The Financial CHOICE Act would eliminate the job-killing regulations that Dodd-Frank has instituted, rein in the CFPB, increase penalties for financial institutions who engage in illicit practices, and provide other reforms necessary to address the issues that earlier “well intentioned” legislation instituted.

While we are disappointed and frustrated that language in the bill that would have repealed the Durbin amendment was removed by the House Rules Committee, if passed, the Financial CHOICE Act will open up the market in the financial sector that would help create jobs and invite new businesses. This will drive compliance costs down, increase the number of banks that will be created, and provide the necessary oversight to the federal government.