The House of Representatives is gathering support for the Financial Choice Act THIS WEEK following the Financial Services Committee vote two weeks ago. Please use one of the links below to send a message of support to your representative. This is the latest effort to roll back burdensome regulations from the Dodd-Frank Act!
Bill Sponsor Jeb Hensarling (R-Texas) says the bill contains the following key principles:
- Taxpayer bailouts of financial institutions must end and no company can remain too big to fail;
- Simplicity must replace complexity, because complexity can be gamed by the well-connected and abused by the Washington powerful;
- Economic growth must be revitalized through competitive, transparent and innovative capital markets;
- Every American, regardless of their circumstances, must have the opportunity to achieve financial independence;
- Consumers must be vigorously protected from fraud and deception as well as the loss of economic liberty; and
- Systemic risk must be managed in a market with profit and loss.
“The Choice Act includes a number of regulatory relief provisions long sought by ABA as part of its Blueprint for Growth, including a Qualified Mortgage safe harbor for mortgage loans held in portfolio, more tailored supervision based on an institution’s risk profile and business model, and a repeal of the Volcker Rule and the Durbin Amendment, which capped prices on debit interchange,” according to the ABA. They and several financial trade associations sent a letter to members of the committee urging the to support the repeal of the Durbin Amendment. The groups noted that the amendment has “enhanced retailers’ revenues while limiting the range of financial products and services banks are able to offer their customers.”
“ICBA strongly believes that a timely and aggressive approach to reform of our financial regulatory system is sorely needed to strengthen the financial services sector as well as the American economy,” ICBA President and CEO Camden R. Fine wrote. “ICBA is pleased to see that the Choice Act advances key reforms of community bank regulatory relief bills we have previously endorsed and many provisions of our Plan for Prosperity.”
While the bill contains language to repeal the Durbin Amendment, there is concern that it could still be stripped out with an amendment on the floor of the House. Please be sure to tell your representative how crucial it is to repeal the Durbin Amendment for consumers and the industry.
Choose one of the following systems to send your message of support.