Scalise Applauds Passage of Financial CHOICE Act

“Under Dodd-Frank, the only winners are big Wall Street banks, while our Main Street businesses and community banks suffocate under the mountain of red-tape and confusing, costly regulations, resulting in, on average, one community bank closing per day.

“Our families are paying the price, facing surges in checking fees, declining savings and income rates, and losing out on the American dream of homeownership by no longer being able to meet the rule’s unworkable requirements for a loan. Our small businesses are not faring any better, with entrepreneurship at a near-40 year low as these businesses find it harder and harder to obtain a loan.

“This unacceptable economic reality is why we passed this bill to eliminate the harmful regulations and red-tape that are strangling Main Street and innovation in this country. We will return power to our local communities from the hands of Washington bureaucrats by reining in the out-of-control Consumer Financial Protection Bureau, all while demanding accountability from Wall Street and ending the practice of bailing out big banks once and for all.

“Our families, small businesses, and communities have been desperate for this change for years, and under this bill we will deliver on our promises to the American people to get Washington out of the way to keep the American dream alive and get our economy moving again.