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.