Washington, DC—Congressman Rokita after working for six years helped lead the effort to eliminate the disastrous policies of Dodd-Frank with the C.H.O.I.C.E. Act (Creating Hope and Opportunity for Consumers, Investors, and Entrepreneurs).
“Dodd-Frank was a knee-jerk government reaction to a financial crisis that the government created. The way to solve it wasn’t to create more government and to choose a one size fits all solution, but that’s what my democratic colleagues created and it has handicapped our economy. After six years of work, I am proud to have been a leader in these efforts to unravel Dodd-Frank and create a policy that addresses the needs of the American people through the CHOICE Act. I am pleased with the product we have presented today,” said Congressman Todd Rokita.
Dodd-Frank made taxpayers front the bill for Wall Street bailouts. The law also made it harder for Americans to receive a loan or a credit card. For businesses, this law was also harmful because it made it harder to obtain capital to develop and grow. Instead of making it easier on consumers, Dodd-Frank has had the opposite effect.
A fellow Hoosier told the Financial Services Committee, “ The Dodd-Frank Act punishes the whole class because of a few bad students. The idea that Dodd-Frank was perfect from the start, with all its far reaching implications resulting from a financial crisis that has passed, is not only shortsighted, but extremely dangerous to our economy long-term.”
“This is victory 74 in my Red Tape Rollback Victory program. I’m pleased to have worked with the committee on creating the CHOICE Act,” concluded Rokita. “This is as much a regulatory victory as it is a legislative one. The Senate should pass this immediately.”
The Red Tape Rollback program is Congressman Rokita leadership working to eliminate burdensome regulations and job killing policies for Hoosiers. There have been more than 70 victories to date—the CHOICE Act represents the 74th victory. To read more about Congressman Rokita’s Red Tape Rollback program click here.
Fast Facts about the CHOICE Act:
· Demands accountability from Wall Street through new penalties for financial fraud–the toughest in history
· The Indiana Bankers Association backs the CHOICE Act along with every other state banking association in the U.S.
· Stops taxpayers from footing the bill of a bailout
· Reduces barriers to credit and capital
· Repeals the Department of Labor’s Fiduciary Rule which costs Americans billions of dollars
· Demands greater accountability, oversight, and transparency for the Federal Reserve
· Creates CFPB (Consumer Financial Protection Bureau) reform subject to Congressional oversight–CFPB under Dodd-Frank is the only government board that is not subject to this oversight