On Thursday, Congressman David Rouzer (R-NC) voted in support of House Bill 10, the Financial CHOICE Act of 2017 to end taxpayer-funded bailouts, reduce the size of the government, repeal the most onerous components of Dodd-Frank and cut the deficit by $24 billion over the next 10 years.
“For far too long, consumers and small businesses have been forced to comply with costly and burdensome regulations stemming from the Dodd-Frank Act,” Rouzer said. “Under a unified Republican government, Congress is working to reverse the mentality of ‘government knows best’ with policies that will jumpstart our economy, provide much-needed regulatory relief for small, community banks and create more opportunities for consumers, investors and entrepreneurs.”
The House Bill will:
- Repeal Dodd-Frank’s authority to conduct taxpayer funded bailouts;
- Hold Wall Street accountable by imposing enhanced penalties for Wall Street fraud and self-dealing;
- Increase the maximum criminal fines for individuals and firms that engage in insider trading and other corrupt practices;
- Reclaim power from the administrative state and give it back to the people and their representatives by subjecting regulators to Congressional appropriations;
- Require financial regulators to conduct a detailed cost-benefit analysis of all proposed and final regulations;
- Demand greater accountability and transparency from the Federal Reserve;
- Restructure the Consumer Financial Protection Bureau (CFPB) by subjecting the agency to Congressional oversight and the normal Congressional appropriations process;
- Remove Dodd-Frank’s one size fits all regulatory approach; and,
- Repeal the Department of Labor’s fiduciary rule which imposes new costs and limits choices for American investors and retirees.