Financial CHOICE Act Aids Community Banks, Ends “Too Big to Fail” Bailouts
WASHINGTON – Congressman Patrick Meehan (R-Pa.) today issued the following statement after the House of Representatives approved the Financial CHOICE (Creating Hope & Opportunity for Investors, Consumers and Entrepreneurs) Act:
“Our community banks are the lifeblood of small business,” said Congressman Meehan. “But since the 2008-2009 financial collapse, small banks are struggling under a maze of bureaucratic red tape and regulations imposed on them by Washington’s misguided Dodd-Frank law. Dodd-Frank’s one-size-fits-all regulatory scheme gives Wall Street an unfair advantage over the small banks so important to helping growing businesses access capital. It’s a concern I’ve heard repeatedly as I’ve visited small banks and credit unions – and the entrepreneurs and small firms that depend on them – across our region.”
“The Financial CHOICE Act will help our small banks compete on a level playing field by rolling back the worst of Dodd-Frank. It ends the era of ‘too big to fail’ bailouts, it lifts the burden of the most crushing regulations on community banks and it cracks down on insider traders and other white-collar criminals that don’t play by the rules. The end result will be more jobs in our communities and more financial independence for our families,” Meehan said.