Financial CHOICE Act will end bailouts, hold Washington, Wall Street accountable

Rep. Claudia Tenney

CHOICE Act creates a more accountable, more reliable financial system

Today, Congresswoman Claudia Tenney (R—NY), a member of the House Financial Services Committee, released the following statement on the introduction of the Financial CHOICE Act, a measure that will replace the failed Dodd-Frank Act with reforms that will end “too big to fail,” hold Washington and Wall Street accountable, unleash our job creators and allow Americans to achieve financial independence:

“With Dodd-Frank, Americans were promised a stronger, healthier economy,” said Tenney. “Instead, Americans have seen the worst economic recovery since World War II. Onerous red tape and rules promulgated by Dodd-Frank have made it increasingly difficult for our businesses to survive, causing our region to fall behind.

“Excessive, complex regulations have led to the near extinction of community lending institutions in the 22nd District, which leaves our small businesses with less access to credit and a decreased ability to grow and create jobs. According to the Department of Labor, New York ranked 44th out of 50 for wages in 2015.  In two major counties in the 22nd District, our unemployment rate exceeds 7 percent, well above the national average. Empowering our job creators and hardworking Americans begins with an economy that is built from Main Street up, not Wall Street down.

“As for big bank bailouts, Dodd-Frank encourages Wall Street’s risky behavior by enshrining taxpayer-funded bailouts. The Financial CHOICE Act lays the groundwork for a stable financial system by requiring financial institutions to be strongly capitalized so that taxpayers are no longer on the hook to fund big bank bailouts. It also holds both Wall Street and Washington accountable by imposing the toughest penalties in history for those who commit financial fraud. The Financial CHOICE Act will unleash our economy, end taxpayer-funded bailouts and give Americans the ability to achieve financial independence on their own.”

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