Heritage Action Signs Letter Supporting the Financial CHOICE Act

Coalition to Congress: Support the Financial CHOICE Act

April 26, 2017

Dear Members of the House of Representatives:

On behalf of our organizations and the millions of Americans we represent, we write to express our strong support for many provisions of the Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, or Financial CHOICE Act of 2017. This bill will promote economic growth while eliminating harmful regulations and provide better oversight for financial institutions and regulators by repealing some of the worst provisions contained in the misnamed 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

In response to the recent recession, Congress recklessly passed Dodd-Frank and imposed 3,500-plus pages of new rules and regulations on the financial industry and various parts of the economy. Dodd-Frank codifies “too big to fail” policy, runs local community banks out of business, restricts access to credit for investors and homebuyers, raises lending costs, reduces access to capital for small businesses, and created one of the most powerful and unaccountable federal agencies — the Consumer Financial Protection Bureau (CFPB).

House Financial Services Committee Chairman Jeb Hensarling’s CHOICE Act will begin the process of eliminating Dodd-Frank and the burdensome regulations that have restricted business creation, innovation, and entrepreneurship. By reducing red tape and empowering job creators and consumers over Washington bureaucrats, the CHOICE Act will help get our economy out of its historically slow economic recovery and create a financial system that benefits all Americans.

The CHOICE Act will also upend the unaccountable CFPB. This bill would restructure the bureau into strictly an enforcement agency with no supervisory authority, subject it to Congressional oversight and the appropriations process, and empower the President to fire the Director at will. These changes will protect consumers by preserving their right to make informed financial choices instead of Washington’s typical one-size-fits-all approach. In contrast to the CFPB’s current practice of regulating through enforcement, the agency will be accountable for administrating rules already on the books.

Republicans have repeatedly promised to repeal Dodd-Frank and restore economic opportunity for all. The Financial CHOICE Act is a significant first step toward fulfilling this promise. We, the undersigned organizations, urge all members of the House of Representatives to support the Financial CHOICE Act’s many provisions to provide consumers with real economic freedom.

Sincerely,

Christine Harbin, Vice President of External Affairs
Americans for Prosperity

Michael Needham, CEO
Heritage Action for America

Grover G. Norquist, President
Americans for Tax Reform

David McIntosh, President
Club for Growth

Adam Brandon, President and CEO
FreedomWorks

Pete Sepp, President
National Taxpayers Union

David Williams, President
Taxpayers Protection Alliance

Daniel Garza, Executive Director
The LIBRE Initiative

Mark Lucas, Executive Director
Concerned Veterans for America

Andrew Clark, President
Generation Opportunity

Mark Holden, Chairman
Freedom Partners Chamber of Commerce

Judson Phillips, Founder
Tea Party Nation

John Berlau, Senior Fellow
Competitive Enterprise Institute

Michael J. Bowen, CEO
Stephani Scruggs Bowen, COO
Coalition for a Strong America

Peter J. Thomas, Chairman
Americans for Constitutional Liberty

Sabrina Schaeffer, Executive Director
Independent Women’s Forum

Heather R. Higgins, President and CEO
Independent Women’s Voice

Rick Manning, President
Americans for Limited Government

Jeffrey Mazzella, President
Center for Individual Freedom

Steve Pociask, President
American Consumer Institute, Center for Citizen Research

Tom Schatz, President
Council for Citizens Against Government Waste

 

 


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Last week, the House Committee on Financial Services released the third in its series of reports outlining a string of missteps by the Consumer Financial Protection Bureau’s (CFPB) regulation of auto-lenders. After the recent Circuit Court’s ruling declaring the structure of the CFPB unconstitutional and congressional pressure to fire Director Richard Cordray, the state of the…

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Trump Wants to Slash Regulations by 75%. Here’s How Regulatory Reform Could Boost US.

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation During a White House meeting with business leaders on Monday, President Donald Trump pledged to slash regulations by at least 75 percent. Activists were positively apoplectic, of course, and media ridicule was swift. But exaggerated as the comment…

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Popular NY Restaurant Shuts Its Doors, Blames ‘Suffocating’ Government Regulations

By Chris White, Reporter for The Daily Caller News Foundation A popular New York City restaurant is closing its doors after 25 years because of what the owners call a stifling regulatory environment that treats the restaurant as a “cash machine.” China Fun, a Chinese restaurant in Manhattan, announced its Jan.…

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The CFPB is in the Crosshairs, Exactly Where it Belongs

By Norbert Michel, Heritage Foundation Financial Regulations Expert The Consumer Financial Protection Bureau (CFPB) has been one of the most controversial components of the 2010 Dodd-Frank Act.  It has issued contentious rules, tortured data to make other rules, engaged in an extravagant spending spree, and even found itself blasted by the Government Accountability…

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5 things Steven Mnuchin should do in his First 100 days as Treasury Secretary

Undoing the damage of the Obama administration is going to be a massive undertaking.…

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New Small Businesses Face $83,019.23 Regulatory Cost in First Year Alone

By Gloria Taylor The National Association of Small Business released the results of their Small Business Regulations Survey this week. The survey confirms that out of control federal regulation has crippled the ability of small business to create jobs and contribute to economic growth. The report confirms the unbelievable regulatory…

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Full Repeal: The Insurance Mandates Need to Go

By Gloria Taylor Last week, both the House and Senate took the first step toward fully repealing Obamacare. Each chamber passed a budget resolution with instructions for the relevant committees to begin writing the budget reconciliation repeal bill. This process, called budget reconciliation, allows Obamacare repeal to pass with a…

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Business Owner Legislative Strategy Call 01/18/17

Yesterday, conservatives working in the business community all came together for a our Monthly Legislative Strategy Call. During the call, we discussed the current Congressional efforts to repeal Obamacare through budget reconciliation and efforts to repeal the Obamacare of the financial industry - Dodd Frank. If you were unable to…

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What Comes After Repeal? How to Fix American Health Care, Part 2

By Heritage Foundation President Jim DeMint Thursday, I laid out the case for why Obamacare should be repealed, instead of propped up and tinkered on by additional top-down, boardroom thinking. It’s clear that whatever replaces Obamacare must focus on quality and incremental local solutions, not one-size-fits-all government mandates. In this…

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“Yes” On Obamacare Repeal Budget Resolution (S. Con. Res. 3)

On Friday, the House will consider a concurrent resolution (S. CON. RES. 3). While the resolution will technically set the congressional budget for the United States Government for the remaining eight months of fiscal year 2017, its only functional purpose will be to produce reconciliation instructions that unlock fast track…

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Conservative Senators Call on Trump to Fire King Richard Cordray

Earlier this week, Senators Mike Lee (R-UT) and Ben Sasse (R-NE) called on President-elect Donald J. Trump to remove the director of the Consumer Financial Protection Bureau (CFPB) – Richard Cordray – from office. In a letter written to Vice-President-elect Mike Pence, Senator Lee and Sasse cite the regulatory burden…

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What Economic Recovery? 95 Million Americans Out of the Labor Force

By Gloria Taylor In the remaining weeks of his Presidency, Obama has been quick to tout his economic legacy. Yet the last job report of this administration highlights what we’ve seen the past eight years--lackluster economic growth. After the slowest economic recovery since the Great Depression, millions of Americans are…

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Repeal the Durbin Amendment: Restore the Rule of Law

By Norbert Michel, Heritage Foundation Financial Regulations Expert Consumers started relying on plastic cards instead of checks to make their purchases back in the 1980s. Almost immediately, retailers started fighting with card network companies and the banks that issue cards.  The problem centered on high credit card fees. Retailers charged that the…

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Why the Repeal of Obamacare Must Come Before Replace

President Obama met with Democrats this week in a last ditch effort to save his signature healthcare law. But instead of working on a strategy to help Republicans repeal and then replace Obamacare with reforms that would expand choice, improve care and lower costs, Democrats came up with a new…

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Congress Should Repeal the Death Tax

This Wednesday, Rep. Mac Thornberry (R-TX) introduced legislation to fully repeal the federal estate and gift tax named the Death Tax Repeal Act (H.R. 198). A similar bill previously passed the House of Representatives in 2015 but never received a vote in the Senate. The current death tax rate is…

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REINS Act Will Check Executive Overreach, Restore Constitutional Balance

By Rep. Doug Collins (R-GA) As a new Congress begins, Republicans have made it clear that regulatory reform is a priority that puts the interest of all Americans first, especially concerning the economy. It’s been said that sometimes government rules “have gotten out of balance, placing unreasonable burdens on business—burdens that…

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Freedom Caucus Releases List of Regulations for Trump to Gut

By Gloria Taylor Last month, the House Freedom Caucus dropped a new report outlining 228 rules and regulations for the Trump Administration to tackle in its first 100 days. President-elect Trump championed cutting regulations and rescinding executive orders on the campaign trail and now has the opportunity with a unified…

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