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Dear Representatives:
On behalf of more than 3.2 million Americans for Prosperity activists in all 50 states, I write to urge a YES vote on H.R. 10, the Financial CHOICE Act of 2017.
We urge a YES vote on H.R. 10, the Financial CHOICE Act of 2017. Americans for Prosperity will include this vote in our congressional scorecard.
Americans saw unprecedented growth in banking regulation over the course of the Obama Administration. Case in point is the Dodd-Frank Wall Street Reform and Consumer Protection Act, Washington’s response to the financial crisis. Dodd-Frank now spans over 2,300 pages and has created more than 400 new rules and regulations that have hindered economic growth while empowering bureaucrats to micromanage Americans’ banking habits.
H.R. 10 will bring much-needed Congressional oversight to federal banking agencies. Most notable are the reforms to the Consumer Financial Protection Bureau (CFPB), an agency that has the power to regulate nearly any financial service product and currently operates under the direction of a single director that is unelected and unaccountable to the American people. The Financial CHOICE Act will provide greater oversight to the agency by subjecting the Bureau to the appropriations process and allow for the termination of the director at-will.
The Financial CHOICE Act will also repeal numerous regulations that have increased the cost of compliance for banks and limited consumers and entrepreneurs access to credit and loans. By implementing cost-benefit analysis and the REINS Act, which requires an agency’s rules that have an economic impact of $100 million or more to go before Congress for an up or down vote, this legislation will drive real economic growth and empower consumers to make informed choices about which products are best fit their needs. H.R. 10 will also end “too big to fail” banks by returning the rights of due process to financial companies instead of the current bankruptcy practice that allows the government to pick winners and losers amongst similarly situated creditors.
We urge a YES vote on H.R. 10, the Financial CHOICE Act of 2017. Americans for Prosperity will include this vote in our congressional scorecard.
Visit our scorecard online: afpscorecard.org
Sincerely,
Chrissy Harbin
Vice President of External Affairs
Americans for Prosperity
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