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.


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

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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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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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…


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…


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…


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…


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…


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…


How to Improve the Replacement Plan for Dodd-Frank under President Trump

In 2016, Chairman Jeb Hensarling (R-TX) successfully passed his Dodd-Frank replacement bill out of the House Financial Services Committee. Named the Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs Act (H.R. 5983), Financial CHOICE Act for short, the passage of this bill out of committee was a significant first…


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…


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…


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…


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…


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.…


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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