Financial CHOICE Act 2.0 Expected This Month

As Republicans continue negotiations on an Obamacare repeal plan, a new and improved version of the bill to repeal the Obamacare of the financial sector is expected in the coming weeks. House Financial Services Chairman Jeb Hensarling (R-TX) expects to reintroduce the Financial CHOICE Act-the bill to repeal major portions of Dodd- Frank- by the end of the month.

Passed through committee last fall, the Financial CHOICE Act provides the economy relief from years of misplaced regulations that have stifled job creation and economic growth. Key provisions end “too big to fail,” provide a regulatory off-ramp for banks that hold more capital, and limit the Fed’s authority to rescue failed firms.

The updated version of the CHOICE Act goes further to reign in the authority of the unaccountable Consumer Financial Protection Bureau. Along with curtailing the the CFPB’s rulemaking authority and providing new Congressional oversight for the bureau, the bill also allows the President to fire the Director at will-a sorely needed change given Cordray’s notorious abuse of power.

Dodd-Frank’s misguided approach to consumer protection and financial regulation has done little to accomplish anything other than restricting access to credit, ensuring future taxpayer bailouts, crippling the post-recession recovery, and promoting the very same activity that lead to the financial crisis to begin with.

In fact, recent Heritage Foundation research suggests such a repeal of Dodd-Frank will be the catalyst to kick start economic growth adding over 1 trillion to the economy through a one percent increase in GDP each year. With a stronger Financial CHOICE Act on the horizon, Congress and the Trump Administration have the opportunity to enact financial reform that brings economic growth back to the American people.


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6 Political New Year’s Resolutions You Should Make

By Sondra Clark, Digital Director of Heritage Action As the calendar year ends, minds quickly turn to losing weight, eating healthy, saving money, and spending more time with family. But just as 2016 caused us to rethink politics, it’s time to rethink this year’s New Year’s resolutions. The voice of the…

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Obamacare Repeal Must Be on Day One: Congress Has No Excuses

By Heritage Foundation President Jim DeMint In less than three weeks’ time, when Donald Trump becomes our next president, he will take an oath to preserve, protect, and defend the Constitution of the United States. It is fitting, then, that Trump has committed to repealing and replacing one of his…

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Here’s How Low-Income Americans Feel About the Obama Administration’s New Lending Regulations

By Kelsey Harkness, senior news producer at the Daily Signal https://www.youtube.com/watch?v=cEBYb2cPQ-o In order to crack down on what’s known as “predatory lenders,” the Obama administration proposed new rules that require short-term lenders to ensure customers have the ability to repay their loans. In requiring lenders to assess their financial background—including…

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FHFA Issues Final Rule Expanding Fannie and Freddie’s Role in Underserved Markets

The Federal Housing Finance Agency (FHFA) issued a final rule on Tuesday creating a “duty to serve” for Fannie Mae and Freddie Mac to serve very low to moderate-income American families in three underserved markets including manufactured housing, affordable housing preservation, and rural housing. As Heritage Foundation scholars Norbert Michel…

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Why Congress Should Fully Repeal Obamacare through Budget Reconciliation

Since Obamacare was first signed into law in 2010, Republicans promised to repeal it, campaigned in Senate and House races to repeal it, and voted over 60 times to repeal parts or all of President Obama’s failed healthcare law. Earlier this year, President Obama vetoed an Obamacare repeal bill (H.R.…

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Federal Financial Policies Collide and Consumers Lose

By Norbert Michel, Heritage Foundation Financial Regulations Expert For decades, the federal government has become increasingly involved in education and home mortgages—a phenomenon driven by essentially the same “social” goal: Make things more affordable for more people. But the more involved the federal government gets, the less affordable education and…

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Government Intervention in Housing Has Always Been Bad. Here’s Why Today Is No Different.

By Claudia Sladick & Norbert Michel, the Heritage Foundation Ever since the federal government embedded itself into the U.S. housing market, it has caused problems that ultimately cost taxpayers trillions of dollars. Most policymakers point to the New Deal era—when Fannie Mae and the Federal Housing Administration were created—as the…

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Dodd-Frank Must Go. Here’s the Republican Plan to Save Community Banks, Spur Economic Growth

By Congressman Keith Rothfus (R-PA) With control of both the White House and Congress, Republicans finally have the opportunity to reignite the economy. American families and workers have been waiting for eight long years for a return to healthy economic growth and opportunity, and congressional Republicans are ready to deliver.…

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1,243,859 Hours Lost Complying with Dodd-Frank

By Gloria Taylor $1.7 Billion. That’s how much the latest 9 rules stemming from Dodd-Frank will cost according to the American Action Forum. If the sheer waste of dollars isn't enough, these rules alone have also sent 1,243,859 hours down the drain, wasted away on paperwork. Again, only nine rules.…

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Drain the Swamp? This Energy Bill Is More Big Government Paternalism

By Nicolas Loris, Heritage Foundation Expert in Environmental and Regulatory Policy Time is running out for negotiations between the Senate and House of Representatives on a conferenced energy bill. For opponents of big government paternalism, that’s a good thing. The Senate-passed energy bill is fraught with provisions that would increase…

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Professional Sentinel Strategy Call 12/07/16

Yesterday, conservatives working in the real estate industry all came together for a our monthly Professional Sentinel Strategy Call. During the call, we discussed the current state of Dodd-Frank and the CFPB under the future Trump Administration and how to effectively communicate conservative real estate policy positions to our family, friends, communities,…

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