Babin Votes to Repeal Dodd-Frank, End “Too Big To Fail” Bailouts & Strengthen Financial Accountability
Washington, DC – U.S. Rep. Brian Babin (R-TX) voted this week to pass the Financial CHOICE Act (H.R. 10), which creates a more reliable and accountable financial system by repealing the most onerous provisions of Dodd-Frank that have hampered economic growth and job creation.
“Under Dodd-Frank, community banks have collapsed while big banks in New York and those with strong DC connections have only become larger and more powerful than ever,” said Rep. Babin. “Dodd-Frank allows the largest hand full of banks to have a competitive advantage over smaller community banks and credit unions. This bureaucratic nightmare imposes a confusing and costly burden for Americans seeking a home mortgage and small businesses who want to expand and create new jobs.
“The House passed the CHOICE Act to replace Dodd-Frank with policies that will provide Americans with more financial choices and freedom while growing jobs and a healthy economy. The CHOICE Act strengthens financial accountability, imposes tougher penalties for financial fraud, ends taxpayer bailouts of the big banks and ensures that consumers have more choices. I am hopeful that the Senate will follow suit and send this critical piece of legislation to the President’s desk.”
The CHOICE Act includes important provisions that: