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House Passes H.R. 10, The Financial CHOICE Act

BILL WILL HOLD WALL STREET ACCOUNTABLE AND IMPROVE ACCESS TO CAPITAL FOR SMALL BUSINESSES

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Washington, June 8, 2017 | comments
The House passed legislation today to end bank bailouts, offer much needed regulatory relief for our local community banks and credit unions, unleash opportunities for small businesses, stimulate economic growth, and empower Americans to achieve financial independence. 
  
The bill – H.R. 10, the Financial CHOICE Act – revises the troubled Dodd-Frank Act to hold Wall Street and Washington accountable.  

“The Financial CHOICE Act is a long-awaited replacement to the burdensome Dodd-Frank law, which created more rules and restrictions than all other legislation from the past 8 years combined.  Dodd-Frank regulations masqueraded as being friendly to consumers and businesses, when in reality this could not have been farther from the truth.  These regulations strangled the growth of our community and local banks and credit unions which, in turn, were unable to keep credit available for families and small businesses to create new jobs and opportunities”, said Rep. Knight “On average, one community bank per day was forced to shut down under Dodd-Frank. The Financial CHOICE Act will allow small businesses to grow by expanding vital access to capital.”  

Not only was Dodd-Frank a barrier to economic growth, it also stifled innovation and job creation. The CHOICE Act aims to provide regulatory relief for capital markets and strengthen capital formation. Included in CHOICE is H.R. 79, the Helping Angels Lead our Startups Act (HALOS). Cosponsored by Rep. Knight, this provision specifically aids small businesses by allowing startups and investors to cut through unnecessary red tape and provide them with new opportunities to succeed.

CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs, was approved by the House of Representatives by a vote of 233-186.  The bill has received support from a wide variety of community banks and credit unions, taxpayer protection advocates, and veteran’s organizations.  

The Congressional Budget Office has indicated that the Financial CHOICE Act would save taxpayers $24.1 billion over 10 years and that the bill’s regulatory relief would benefit community banks and credit unions.

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