Kentucky Congressman James Comer says he voted to pass the Financial CHOICE Act to roll back many regulations that he says stifles community banking. The act would repeal much of the Dodd-Frank Act, which was put in place following the 2008 recession.
Comer joined other House Republicans on Thursday to repeal parts of the Dodd-Frank Act by passing the Financial CHOICE act. Comer says Dodd-Frank was “disastrous, overreaching law that devastated community bankers in the process.”
The Dodd-Frank Act involved a set of Wall Street regulations President Barack Obama signed into law in an effort to curb risky investments by banks following the 2008 financial crisis.
The CHOICE Act would repeal banking regulations like the so-called ‘Volcker Rule,’ which prevents government-insured banks from making risky bets with investments. Community Financial Services Bank CEO Betsy Flynn attended a recent White House summit that focused on community banking regulations that she has said weighs down local bankers.
Critics of the CHOICE Act say it eases too many regulations on Wall Street. Democratic California Representative Maxine Waters says it is an invitation for another recession.
The measure now goes to the Senate.
Congressman Comer's full statement:
“I voted today to return banking back to Main Street to increase economic opportunity across the first district and the country. This legislation would put an end to the disastrous, overreaching Dodd-Frank law that did nothing to end “too big to fail” and devastated our community bankers in the process. Under Dodd-Frank, America was losing an average of one community bank or credit union a day.
The CHOICE Act includes many reforms that would help American families and small businesses. It ends taxpayer bailouts for Wall Street. It stops big banks from getting bigger while providing relief to small community banks, and it gives working people a chance to pursue their financial goals and new economic opportunities. I was proud to vote for this important financial reform legislation because it demands accountability from Washington and Wall Street while giving bailouts to none and opportunity to all.”