Washington, June 28, 2016\u00a0<\/b>– 15 national conservative organizations and prominent activists announced they \u201cwholeheartedly endorse\u201d the Financial CHOICE Act, saying the Republican plan to replace the failed Dodd-Frank Act will \u201cturbocharge the American economy.\u201d<\/p>\n
\u201cIf we want the economy to improve \u2014 if we want to give all Americans the chance to prosper again \u2014 we need to put an end to Washington\u2019s destructive regulatory agenda once and for all,\u201d the conservative groups write in their endorsement letter.\u00a0 \u201cThe Financial CHOICE Act aims to curb regulations to create opportunity and choice for investors, consumers, and entrepreneurs nationwide.\u201d<\/p>\n
The conservative organizations highlighted key features of the Financial CHOICE Act in their endorsement, noting the Republican plan will end taxpayer-funded bailouts for \u201ctoo big to fail\u201d banks, demand accountability from financial regulators, and \u201cend the crony debit card price control scheme.\u201d<\/p>\n
\u201cThe Financial CHOICE Act will replace Dodd-Frank\u2019s Orderly Liquidation Authority, which allows financial institutions to be bailed out at the taxpayers\u2019 expense, with a newly updated subchapter of the bankruptcy code.\u201d<\/p>\n
\u201cThe Durbin Amendment imposed price controls and other mandates on debit card transaction fees with the false promise that billions would be passed on to consumers. Consumers have not received the promised discount. In fact, studies show that many consumers have lost access to free checking and debit card rewards as a result.\u201d<\/p>\n
\u201cHoused at the Federal Reserve, the CFPB has the ability to put entire industries out of business with the snap of its fingers. Its unelected director can simply declare financial products “abusive” and outlaw them without Congressional approval. The Financial CHOICE Act will replace the single director with a bipartisan, five-member committee subject to congressional oversight and appropriations.\u201d<\/p>\n
\u201cDodd-Frank is a failure.\u00a0 Democrats told us it would \u2018promote financial stability,\u2019 \u2018end Too Big to Fail,\u2019 and \u2018lift the economy.\u2019\u00a0 But Dodd-Frank has done the exact opposite,\u201d said House Financial Services Committee Chairman Jeb Hensarling (R-TX).\u00a0 \u201cThe Financial CHOICE Act offers economic growth for all and bank bailouts for none.\u00a0 It\u2019s the Republican plan to reignite growth by replacing Dodd-Frank with real reforms that work.\u201d<\/p>\n
To read the letter, click\u00a0here<\/a>. (PDF download from Federal website)<\/p>\n To learn more about the Financial CHOICE Act, visit\u00a0FinancialServices.house.gov\/CHOICE.<\/a><\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Washington, June 28, 2016\u00a0– 15 national conservative organizations and prominent activists announced they \u201cwholeheartedly endorse\u201d the Financial CHOICE Act, saying the Republican plan to replace the failed Dodd-Frank Act will \u201cturbocharge the American economy.\u201d \u201cIf we want the economy to … Continue reading