Ridgewood NJ, After President Trump today said Congress should make financial regulatory reform a priority to “help striving Americans get the credit they need to realize their dreams” and Vice President Pence said “dismantling Dodd-Frank” is a top legislative priority for the Trump Administration, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement:
“No bureaucrat in Washington should be able to tell hardworking Americans what kind of credit card, bank account, mortgage or retirement advice they can have, but that’s exactly what Dodd-Frank does. As the President and Vice President have said, Dodd-Frank makes it harder for people to get loans to buy a home or start a small business. Consumers are paying more in fees and are losing benefits and access to services they want and need. Instead of ending ‘too big to fail,’ Dodd-Frank institutionalizes bailouts for big banks. Dodd-Frank’s regulations give Wall Street a competitive advantage over community banks and credit unions. In fact, since Dodd-Frank became law the big banks have gotten bigger and the small banks are fewer.
“Fulfilling the Trump Administration’s pledge to dismantle Dodd-Frank this year is essential to leveling the playing field, building a healthy economy and offering every American greater opportunities to achieve financial independence.
“Republicans on the Financial Services Committee are eager to work with the President and his administration to unclog the arteries of our financial system so the lifeblood of capital can flow more freely and create jobs. The Financial CHOICE Act, our bold and forward looking plan, replaces Dodd-Frank with new policies to protect consumers by holding Wall Street and Washington accountable, end bailouts and unleash America’s economic potential.
“Replacing the Dodd-Frank mistake is necessary if we ever hope to enjoy a healthy economy and make America great again.”