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Vote Alert: Support the Financial CHOICE Act

Conservative Review

This vote was to repeal some of the most onerous provisions in Dodd-Frank, a 2010 law that was passed in the aftermath of the financial crisis. Advertised as a way to fix “too big to fail” financial institutions, Dodd-Frank did little to address the root causes of the financial crisis. Instead, it massively expanded government power with the creation of the Consumer Financial Protection Bureau (CFPB), a new, unaccountable organization. In response, the Financial CHOICE Act places accountability measures on the CFPB and reduces its ability to interfere in the banking sector. In turn, this will significantly reduce the role of government in numerous industries. It will require any new regulations to get approval from Congress. This will unfreeze the credit market, the lifeblood of financial services and entrepreneurship in America.
 
In addition, this vote curtailed the Federal Reserve’s ability to provide bailouts and addresses “too big to fail” policies by repealing provisions in Dodd-Frank that increased moral hazards in the financial services industry. In sum, this legislation provides badly needed reforms, increases accountability, and reduces the burden of government on our nation’s economy. The bill passed the House on June 8, 2017 233-186.

To see how your elected officials stack up or other votes that comprise the Liberty Score, view our full scorecard here.

Conservative position: YES

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