFPB), by making it subject to Congressional appropriations and oversight. Additionally, it will cut the deficit by $24 billion over the next 10 years. By strengthening our financial system, we provide greater opportunities for Central Texas families and Main Street to succeed and strengthen our economy.”


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@lemarzetta @WTAW1620 Totally agree with you!!

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