New Democrat Coalition Chair Himes Statement on the CHOICE Act
Today the House passed the Financial CHOICE Act, a bill that will dismantle the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Dodd-Frank is a pro-growth, pro-market oriented policy that has improved accountability in the financial system and protected consumers, investors, and the economy from abusive practices. If the CHOICE Act becomes law, financial institutions will once again be able to undertake risky practices and could trigger another financial crisis.
“We fought long and hard to mitigate the damage caused by reckless behavior and help American families and small businesses get back on their feet by passing Dodd-Frank reform. The Financial CHOICE Act attempts to undo all of those protections we have instituted. It strips power away from the SEC and the Consumer Financial Protection Bureau; makes it easier for banks to gamble with taxpayer money by repealing the Volcker Rule; and opens the door for more bailouts. If this bill is signed into law, it will represent a huge defeat for the American public and increase the possibility of another financial crisis,” said New Democrat Coalition Chair Jim Himes. “While I have consistently defended Dodd-Frank since its enactment in 2010, I have also been clear that this law is not perfect – no piece of legislation of this magnitude, importance and complexity ever is. Instead of taking a partisan approach to repeal and replace of Dodd-Frank, we should work together on targeted fixes that have bipartisan support.
New Democrat Coalition Members urge Congress to seek bipartisan cooperation to support economic growth – and a strong, appropriately regulated financial system is a critical factor to growing our economy. The partisanship on display today prevents Congress from focusing on policy solutions to some of our nation’s greatest challenges.