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Guthrie Votes to Repeal Dodd-Frank

Washington, DC, June 9, 2017

Washington, DC– Congressman Brett Guthrie (KY-02) applauded the House passage of the Financial Creating Hope and Opportunity for Consumers, Investors, and Entrepreneurs (CHOICE) Act (H.R. 10), a bill that would repeal the failed 2010 Dodd-Frank legislation.

“Dodd-Frank was supposed to lift our economy and prevent another recession,” said Guthrie. “Instead, we have seen the slowest and weakest economic recovery in 70 years, and the law’s burdensome regulations have allowed Wall Street to grow while community banks are forced to close. I was proud to vote for the Financial CHOICE Act to repeal Dodd-Frank and replace it with a system that supports Kentucky’s community banks.”

The Financial CHOICE Act would end taxpayer bailouts of financial institutions, repeal federal bureaucrats’ authority to make “too big to fail” designations, and include enhanced penalties for Wall Street fraud. Importantly, it would also restructure the unconstitutional Consumer Financial Protection Bureau (CPFB), giving more oversight authority to Congress. The bill would ultimately provide relief from the burdens of Dodd-Frank, making it easier for small businesses and job creators to access capital and credit.

“We should celebrate Kentuckians who want to start a business and create jobs,” said Guthrie. “Unfortunately, the costs of complying with Dodd-Frank regulations have made it very difficult for local banks to grant loans to their neighbors who are working hard to boost our economy. In fact, one in five community banks has closed in Kentucky since Dodd-Frank was passed. The Financial CHOICE Act would reverse much of the harm Dodd-Frank has caused our communities, and I urge the Senate to take up this bill soon.”

 

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