Replacing Dodd-Frank: The Financial CHOICE Act

Background: In response to the financial crisis of 2007-08 and the Great Recession, Congress rushed through Dodd-Frank under the guise of “consumer protection.” This law imposes 3,500-plus pages of new rules and regulations on the financial industry. Dodd-Frank codified “too big to fail” policies, destroyed local community banks, restricted access to credit for investors and homebuyers, raised lending costs, reduced access to capital for businesses, and created one of the most powerful and unaccountable federal agencies in the Consumer Financial Protection Bureau (CFPB).

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Regulatory-Energy Reform

Background: In the last few decades, innovative technologies dramatically expanded the amount of available oil reserves in the United States. U.S. natural gas reserves have grown by 78 percent from 2004-2014 leading to an abundant growth of jobs in the energy sector. The energy industry, on its own, saved the country from a deeper and longer economic recession. From 2007-2012, total private sector job growth increased by only 1 percent. During that same period,

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Reining in Out-of-Control Government Spending and Debt

Over the last ten years, federal government spending and debt has been at a higher level than it’s ever been in American history. Excessive federal spending leads to increased taxes on families and businesses that have less to save, invest, and spend as a result. This makes it harder for families to save for and buy a house and harder for businesses to invest in the real estate market.
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Repealing the Federal Housing Administration (FHA)

The Federal Housing Administration (FHA) is a federal agency created back during the Great Depression as part of the National Housing Act of 1934. The FHA was originally created in response to the dramatic decrease in home loans and homeownership during the Great Depression. The FHA has since outlived its original goal and currently undermines housing market stability by providing borrowers at high risk for default with loans to buy a home.
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Repealing Dodd-Frank

The collapse of the housing bubble in 2008 triggered a deep recession from which the market is just now recovering. In response, Congress hastily enacted the Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd-Frank. This legislation imposes a massive regulatory framework upon the entire financial system, constrains the availability of credit, increases lending costs, and guarantees taxpayer funded bailouts for large financial intuitions.
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