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Babin Votes to Repeal Dodd-Frank, End “Too Big To Fail” Bailouts & Strengthen Financial Accountability

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Washington, June 9, 2017 | comments

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:

  • End taxpayer bailouts for large financial institutions by repealing Dodd-Franks’ “Too Big to Fail” policies
  • Create more accountability for regulators
  • Ease burdens so that small businesses – America’s #1 job creators – have greater access to loans from community financial institutions
  • Put in place policies that will enhance job creation and economic growth
  • Ensure that consumers have more choices, rather than have their choices limited by unelected government bureaucrats
  • Create greater financial certainty and better opportunities for Americans to save for their future
  • Hold the Federal Reserve accountable through greater transparency and audits
  • Impose stronger penalties for those who engage in insider trading or corruption
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