Rep. Scott DesJarlais, (R-TN-4) and Rep. Tom Graves (R-GA-14), chairman of the House Appropriations Committee’s Financial Services Subcommittee, were among those voting in favor of the Financial CHOICE Act (H.R. 10), legislation to repeal and replace the Dodd–Frank Wall Street Reform and Consumer Protection Act: 

Rep. Graves said, “President Obama’s 2010 financial-sector takeover unleashed an avalanche of rules and regulations that killed countless jobs, and stifled the dreams of Main Street families and small businesses by limiting access to capital.

 

“Our Wall Street reform bill turns the page on President Obama’s misguided financial takeover.

It strikes the right balance between protecting Americans’ financial future and eliminating unnecessary regulations so that more of Georgia’s families, entrepreneurs and businesses can grow and thrive.

 

“Importantly, our Wall Street reform bill also protects taxpayers. It ensures working families are never again asked to bail out any financial institution with their hard-earned tax dollars. It cuts the deficit by $24 billion and reforms the rogue Consumer Financial Protection Bureau (CFPB) and brings it under the regular government funding process. Currently, CFPB spends hundreds of millions of taxpayer dollars every year without congressional approval.”

 

He said more than 1,900 community financial institutions disappeared after Dodd-Frank was enacted in 2010.

 

Rep. DesJarlais said the vote for the bill "to end bailouts for big banks, strengthen public oversight of federal financial agencies and the Federal Reserve, and lift restrictions on consumer and small business lending, weighing on job and economic growth in Tennessee.

 

 “Centralized decision-making in Washington benefits bureaucrats and Wall Street insiders. To get this economy moving, we’re putting power in the hands of small businesses and middle-class families, struggling to find local banking, savings and investment options, including home and auto loans.”

 

He said the CHOICE Act repeals major parts of Dodd-Frank, the 2010 law Democrats passed on a nearly party-line vote, which created the Consumer Financial Protection Bureau (CFPB). Earlier this Congress, Rep. DesJarlais, a member of the House Oversight Committee, introduced legislation to replace its un-elected director with a bipartisan commission.

 

He said federal courts "are reviewing whether the CFPB’s structure and decisions are constitutional. According to a House investigation, the bureau may have illegally pressured lenders to settle expensive lawsuits, funneling settlement money to itself. As the CFPB has exercised greater control over credit markets, small business and home ownership have declined. 

 

"Dodd-Frank also mandated taxpayer bailouts for financial institutions the government deems 'too big to fail.' Dodd-Frank really mandated 'too small to succeed' for local banks, credit unions, and their customers, unable to cope with heavy regulation. Small banks and credit unions are dedicating more resources to compliance, rather than products and services.

 

"We were promised accountability for Wall Street, an improved economy, and an end to taxpayer bailouts. Instead, Washington did little to punish bad actors, and Washington and Wall Street are closer than ever.

 

"The federal government borrows and spends billions, but affordable credit for most people is scarce. Reducing Washington’s power over the economy will increase opportunities for all Americans."

 

 The Financial CHOICE Act would require an audit of the Federal Reserve, stiffen penalties for financial fraud, as well as save taxpayers $25 billion over 10 years.