Ratcliffe votes to repeal harmful Obama financial regulations
WASHINGTON – Rep. John Ratcliffe (R-Texas) voted to undo sweeping regulations enacted under the Dodd-Frank law, which was signed by President Obama in 2010. The Financial CHOICE Act (H.R. 10) passed the U.S. House of Representatives to dismantle Dodd-Frank and open the door for economic growth.
“Since Dodd-Frank was passed by a Democratic Congress back in 2010 as a knee-jerk reaction to the financial crisis – it’s been wreaking havoc on the people of Texas’ 4th District and all across the country,” Ratcliffe said.
“I was proud to join my conservative House colleagues in passing our Republican plan to revitalize our economy through less government and more freedom. The bill we just passed says goodbye to the suffocating overreach of government mandates and unelected bureaucrats, and it comes to the rescue of Main Street America.”
The Financial CHOICE Act chops down the layers of red tape that Dodd-Frank imposed on farmers, business owners, community bankers and families, and it replaces them with conservative reforms.
It also knocks the legs out from under Elizabeth Warren’s Consumer Financial Protection Bureau (CFPB), which was created by Title X of Dodd-Frank, by bringing it under proper congressional oversight. Ratcliffe has been a leading voice in Congress about reining in the CFPB’s overreach.
Key elements of the Financial CHOICE Act include:
- Allowing banks with sufficiently high capital reserves to be exempt from unnecessary burdens imposed by Dodd-Frank
- Stopping taxpayer bailouts of financial institutions by ending the notion that companies can be “too big to fail”
- Enhancing penalties for fraud and deception to hold Wall Street accountable
- Subjecting financial regulators to enhanced oversight and increased transparency
- Reining in unelected bureaucrats at the Consumer Financial Protection Bureau (CFPB)
- Cutting the deficit by $24 billion over the next 10 years
For more information on the Financial CHOICE Act, visit: financialservices.house.gov/choice.