Goodlatte Supports Financial CHOICE Act
Today, Congressman Bob Goodlatte (R-Va.) released the following statement on passage of the Financial CHOICE Act (H.R. 10) by the U.S. House of Representatives:
“Virginia businesses need access to capital to grow and create jobs. For many folks, this means working with a small community bank or credit union. However, much of the red tape created by Dodd-Frank, the massive finance law put into place by the Obama Administration, is holding these financial institutions back. In fact, it is estimated that under Dodd-Frank the United States is losing, on average, one community bank or credit union each day. Instead of helping folks access the capital they need, Dodd-Frank has made it more difficult by piling on the red tape all while failing to hold Wall Street accountable and protect consumers. I’ve heard from small financial institutions in the Sixth District that Dodd-Frank’s policies only increase the cost of credit and that no one is helped by these rules – only hurt.
“The Financial CHOICE Act puts Main Street first. This legislation levels the playing field by eliminating the onerous regulations that are holding back job creators and stifling access to credit and capital. Unlike Dodd-Frank, the CHOICE Act finally ends taxpayer-funded bailouts and ‘too big to fail.’ It also repeals the Department of Labor’s fiduciary rule that makes it harder for Americans to save for retirement. The CHOICE Act is just one more way that the House is working to grow America’s economy and create opportunity for hardworking Americans.”