WASHINGTON – This afternoon, Congressman Robert Pittenger (NC-09) participated in formal U.S. House debate on the Financial CHOICE Act (H.R. 10), which would repeal and replace the failed Obama-era Dodd-Frank financial reform legislation.
“Under Dodd-Frank, North Carolina has lost 50 percent of our banks since 2010, while 3 community banks have consolidated just in the last few months. Monthly banking fees have increased 111 percent.
“As well, Dodd-Frank created the Consumer Financial Protection Bureau, which even the liberal D.C. Court of Appeals calls ‘unconstitutional’ and a ‘threat to individual liberty.’
“Dodd-Frank has made the Wall Street banks even bigger and more powerful. And Dodd-Frank has contributed to the slowest, weakest economic recovery in 70 years, impeding the access of capital and credit in the market for small business.
“Maintaining the status quo is not acceptable.
“The Financial CHOICE Act will impose the toughest penalties in history for fraud on Wall Street, end taxpayer bailouts for Wall Street, and allow your community banks and credit unions to focus on serving you and your local business, which will help create jobs and grow the economy.
“The Financial CHOICE Act means opportunity for all Americans, and bailouts for none.”
The Financial CHOICE Act is major financial reform legislation which will:
· Properly regulate the industry while removing unnecessary restrictions on community banks and credit unions
· Increase access to capital so that small businesses can grow and create jobs
· End taxpayer-funded bailouts of Wall Street
· Create accountability for the Washington bureaucrats who have access to your personal financial information
Congressman Pittenger helped introduce the Financial CHOICE Act (H.R. 10) and is a co-sponsor. As a Member of the House Financial Services Subcommittee on Monetary Policy and Trade, he helped create and advance specific provisions of this legislation.
The U.S. House of Representatives is scheduled to vote on H.R. 10 later this afternoon.
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