Congressman Issa Statement Dodd-Frank Repeal Passage

Press Release

Congressman Darrell Issa (R-Vista) released the following statement after the U.S. House of Representatives approved the Financial CHOICE Act (H.R. 10) which repeals many of the most onerous provisions of the Obama Administration's Dodd-Frank Act:

"Years of too-big-to-fail and taxpayer-funded bailouts are coming to an end," said Congressman Darrell Issa. "The Financial CHOICE Act will restore sanity to our financial sector and curbs Dodd-Frank regulatory overreach which has become an enormous barrier to economic recovery. Dodd-Frank has allowed big banks to grow bigger, small banks to become fewer and failed to make our financial sector any safer. The Financial CHOICE Act will help small businesses better access the capital they need to grow and create jobs, increase accountability in both Washington and Wall Street, and I applaud its passage today in the House of Representatives."

Key Provisions of the Financial CHOICE Act:

Ends "Too Big To Fail" and bank bailouts
Imposes the "toughest penalties in history for financial fraud"
Holds both Washington regulators and Wall Street bankers accountable
Increases transparency for banks and financial sector
Restructures the Consumer Financial Protection Bureau (CFPB) and other regulators to ensure they are best suited to serve their purpose and are accountable to both Congress and to the American people
Reduces federal deficits by $24 billion
Provides regulatory relief to small and community banks
Helps small business and job creators better obtain access to the capital they need to grow jobs
A detailed summary from the House Financial Services Committee is available here.

Source