Duffy: Dodd-Frank Is A Disaster, It's Time For The Financial CHOICE Act

Statement

Today, Congressman Sean Duffy (WI-07), Chairman of the Financial Services Subcommittee on Oversight & Investigations, threw his full support behind Chairman Jeb Hensarling's Financial CHOICE Act and offered the following statement:

"Nearly a decade after the recession began, the economy is barely limping along. Millions of people across the country have suffered under the weight of President Obama's policies. The disaster that is Dodd-Frank has only added to the malaise of this feeble recovery.

"Wisconsinites and all Americans deserve policies that will both unleash economic growth and shield taxpayers from bailing out private companies. That is why I strongly support Chairman Hensarling's vision for a new financial regulatory model which gives banks a choice: hedge against risk on your own, or let the regulators decide how to do it for you.

"The Financial CHOICE Act is a substantive, commonsense alternative to President Obama's regulatory regime which has done more to hold back economic growth and job creation than any other law. It would foster more prudent banking practices and unshackle innovators and entrepreneurs from regulatory morass. It will unclog our broken economic plumbing and put consumers back in charge rather than the government.

"I am pleased that several of my own ideas will be incorporated, including reforms to the Consumer Financial Protection Bureau (CFPB) which will make the agency more accountable to the American people. As the chairman of the Subcommittee on Oversight and Investigations, I've seen firsthand how regulators like the CFPB and the Federal Deposit Insurance Corporation (FDIC) show callous disregard and blatant contempt for hardworking taxpayers. That is why it's so important that these agencies are put on budget and subject to appropriations."

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