McCaul Votes to Revitalize Community Banks
WASHINGTON, D.C. – Today, Congressman Michael McCaul (TX-10) – Chairman of the Homeland Security Committee and a senior member of the Foreign Affairs Committee – released the below statement following the House passage of the Financial CHOICE Act to grow our economy in Texas.
Chairman McCaul: “I am proud to have helped the House pass the Financial CHOICE Act today. While this bill focuses on growing the economy in several different ways, I want to highlight its focus on reviving the role our community banks and local credit unions play in jump starting our small businesses and entrepreneurs. The disastrous Dodd-Frank Act severely hindered our community banks with unnecessary compliance costs and regulations, as well as many other industries including farming communities and small business owners of Main Street since its enactment in 2011. The Financial CHOICE Act repeals the job-suppressing regulations created by the Dodd-Frank Act and will provide much needed relief to hard-working Texans and our communities. This is a bill that is crucial to the growth of our American economy, and I commend fellow Texan Chairman Jeb Hensarling and his colleagues on the Financial Services Committee for their determined and persevering efforts to eliminate these burdensome regulations that are stifling American job creators.”
Key Points of this legislation Include:
- A more level playing field for our community banks which is critical to so many Americans. During Dodd-Frank, they were constrained by the mountain of regulations created by the law, despite many of these regulations not actually addressing the issues that caused the financial crisis.
- Ends “too big to fail” taxpayer-funded bailouts by creating new language within our bankruptcy code on how to accommodate the failure of a large, complex financial institution. This also ensures that taxpayers are not on the hook.
- Protects consumers by imposing the stiffest penalties for financial fraud, self-dealing, promoting greater transparency and accountability in the civil enforcement process.
For more on this bill, click here.
Congressman Michael McCaul has represented the 10th District of Texas since 2005. Currently, he serves as Chairman of the House Committee on Homeland Security and a senior member of the House Foreign Affairs Committee.