ATR President Grover Norquist issued the following statement today in support of House Financial Services Committee Chairman Jeb Hensarling’s release of the Financial CHOICE Act:
“Americans for Tax Reform supports Chairman Hensarling’s efforts to reform the costly and burdensome Dodd-Frank Act with his release of the Financial CHOICE Act this week. Chairman Hensarling has consistently been a champion for financial consumers and reforming Dodd-Frank. The Financial CHOICE Act looks to deliver reforms that will replace the misguided regulatory burdens imposed on America’s financial consumers and small financial institutions by the Obama Administration.
“Under President Obama Americans saw the role of government in the market increase exponentially with the Dodd-Frank Act. While Dodd-Frank was supposed to target Wall Street, impacts of the law have instead fallen heaviest on Main Street, reducing small business lending, shuttering credit unions and community banks, and growing the number of unbanked Americans.
“Chairman Hensarling’s Financial CHOICE Act will increase accountability from financial regulators and protect American consumers while also fostering economic growth. The Financial CHOICE Act seeks to rein in ‘regulatory taxes’ imposed by Dodd-Frank that have served only to burden consumers with increased fees and reduced products and services.
“The Financial CHOICE Act also gives much needed relief to America’s credit unions and community banks, which have been crushed by compliance costs in recent years, with an average of one institution being shuttered daily. The Act also repeals the failed Durbin Amendment and the Department of Labor’s Fiduciary Rule, both of which will benefit financial consumers.
“I look forward to working with Chairman Hensarling on this pro-consumer, pro-growth legislation, that ensures American consumers and taxpayers are protected, while also fostering a regulatory climate that allows business to grow and prosper.”
Photo credit: Gage Skidmore