Last week was a busy week in Washington, D.C. While the daily news may lead you to believe otherwise, there was certainly more going on in our nation’s capital than the testimony of former FBI Director James Comey. In fact, there were big things happening.
On Thursday, the U.S. House of Representatives passed a major financial reform package called the Financial CHOICE Act. This legislation aims to overhaul Dodd-Frank, which was enacted seven years ago. While we can all agree something needed to be done after the financial crash in 2008, what we got was a one-size-fits-all, top-down regulatory regime stifling community banks and credit unions, hurting consumers, and damaging Main Street America. In total, Dodd-Frank handed down nearly 30,000 new regulations that account for almost $40 billion in compliance costs for our financial services industry – costs that have been handed down to you and me. Dodd-Frank wasn’t fixing things; instead, it was making them worse.
I am proud to have supported the Financial CHOICE Act to roll back some of the burdensome and unnecessary regulations that were having a drastic impact on our nation and our future success. This bill greatly increases the transparency and accountability of the federal government, all while allowing for congressional oversight of unelected Washington bureaucrats. Not only that, but components from three bills I sponsored were included in this major reform.
This bill is about Main Street, not Wall Street, and helps American families instead of Washington bureaucrats. President Trump campaigned for the forgotten man and woman, and through the passage of the Financial CHOICE Act, we got one step closer to empowering them, bettering their future, and ensuring the success of the nation as a whole.
I look forward to continuing to bring our Midwest values to Washington on behalf of you and all Minnesotans.