Washington, D.C. – Congressman Ted S. Yoho (R-FL) voted in favor of the Financial CHOICE Act – H.R. 10. The bill repeals economically stifling Dodd-Frank regulations and ends the concept of ‘too big to fail’; the permanent government bailout authority, replacing it with a new title in the Bankruptcy code to facilitate liquidation of failed firms. Finally, H.R. 10 would restructure the Consumer Financial Protection Bureau (CFPB) and other regulators to ensure they are best suited to serve their purpose and are accountable to Congress and the American people.
Congressman Yoho released the following statement after his vote:
“Since Dodd-Frank was implemented we have seen regulatory overreach by the federal government that is strangling the life out of small community banks. Small business is struggling and small community banks are often the sole source of funding for entrepreneurs. As a former small business owner, I received my first loan from one of these banks and I know firsthand how important they are in making a payroll and paying bills. Main Street, not Wall Street is the life blood of our economy and we need to do all we can to see it thrive and grow.
“Today’s vote amends over a thousand pages of misguided rules and regulations in the Dodd-Frank Act. It will bring relief to small banks, repeal ‘too big to fail’ rules that put taxpayers on the hook to bailout big banks, and increases accountability and transparency over the wider financial sector. At its core it makes common sense reforms and will help plant the seeds of job creation in small towns across America.”