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.
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.