On Wednesday at 10 a.m. EST, in the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act.
“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said FSC Chairman Jeb Hensarling. “We want economic opportunity for all, bailouts for none. We want real consumer protections that will give you more choices. Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”
Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.
“Supporters of Dodd-Frank promised it would lift the economy, end bailouts and protect consumers. Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices,” said Hensarling. “Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank. That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”