Washington, D.C. – Congressman Emmer (MN-06) released the following statement after the House Financial Services Committee voted to pass the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, H.R. 10, also known as the Financial CHOICE Act.
“Yesterday, Congress took a great first step towards unwinding the regulatory and financial mess that is the Dodd-Frank Act.
Just about seven years ago, Americans were promised an end to Washington bailouts, improved consumer protections, and a stronger economy – with the passage of Dodd-Frank. Unfortunately, we were all greatly misled, but help is on the way.
I was proud to join Chairman Hensarling and my colleagues on the House Financial Services Committee to support the passage of the Financial CHOICE Act yesterday. This legislation works to reduce the out-of-control regulations stifling our banks, credit unions and small businesses on Main Street. It ensures that our families and entrepreneurs have the financial tools they need to grow, invest, and thrive. The CHOICE Act also increases congressional oversight and accountability, taking control out of the hands of unelected bureaucrats and returning it to Congress and the people.
Additionally, I was pleased to see a number of reforms adopted into this important bill from legislation I have introduced. The CHOICE Act includes language from my FSOC Reform Act, to enhance transparency and oversight by granting Congress the power to approve the budget of the Financial Stability Oversight Council and the Office of Financial Research. It also includes provisions from my Home Mortgage Disclosure Adjustment Act to give relief to nearly 3,500 small banks and credit unions across the country by allowing exemptions from complying with unnecessary, burdensome regulations. Lastly, this legislation includes the technical amendment from my Micro Offering Safe Harbor Act to help small businesses and entrepreneurs by increasing access to capital.
Yesterday was a huge win for our financial services industry, the United States economy, and the American consumer, and I am proud to support it.”