Washington, DC – Today Rep. Pete Olson (TX-22) acted to provide needed relief for Main Street by voting for H.R. 10, the Financial CHOICE Act. This bill will repeal and replace the destructive policies in the Dodd-Frank Act that have hurt community banks and limited the ability of entrepreneurs to access needed capital to start a business and create jobs.
“Since the destructive Dodd-Frank bill passed in 2010, countless small businesses and community banks have been hurt by polices that were meant to rein in Wall Street, but resulted in pain for Main Street,” Rep. Pete Olson said. “The Financial CHOICE Act will reform Wall Street and invigorate Main Street. I’m pleased that the House acted and I strongly urge my Senate colleagues to act quickly to give families and financial institutions greater access to capital. These reforms will lead to greater job growth, personal wealth, and overall economic prosperity.”
Chris Doyle, President and CEO of Texas First Bank said, “Thank you Congressman Olson and the House of Representatives for advancing the CHOICE Act. It is an important first step in providing much needed regulatory relief for our community bank, Texas First Bank, and all community banks that have been disproportionately harmed since the advent of the financial crisis.”
Shawn Bailey, President and CEO of AMOCO Federal Credit Union said, “I have seen more harm than good done to the members of the credit union under the regulation of the Dodd Frank Act. The additional red tape of Dodd Frank has hampered the appraisal process, ability to qualify members, and simply more difficult process to purchase a home. While I can understand the thought process at the time, the reality is that a lot of great institutions and consumers were punished with additional burdens because of the poor judgment of a few. Over the past 10 years, pre and post Dodd Frank Act, AMOCO credit union only had two defaults in its entire real estate portfolio. I think that should be a testament to whether or not we need regulatory constraints like the Dodd Frank Act.”
Jimmy Rasmussen, President and CEO of HomeTown Bank said, “Community banks have seen an insurmountable wave of regulatory burden since the 2008 financial crisis. Thank you, Congressman Olson, for supporting the Choice Act. This legislation includes important provisions, exempting small banks from big-bank regulations and getting them back in the business of serving their communities.”
The Financial CHOICE Act amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other laws governing regulation of the financial industry. It also repeals the Federal Deposit Insurance Corporation’s (FDIC) authority to use Orderly Liquidation Authority (OLA) and would allow financial institutions, under certain circumstances, to be exempt from a variety of regulations. H.R. 10 would make numerous other changes to the authorities of the agencies that regulate the financial industry, and change how the operations of the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB) are funded. The bill also renames the CFPB to the Consumer Law Enforcement Agency.