Small business owners tell House members: you made the wrong CHOICE

Financial CHOICE Act guts Dodd-Frank, taking small business financial protections with it

Washington, DC --- House Republicans voted today to pass the Financial CHOICE Act. Main Street Alliance, a national network of small business owners, released the following statement:

With the Financial CHOICE Act, members of Congress are decimating the regulations that curbed the worst practices of the big banks, once again signaling that Wall Street matters more than Main Street. Small business owners and other average taxpayers bore the brunt of those abusive practices nearly a decade ago, and now the House is clearing the way for it to happen again.

The repercussions of the CHOICE Act for small business would be long-term and widespread. This bill dismantles the Dodd-Frank Act financial regulations that created a safer financial system and a healthier economy, which helped small business owners get back on their feet after they were hit hard in the 2008 Great Recession. Without the benefits of a taxpayer-funded bailout, Main Street has recovered far slower than the big banks and companies that contributed to the market’s collapse. But new safeguards under Dodd-Frank enabled small business owners and entrepreneurs to take more risks to start or expand their businesses. 

Though opponents claim otherwise, financial regulations do not kill jobs or inhibit growth. On the contrary, a safer financial system prevents another collapse and could boost GDP by $351 billion over 10 years. Dodd-Frank helps level the playing field and promote growth and competition – ensuring oversight of small business loans for fairer lending, holding banks responsible for supporting themselves in a crisis, and protecting the consumers that patronize small businesses.

The Main Street Alliance urges the Senate to reject the bill outright.

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