Barletta Votes for Financial CHOICE Act
WASHINGTON – Congressman Lou Barletta (PA-11) today voted for legislation to end too big to fail, taxpayer-funded bank bailouts, remove burdensome and duplicative regulations on small businesses, and relieve restrictions on community banks and credit unions that make it harder for people to buy cars, own homes, and provide for their families. The Financial CHOICE Act, H.R. 10, repeals sections of the Dodd-Frank Act and replaces them with policies to protect consumers and promote economic growth. The House passed the bill 233-186. It now goes to the Senate for consideration.
“Dodd-Frank created increased regulatory burdens that hit smaller financial institutions especially hard,” Barletta said. “By hamstringing local banks and credit unions, which lack the same resources and personnel as their larger counterparts, Dodd-Frank made it harder for people to get loans to start businesses, purchase homes, and achieve the American dream. Since Dodd-Frank became law, more than 500 Pennsylvania bank branches have closed. In today’s economy, we should be cutting red tape and providing people with the tools they need to drive their local economies and create jobs, not placing more authority in the hands of unelected Washington bureaucrats.”
According to the Congressional Budget Office, the Financial CHOICE Act would reduce the deficit by $24.1 billion over 10 years and provide regulatory relief for community banks and credit unions.
The bill has broad support among lending groups, including the Pennsylvania Credit Unions Association, the Pennsylvania Association of Community Bankers, and the Pennsylvania Bankers Association, as it gives their members more flexibility to provide loans to their neighbors.
For an executive summary of the Financial CHOICE Act, click here.