“Economic growth for all, bank bailouts for none.”
It’s part of the language included in an announcement last week from Financial Services Committee Chairman Rep. Jeb Hensarling that formally introduced the Financial CHOICE Act.
The Texas Republican’s office described it as an alternative to “the failed Dodd-Frank Act which has contributed to the weakest and slowest economic recovery since at least World War II,” and includes language to block implementation of the DOL’s conflict of interest rule.
The Financial Services Committee met on Tuesday to debate the Financial CHOICE Act, consider possible amendments and vote on the legislation.
According to the text, the Financial CHOICE Act, H.R. 5983, will end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from growth-strangling regulation that slows the economy and harms consumers; impose tougher penalties on those who commit financial fraud; and demand greater accountability from Washington regulators.
“Since Democrats passed Dodd-Frank, Americans on Main Street have been struggling with stagnant wages, struggling to get small business loans, and struggling to save for their future,” Hensarling said in a statement. “House Republicans have a better way forward. It’s called the Financial CHOICE Act and it stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.”
Hensarling first unveiled details of the Financial CHOICE Act in June.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
